Category Archives: ACC 4020

ACC 4020 Week 2 Assignment 2 Tax Effect Updated

ACC 4020 Week 2 Assignment 2 Tax Effect Updated

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ACC 4020 Week 2 Assignment 2 Tax Effect Updated

Four years ago Nelson purchased stock in Black Corporation for $37,000. The stock has a current value of $5,000. Nelson needs to decide which of the following alternatives to pursue. Determine the tax effect of each of the following.

ACC 4020 Week 2 Assignment 3 Capital Structure Updated

ACC 4020 Week 2 Assignment 3 Capital Structure Updated

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ACC 4020 Week 2 Assignment 3 Capital Structure Updated

Juan organized Teal Corporation 10 years ago. He contributed property worth $1 million (basis of $200,000) for 2,000 shares of stock in Teal (representing 100% ownership). Juan later gave each of his children, Julie and Rachel, 500 shares of the stock. In the current year, Juan transfers property worth $400,000 (basis of $150,000) to Teal for 500 more of its shares. What gain or loss will Juan recognize on the transfer? Explain.

ACC 4020 Week 3 Assignment 3 Tax Consequences Updated

ACC 4020 Week 3 Assignment 3 Tax Consequences Updated

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ACC 4020 Week 3 Assignment 3 Tax Consequences Updated

Pedro owns 700 of the 1,000 shares outstanding of Indigo Corporation (earnings and profits of $950,000). Pedro paid $170 per share for the stock 12 years ago. The remaining stock in Indigo is owned by unrelated individuals. What are the tax consequences to Pedro in the following independent situations?

ACC 4020 Week 4 Assignment 2 Pink Corporation Updated

ACC 4020 Week 4 Assignment 2 Pink Corporation Updated

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acc 4020 week 4 assignment 2 pink corporation new

Situation 1

Pink Corporation acquired land and securities in a §351 tax-free exchange in 2011. on the date of transfer, the land had a basis of $720,000 and a fair market value of $1 million, and the securities had a basis of $110,000 and a fair market value of $250,000. Pink Corporation has two shareholders, Maria and Paul, who are unrelated. Maria owns 85% of the stock in the corporation, and Paul owns 15%. Pink adopts a plan of liquidation in 2012. On this date, the value of the land has decreased to $500,000. What is the effect of each of the following on Pink Corporation? Which option should be selected? Justify.

Situation 2

At the time of its liquidation under §332, Pink Corporation (earnings and Profits of $560,000) had the following assets and liabilities: cash ($175,000), marketable securities (fair market value of $230,000 basis of $250,000), unimproved land (fair market value $600,000 basis of $300,000), unsecured note payable ($50,000), and mortgage on the unimproved land ($270,000). Pink Corporation also had a net operating loss carryover of $45,000. Wren Corporation acquired all of the stock of Pink Corporation seven years ago $160,000.

ACC 4020 Week 4 Assignment 3 Distributions and Liquidation Updated

ACC 4020 Week 4 Assignment 3 Distributions and Liquidation Updated

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ACC 4020 Week 4 Assignment 3 Distributions and Liquidation Updated