All answers must be ORIGINAL and in your OWN WORDS Write a minimum 175 word response to each question C 11 24 through C 11 27 C 11 24Jennelle and Paula are equal partners in the J P Manufacturing Partnership The partnership will form J P Corporation by exchanging the assets and liabilities of the J P Manufacturing Partnership for all the corporations stock on September 1 of the current year The partnership then will liquidate by distributing the J P Corporation stock equally to Jennelle and Paula Both shareholders use the calendar year as their tax year and desire that the corporation make an S election What tax issues should Jennelle and Paula consider with respect to the incorporation C 11 25Williams Corporation has operated as a C corporation for the last seven years The corporation has assets with a $450,000 adjusted basis and an $800,000 FMV Liabilities amount to $100,000 Dan Williams, who uses a calendar year as his tax year, owns all the Williams Corporation stock The corporation uses the accrual method of accounting and a June 30 year end Dans CPA has suggested that he convert the corporation to S corporation status to reduce his total corporate personal federal income tax liability Dan would like to complete the conversion on the last day of the corporations tax year What tax issues should Dan and his CPA consider with respect to the S election C 11 26Peter owns 50 of Air South Corporation, an air charter service His S corporation stock basis at beginning of the year is $100,000 Air South has not done well this year and will report an ordinary loss of $375,000 What tax issues should Peter consider with respect to the loss C 11 27Glacier Smokeries has been an S corporation since its inception six years ago On January 1 of the current year, the corporations two equal shareholders, Adam and Rodney, had adjusted bases of $175,000 and $225,000, respectively, for their S corporations stock The shareholders plan to have the corporation distribute land with a $75,000 adjusted basis and a $300,000 FMV in the current year The shareholders also expect ordinary income to be $125,000 in the current year What tax issues should Adam and Rodney consider with respect to the distribution

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All answers must be ORIGINAL and in your OWN WORDS! Write a minimum 175-word response to each question C:11-24 through C:11-27. C:11-24Jennelle and Paula are

All answers must be ORIGINAL and in your OWN WORDS!
Writea minimum 175-word response to each question C:11-24 through C:11-27.
C:11-24Jennelle and Paula are equal partners in the J&P Manufacturing Partnership. The partnership will form J&P Corporation by exchanging the assets and liabilities of the J&P Manufacturing Partnership for all the corporations stock on September 1 of the current year. The partnership then will liquidate by distributing the J&P Corporation stock equally to Jennelle and Paula. Both shareholders use the calendar year as their tax year and desire that the corporation make an S election. What tax issues should Jennelle and Paula consider with respect to the incorporation?
C:11-25Williams Corporation has operated as a C corporation for the last seven years. The corporation has assets with a $450,000 adjusted basis and an $800,000 FMV. Liabilities amount to $100,000. Dan Williams, who uses a calendar year as his tax year, owns all the Williams Corporation stock. The corporation uses the accrual method of accounting and a June 30 year-end. Dans CPA has suggested that he convert the corporation to S corporation status to reduce his total corporate/personal federal income tax liability. Dan would like to complete the conversion on the last day of the corporations tax year. What tax issues should Dan and his CPA consider with respect to the S election?
C:11-26Peter owns 50% of Air South Corporation, an air charter service. His S corporation stock basis at beginning of the year is $100,000. Air South has not done well this year and will report an ordinary loss of $375,000. What tax issues should Peter consider with respect to the loss?
C:11-27Glacier Smokeries has been an S corporation since its inception six years ago. On January 1 of the current year, the corporations two equal shareholders, Adam and Rodney, had adjusted bases of $175,000 and $225,000, respectively, for their S corporations stock. The shareholders plan to have the corporation distribute land with a $75,000 adjusted basis and a $300,000 FMV in the current year. The shareholders also expect ordinary income to be $125,000 in the current year. What tax issues should Adam and Rodney consider with respect to the distribution?