10) Joshua and David purchased real property for $520,000 as equal tenants in common Although they are listed as equal co owners, Joshua was only able to provide $208,000 of the purchase price David treated the additional $104,000 of his contribution to the purchase price as a gift to Joshua If the property is worth $2 7 million at Joshua's death, what amount would be included in Joshua's estate 11) Otter Corporation reported taxable income of $400,000 from operations for 20X3 The company paid federal income taxes of $136,000 on this taxable income During the year, the company made a distribution of land to its sole shareholder, Emmet Jugg The land's fair market value was $50,000 and its tax and E P basis to Otter was $30,000 Emmet assumed a mortgage attached to the land of $10,000 Any gain from the distribution will be taxed at 34 The company had accumulated E P of $900,000 at the beginning of the year Compute Otter's total taxable income and federal income tax paid because of the distribution (assume a tax rate of 34 ) Using your solution, compute Otter's current E P for 20X3

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10) Joshua and David purchased real property for $520,000 as equal tenants in common  Although they are listed as equal co owners, Joshua was only able to provide $208,000 of the purchase price  David treated the additional $104,000 of his contribution to the purchase price as a gift to Joshua  If the property is worth $2 7 million at Joshua's death, what amount would be included in Joshua's estate  11) Otter Corporation reported taxable income of $400,000 from operations for 20X3  The company paid federal income taxes of $136,000 on this taxable income  During the year, the company made a distribution of land to its sole shareholder, Emmet Jugg  The land's fair market value was $50,000 and its tax and E P basis to Otter was $30,000  Emmet assumed a mortgage attached to the land of $10,000  Any gain from the distribution will be taxed at 34   The company had accumulated E P of $900,000 at the beginning of the year  Compute Otter's total taxable income and federal income tax paid because of the distribution (assume a tax rate of 34 )  Using your solution, compute Otter's current E P for 20X3

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10) Joshua and David purchased real property for $520,000 as equal tenants in common. Although they are...

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