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5. Jasmine incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and tax-adjusted bases. Inventory Building Land Total FMV $ 100,000 100,000 200,000 $ 400,000 Adjusted basis $ 50,000 250,000 150,000 $ 450,000 The fair market value of the corporation's stock received in the exchange was $400,000. The transaction met the requirements to be tax-deferred under $351. What is the corporation's adjusted basis in each of the assets received in the exchange, if the corporation elects to adjust the built-in-loss amount in the bases of transferred assets? a b) c) d) e) Inventory $100,000 $50,000 $100,000 $50.000 $50.000 Building $100,000 $200,000 $100,000 $150.000 $200.000 Land $200,000 $150,000 $150,000 $150,000 $200,000 6. Which of the following statements is incorrect? a) E&P (earnings and profits) show the strength of a company's available distribution without impairing the invested capital. b) A company's "retained earnings" account in financial accounting is similar to a corporation's "E&P" account in taxation. c) The ending balance of an accumulated E&P this period will be equal to the beginning balance of an accumulated E&P next period. d) While distributions can create or extend a negative E&P, current year losses (1.e., a negative current E&P) cannot create or extend a negative E&P. e) All of the choices are true. 7. St. Clair Company reports positive current E&P of $300,000 in 20x3 and positive accumulated E&P at the beginning of the year of $200,000. St. Clair Company distributed $600.000 to its sole shareholder, Danielle Brush, on December 31, 20X3. Danielle's tax basis in her St. Clair stock is $120,000. How much of the $600,000 distribution is treated as a dividend to Danielle, and what is her basis in St. Clair stock after the distribution? a) b) Dividend income $500,000 $500,000 $500,000 $600,000 $600,000 Basis after the distribution $120,000 $20,000 $0 $120,000 $200,000 d) e)