corporate accounting

IV. (12 Points) Complete the following schedule for each case. Assume the shareholders have a basis in this investment of $40,000. Accumulated Cash Distribution Return Capital E&P Current (All on Last Dividend of Beginning of year E&P Day of Year) Income Capital Gains A. ($150,000) $70,000 $l40,000 B. 130,000 50,000 190,000 C. 120,000 (40,000) 130,000 D. Same as (C) except distribution of S 130,000 is made on June land the corporation uses the calendar for Tax purposes. V. (9 Points) Last year Mustang Corporation acquired land in a Section 351 tax-free exchange. On the date of transfer, the land had a basis $360,000 and a FMV of $500,000.Mustang Corp. has two shareholders, Skylar and Mandy unrelated individuals. Skylar owns 80% of the stock in Mustang and Mandy owns 20%. The corporation adopts a plan of liquidation in the current year. On this date the value of the land has decreased to $250,000. What is the effect of each of the following on Mustang Corporation? A. Distribute all the land to Skylar. B. Distribute all the land to Mandy. C. Distribute 50% of the land to Skylar and 50% to Mandy. VI. (6 Points) Brandon and Celia are forming the BC Partnership. Brandon contributes $20,000 cash and Celia contributes nondepreciable property with an adjusted basis of $ 18,000 and a fair market value of $30,000. The property is subject to a $10,000 liability which is also transferred into the partnership and is shared equally by the partners for basis purposes. Brandon and Celia share in all partnership prots equally except for any precontribution gain which must be allocated according to the statutory rules required for built-in gain allocations. a. What is Celia's adjusted tax basis for her partnership interest immediately aer the partnership is formed