In 2022 , OCC Corporation made a charitable donation of $400,000 to the international Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-recelved deduction, and before deducting its $40,000NOL, carryover from last year. Assume the donation is a qualified contribution Required: 0. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022, what is the carryover to 2023 , and when does the carryover expite? b. Assume that in 2023 . OCC did not make any chantable donotions and that it is allowed to deduct its full charitable contribution carryover, If any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023 ? Is the difference tavorable or unfavorable? Is it permanent or temporary? What amount of the $400,000 donation is 0CC allowed to deduct for tax purposes in 2022, what is the carryover to 2023 , and when does the carryover expire? Ron and Hermione formed Wizard Corporation on January 2 Ron contribuled cash of $245,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and tax basis in return for 50 percent of the corporation's stock: To equalize the exchange, Wizard Corporation paid Hermione $61,250 in addition to her stock Required: a. What amount of gain or loss does Ron recogrize on the formation of the corporation? Note: Leave no answer blank. Enter zero if applicoble. Negative amount should be indicoted by a minus sign. b. What is Ron's tax basis in the stock recenved in return for the contribution of property to the compration? Note: Leave no answer blank. Enter zero if applicable. Negotive omount should be indicoted by o minus sign. What is Ron's tax basis in the stock received in return for the contribution of property to the corporation? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. :. What amount of gain or loss does Hermione recognize on the formation of the corporation? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. d. What is Hermione's tax basis in the stock recelved in return for the contribution of property to the corporation? Note: Leove no onswer blank. Enter zero if applicable. Negative amount should be indicated by o minus sign. e. What tax basis does Wizard Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. f. Assume Hermione's tax basis in the land was $245,000 What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recogniz Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. 9. Assume Hermione's tax basis in the land was $245,000. What tax basis does Wizard Corporation take in the land and building received from Hermione? Note: Leove no onswer blank. Enter zero if applicable. Negotive amount should be indicated by o minus sign. What amount of gain or loss does Hermione recognize on the formation of the corporation? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be Indicated by a minus sign. Assume Hermione's tax basis in the land was $245,000. What tax basis does Wizard Corporation take in the land and builc received from Hermione? What tax basis does Wizard Corporation take in the land and building recelved from Hermione? Assume Hermione's tax basis in the land was $245,000. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Assume Hermione's tax basis in the land was $245,000. What tax basis does Wizard Corporation take in the land and bullding received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign
