757 mid spr 2020-- online rev. (1) - Saved to this PC yout References Mailings Review View Search Help Foxit PDF 15. Jane transfers property with an adjusted basis $50.000 and a fair market value = $80,000 to Queen Corp. She acquired the property two years earlier. Jane receives all 100 shares of Queens Corp. stock that has a fair market value $70,000, and a $10,000 90-day note of the corporation. Jane's recognized ain a $30,000 c. $70.000 b. $10,000 d. $50,000 16. Assume the same facts as the preceding question. What is Jane's basis in the stock she received? a $30,000 c. $70,000 b. $10.000 d $50,000 17. Lew transfers $10,000 cash and land to X Corp. in exchange for all of its stock. The land has an adjusted basis = 570,000 and a fair market value = $125,000 immediately before the exchange. X Corp. assumes a $100,000 mortgage on the land for a valid business purpose. What result to Lew? 2. He recognizes $20,000 gain . He recognizes $30,000 gain b. He does not recognize any gain d . He recognizes $100,000 gain 18. A dividend is a distribution of property from a corporation to its shareholders and a. is presumed to come out of the earliest is presumed to come out of E&P to the BI accumulated earnings and profits (E&P) extent there is E&P, and then from the most recent E&P first b. is presumed to come out of paid-in capital d. is presumed to come out of the retained accounts earrings account 19. Jelce Corporation, a calendar-year corporation, had a tough time for its first few years but is now doing better. On Jan. 1 of the current year, it has an accumulated E&P = ($60,000), a deficit However, its Current E&P measured as of 12/31. = $30,000. Jelco distributes $20,000 to its shareholders during the current year. How much of the distribution as a dividend? a $20.000 C $30,000 b. $15,000 d Cannot be determined Z Corp. had a good year. As a result, it made three distributions to its sole shareholder, Ms. Zane, during the year as follows: February 25: S40,000, July 29: 548,000. Oct, 19: $72,000 Also, current E&P = 560,000accumulated E&P S40,000 Amin ftatud 04. 757 mid spr 2020-- online rev. (1) - Saved to this PC yout References Mailings Review View Search Help Foxit PDF 15. Jane transfers property with an adjusted basis $50.000 and a fair market value = $80,000 to Queen Corp. She acquired the property two years earlier. Jane receives all 100 shares of Queens Corp. stock that has a fair market value $70,000, and a $10,000 90-day note of the corporation. Jane's recognized ain a $30,000 c. $70.000 b. $10,000 d. $50,000 16. Assume the same facts as the preceding question. What is Jane's basis in the stock she received? a $30,000 c. $70,000 b. $10.000 d $50,000 17. Lew transfers $10,000 cash and land to X Corp. in exchange for all of its stock. The land has an adjusted basis = 570,000 and a fair market value = $125,000 immediately before the exchange. X Corp. assumes a $100,000 mortgage on the land for a valid business purpose. What result to Lew? 2. He recognizes $20,000 gain . He recognizes $30,000 gain b. He does not recognize any gain d . He recognizes $100,000 gain 18. A dividend is a distribution of property from a corporation to its shareholders and a. is presumed to come out of the earliest is presumed to come out of E&P to the BI accumulated earnings and profits (E&P) extent there is E&P, and then from the most recent E&P first b. is presumed to come out of paid-in capital d. is presumed to come out of the retained accounts earrings account 19. Jelce Corporation, a calendar-year corporation, had a tough time for its first few years but is now doing better. On Jan. 1 of the current year, it has an accumulated E&P = ($60,000), a deficit However, its Current E&P measured as of 12/31. = $30,000. Jelco distributes $20,000 to its shareholders during the current year. How much of the distribution as a dividend? a $20.000 C $30,000 b. $15,000 d Cannot be determined Z Corp. had a good year. As a result, it made three distributions to its sole shareholder, Ms. Zane, during the year as follows: February 25: S40,000, July 29: 548,000. Oct, 19: $72,000 Also, current E&P = 560,000accumulated E&P S40,000 Amin ftatud 04