Compute Realized Gain or Loss
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- (CO C) Suzanne transfers a building with an adjusted basis of $60,000 and a fair market value of $120,000 to ABC Company in return for 100% of its stock. The building is subject to a $90,000 mortgage, which ABC Company assumes. Please calculate the amount of any gain that Suzanne will need to report. Please also calculate Suzanne's basis in the stockcalculate the recognized gain or loss to the seller and the adjusted basis to the buyer kiera sells parchment inc stock (adjusted basis $17,000) to phillip heer brother for its fair market value of $12,000?assignment Griffin Corporation received $60,000 of dividend income from Eagle, Inc. Griffin owns 6 percent of the outstanding stock of Eagle Griffin's marginal tax rate is 21 percent. a. Calculate Griffin's allowable dividends-received deduction and its after-tax cash flow as a result of the dividend from Eagle. b. How would your answers to requirement a change if Griffin owned 55 percent of the stock of Eagle? c. How would your answers to requirement b change if Griffin owned 85 percent of the stock of Eagle? Complete this question by entering your answers in the tabs below. Required A Required B Required C Dividends-received deduction After-tax cash flow Saved Calculate Griffin's allowable dividends-received deduction and its after-tax cash flow as a result of the dividend from Eagle. Required A Required B >
- Ryan Neal bought 1,400 shares of Ford at $15.92 per share. Assume a commission of 2% of the purchase price. Ryan sells the stock for $20.23 with the same 2% commission rate. What is the gain or loss for Ryan?dppiies lo questiol displayed Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $305,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporation's stock: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Adjusted Tax FMV Basis $ 114,375 266,875 $ 381,250 $ 30,500 122,000 $ 152,500 Building Land Total To equalize the exchange, Wizard Corporation paid Hermione $76,250 in addition to her stock. Assume Hermione's adjusted tax basis in the land was $381,250. i. What adjusted tax basis does Wizard Corporation take in the land and building received from Hermione? Land Building Adjusted tax basis $ 53,375Jayne purchased General Motors stock 6 years ago for $20,000. In the current year, she sells the stock for $35,000. What is Jayne's gain or loss? $15,000 long-term gain $15,000 short-term gain $15,000 ordinary loss $15,000 extraordinary gain No gain or loss is recognized on this transaction.