14 Accounting Tax multiple choice questions. I need done by 8 pm NY time please dont take if cant complete. Will tip 40%.

C--N0ne of the time. h 2. In a . Section 351 tran . to a semantic" . aachen, lfa Sharehold ' In Which er contrtbutes de r taxable los: he "owes a controlling iInterest. the shfieiififtifiii'iw tze A-A!1 the time 5 Some of the time. "- C-None of the time. 3. In a section 351 transaction, if a 5 (subject to a debt) to a corporation in which he recewes a controumg mterest, the debt will be treated as "recognized gain" to the sher A "All the time. B-Some of the time. C "Now of the time. D'Onl when the debt that the corporation takes the property subject to is paid ott by4- 1 - t . . subject ti; 2 Bal btransaction, if a shareholder contributes appreciated property coworafion in whig; he t In FXCess of the shareholder's basis in the property, to a the corporar b e receives a controlling interest (assume he receives nothing from to" esrdes the stock) the amount of the shareholder's "recognized gain" will be: A All the debt. - None of the debt. Only the debt in excess of the basis when the property is contributed to the corporation. 5. ' In a section 351 transaction in order for the transferors to constitute the "control group -They can be contractually obligated before the section 351 exchange to retransfer all their shares to a third party. B." They can not be contractually obligated before the section 351 exchange to retransfer any of their shares to a third party. fore the exchange to retransfer their shares C." They can be contractualiy obligated be so long as after the retransfer they still own at least 80% of the corporate stock. D-- They can only be contractually obligated to transfer any part of their shares after the section 351 exchange is completed. amount of the "boot" is the amount of the corporate stock he received will be: B- Some of the debt when the property is sold by the corporation. C D A. 6. In a section 351 transaction where the the shareholder's "recognized gain" his basis in A. "Equal to the basis of the property transferred. B."Equal to the basis of the preperty transferred plus the recognized gain. QMEqual to the basis of the pmperty less the fmv of boot received. D.-Equal to the fair market value of the progeny transferred plus the recognized gain less the tim of the boot received.B. E u ..... q al to the basis ofthe co in ntakes h property transferred less the d b rpo ' to ' e t th P Petty subject to only if the debt falls under section 357(a; ra o t Q Ca... Equal to the b ' as" of the Property transferred less the debt the ' co ti 1 Property subject to only if the debt falls under section 357(b) mom on akes me D--' Equal to the basis Of the Property transferred less the debt the co rafi uk "0me "me" to Only if the debt falls under section 357(c). nm on es me 8 In a section 351 transaction where the shareholder transfers property (basis of 31 or. firm! of 320) subject to a business debt (debt of 53) to a corporation in which he receives only the corporation's stock representing a controlling interest, the eorporation's basis in the property received will be: A. "Equal to the basis of the property transferred less the amount of the debt. B.- Equal to the basis of the property transferred less the debt the corporation takes the preperty subject to plus the recognized gain. C." Equal to the basis of the property transferred. D.- Equal to the basis of the property transferred plus the debt the corporation takes the property subject to plus the realized gain. 9. In a section 351 transaction the basis to the corporation when receiving multiple assets flour a shareholder should be: A. Allocated between the assets based on their respective fair market values. fl." Equal to the basis of each respective asset. C. Allocated between the assets when the assets are appreciated property.li. In a section 351 transaction when a co ' ' ' ' ' ' rporatxon pays a liability that it took 3 Property subject to, the corporation: A "Increases its basis in the asset acquired. B.- Decreases its basis in the asset acquired. C-- Increases its basis in the asset where gain is recognized to the shareholder. D." Decreases its basis where loss is recognized to the shareholder. lZ. In a section 351 transaction, when debt is attached to property and is in excess of the basis of the property contributed by a shareholder to a corporation: A. h-The excess debt will be treated as "boot" if the transferor recognizes either gain or loss. B. The excess debt will be treated as "boot" if the trensferor only recognizes gain. C. The excess debt will be treated as "boot" if the trensferor only recognizes loss. 0-- D.-The excess debt will never be treated as "boot" in connection with e 351 transaction. 13. In a section 351 transaction, the transforms of property need to own the following to have "control" of the corporation: A. n80 % of the voting stock & no shares of the non-voting stock. fi..- 80% of the voting and nonvoting class of stock. on '100% of the voting and 75% of the nonvoting class of stock. Il... 75% of the voting and 100% of the nonvoting class of stock.14. In a section 351 transaction, if the h'ansferors of property Own stock Wim contingent "Dung rights in order to have "contra" of the corporation the shareholder must own: A -80% of the voting stock afier the contingency occurs & no shares of the now voting stock. B 80% of the voting stock regardless of the contingency and nonvoting class of .- stock. C- 100% of the voting stock afier the contingency occurs and 75% of the nonvoting class of stock. D. 75% of the voting regardless of the contingency and 100% of the nonvoting class of stock