TCP

Question 1

gain or loss when corp issues stocks in exch for property?

Answer 1

No CG/CL if during formation, requisition or resale

Question 2

what is the basis of the property received by a corporation?

Answer 2

The greater of NBV or debt of the corporation

Question 3

what is corporation’s taxable event income and basis?

Answer 3

FMV & FMV

Question 4

what is corporation’s Nontaxable event income and basis?

Answer 4

None, NBV, NNN

Question 5

Dividends from corporation excess of earning and profit?

Answer 5

Return of capital base on Basis or Capital Gains

Question 6

Current E&P Ratio for quarter dividends

Answer 6

Current E&P/Total dividends

Question 7

what is Section 1245?

Answer 7

Sales of depreciable property used in trade or business are OG

Question 8

AMTI deductions include?

Answer 8

Casualty loss from a federally declared disaster

Question 9

Percentage of foreign stock for U.S person to be a US shareholder?

Answer 9

10%

Question 10

Percentage for Foreign corp to be a “Controlled foreign Corp”?

Answer 10

50% ownership of US Shareholders.

Question 11

gain/loss distributions in complete liquidation of corps taxes?

Answer 11

Gain/loss for FMV and gain/loss FMV of assets and Adbasis of stock

Question 12

entity type to cause higher Income TL of appreciated property?

Answer 12

C Corp

Question 13

how to calculate future taxes with discount factors

Answer 13

Tax cost * discount factor

Question 14

Basis for sale to related party?

Answer 14

cost basis of purchase price of buyer

Question 15

what is Capital Assets?

Answer 15

business or personal property of any kind

Question 16

what is the BEAT rule

Answer 16

US Corporation doing business with related foreign affiliates

Question 17

partner’s basis in new partnership?

Answer 17

cash + adjusted basis of non cash - 50% of liability of other partners

Question 18

corporation distributes land with her liability than FMV?

Answer 18

Use FMV against Basis

Question 19

What is Section 351?

Answer 19

No gain/loss is recognized to the transferor/shareholder

Question 20

What is Section 1231 gain

Answer 20

Depreciable property and real property in business more than 1 year is subject to LTCG/LTCL

Question 21

What is section 1244?

Answer 21

Loss on the sale of the stock can be treated as Ordin loss up to 100k for each shareholder’s join return in any one year

Question 22

what is recognized gain or loss?

Answer 22

The less of realized gain or relief from liability (BOOT)

Question 23

Which election must be made at the partnership level?

Answer 23

Election of an inventory method

Question 24

When does gift annual exclusion begin?

Answer 24

Must be a present amount

Question 25

What is the basis for LLC that has elected to NOT be treated as a corporation?

Answer 25

The Basis of the contribution

Question 26

Basis in a nonliquidating distribution?

Answer 26

Partner takes basis for assets distributed and cannot exceed the partner’s basis

Question 27

Corporation allocations of distrubition order?

Answer 27

Currnet E&P/Accum E&P/Basis deduction/Ordinary income

Question 28

how to determine first q estimate payments?

Answer 28

PY total tax liability dividend by 4 for the amount of quaters