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Presentation/PPT
27/08/2022
In order to encourage the development of its industrial park, Union County gives Darter Corporation land (fair market value of $800,000) and cash of $500,000. Within one year, Darter constructs a new plant at the site at a cost of $1,200,000.a. How much income, if any, must Darter Corporation recognize as a result of these transfers? b. What basis will Darter Corporation have in the land? In the plant? 23Cardinal Corporation has a basis of $800,000 in the stock of Finch Corporation, a subsidiary in which it owns 90% of all classes of stock. Cardinal has maintained this ownership interest for more than four years. In the current year, Cardinal liquidates Finch Corporation and acquires assets worth $1,300,000 and with an adjusted basis to Finch of $750,000. At the time of liquidation, Finch had E & P of $400,000, and a short-term capital loss carryover of $25,000.a. What is the recognized gain or loss to Finch and to Cardinal as a result of Finch’s liquidation? b. What basis will Cardinal Corporation have in the assets acquired from Finch Corporation? c. What happens to Finch’s E & P and short-term capital loss carryover? 24Rita sells her 25% interest in the RSTU Partnership to Nancy for $90,000 cash. At the end of the year prior to the sale, Rita’s basis in RSTU was $60,000. The partnership allocates $12,000 of income to Rita for the portion of the year she was a partner. On the date of the sale, the partnership assets and the agreed fair market values were as follows. Basis FMV CashAccounts ReceivableLandTotal $ 80,000-0- 208,000$288,000 $ 80,00060,000 180,000$320,000 Determine the amount and character of any gain that Rita recognizes on the sale.
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