Final_757 spr 2020-online. Word References Mailings Review View Help Tell me what you want to do A A Aa A EE211 AYA 1 Normal 1 No Spac. Heading 1 Heading 2 Title Subtitle Paragraph op. TOCOMLINSYA Duo Styles b. X Corp. recognizes a gain-$100,000 d X Corp. recognizes a pain $50,000 7. S1 owns 80% of X Corp. stock. S2 owns 20%. They are not related. X Corp. distributes the following assets in complete liquidation. They were not acquired in a Section 351 transaction or as a contribution to capital Basis FMV Cash $600,000 $600,000 Equipment 150,000 200,000 Building 400,000 200,000 If X Corp. distributes the equipment to S2 and the cash and building to S1: 2 X recognizes a gain - $50,000 but can't c. X recognizes neither a pain nor a loss recognize a loss - $200,000 b. Xrecognizes a gain - $50,000 and can d. X does not recognize again - $50,000 but also recognize a loss = $200,000 can recognize a loss - $200,000 8. Refer to the preceding question. If the cash and equipment are distributed to S1, and the building is distributed to S2: a X Corp. recognizes the pain of $50,000 c. X Corp. cannot recognize any gain or loss but still can't recognize the loss of $200,000 b. X Corp. recognizes the pain of $50,000 d. None of the above and now can recognize the loss of $200,000 9. Tina transfers two assets to a partnership on the day it's created for a 60% partnership interest worth $60,000. She contributed cash - $40,000 and equipment worth $20,000 with an adjusted basis - $8,000. What result? Tina realizes and recognizes a $12,000 c. Tina realizes but does not recognize I $12,000 gain b. Tina neither realizes nor recognizes any d. Tina does not realize but may elect to recognize a $12,000 gain 10-1 In the preceding question, if the basis of the equipment is $25,000: Tina neither realizes nor recognizes any Tina realizes and recognizes a $5,000 loss loss 6. Tina realizes but does not recognize a d. None of the above $5,000 loss a o ie - Final_757 spr 2020-online. Word References Mailings Review View Help Tell me what you want to do A A Aa A EE211 AYA 1 Normal 1 No Spac. Heading 1 Heading 2 Title Subtitle Paragraph op. TOCOMLINSYA Duo Styles b. X Corp. recognizes a gain-$100,000 d X Corp. recognizes a pain $50,000 7. S1 owns 80% of X Corp. stock. S2 owns 20%. They are not related. X Corp. distributes the following assets in complete liquidation. They were not acquired in a Section 351 transaction or as a contribution to capital Basis FMV Cash $600,000 $600,000 Equipment 150,000 200,000 Building 400,000 200,000 If X Corp. distributes the equipment to S2 and the cash and building to S1: 2 X recognizes a gain - $50,000 but can't c. X recognizes neither a pain nor a loss recognize a loss - $200,000 b. Xrecognizes a gain - $50,000 and can d. X does not recognize again - $50,000 but also recognize a loss = $200,000 can recognize a loss - $200,000 8. Refer to the preceding question. If the cash and equipment are distributed to S1, and the building is distributed to S2: a X Corp. recognizes the pain of $50,000 c. X Corp. cannot recognize any gain or loss but still can't recognize the loss of $200,000 b. X Corp. recognizes the pain of $50,000 d. None of the above and now can recognize the loss of $200,000 9. Tina transfers two assets to a partnership on the day it's created for a 60% partnership interest worth $60,000. She contributed cash - $40,000 and equipment worth $20,000 with an adjusted basis - $8,000. What result? Tina realizes and recognizes a $12,000 c. Tina realizes but does not recognize I $12,000 gain b. Tina neither realizes nor recognizes any d. Tina does not realize but may elect to recognize a $12,000 gain 10-1 In the preceding question, if the basis of the equipment is $25,000: Tina neither realizes nor recognizes any Tina realizes and recognizes a $5,000 loss loss 6. Tina realizes but does not recognize a d. None of the above $5,000 loss a o ie