Il of as assets, basis of SS00,000 and fair market rransfers a ation Blue valued
ID: 2601156 • Letter: I
Question
Il of as assets, basis of SS00,000 and fair market rransfers a ation Blue valued at $550.000 and Green areceives Blue distributes Green's voting stock to its 300,000 and a recognized sain of $1S0,000. 10,000 and a recognized gain of so. o$ statements regarding the transaction is reiced eain --ed gain of S 150,000 and a recognized gain of $150,000. in of ezd ai f300,000 and a recognized gain of So. S300 ie nas a rea ived ote or ehe above all of the stock in Crusty Crabs Corporation. Sponge 8ob has a basis of ives Plankton preferred stack worth $110,00 which currently has a fair market value of $210,000 Sponge Bob Plankton Crusty Crabs's 5110,000 and he Crusty Crabs stock, which c 000. Sponge Bob recognizes a gain of: owged into Plankton Corporation. S $130000 c szio.oo d st10,000 e None of the above. nization adopted in the current year, Jlerry exchanged n stock which he had purchased for $300,000 for 150 shares ant to plan of corporate in the k that have a fair market value of $650,000. As the result of the of Red Corporation common stock exchange, h uery recognized gain and his basis in the Red stock is No gain recognized and basis of $300,000 b. Recognized gain of $350,000 and basis of $650,000. c. No gain recognized and basis of $650,000. d. Recognized gain of $350,000 and basis of $300,000. e. None of the above. 19 Which of the following does not adjust a partner's basis? a. Ordinary business income (loss) b. c. Tax-exempt income Change in amount of partnership debt d. All of the above adjust a partner's basis e. None of the above adjust partner's basis 20. In what order are the loss limitations for partnerships applied? a. Tax Basis-At Risk Amount-Passive Activity Loss Passive Activity Loss Tax Basis -At Risk AmountExplanation / Answer
17 is blurred and incorrectly scanned so cannot answer that
18th
Zero gain should be recognized because this exchange qualifies under Sec. 368 as a tax-free reorganization s
So option A is correct
19th
All of these Ordinary business income (loss),Change in amount of partnership debt ,Tax-exempt income adjust a partner's basis
option D is correct.
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