In 2022 Owl Corp reported taxable income of $75,000. Below are potential adjustments that may or may not need to be included in Owl Corp's Earnings & Profits calculation. Use the Drop Down menus to decide if the adjustment should be included, and whether the adjustment is an increase, decrease, or has no effect on the Earnings and Profits calculation. For Answer 9, calculate the E&P using your responses. Should adjustment be included Is the Adjustment an increase, in E&P? decrease, or no effect on E&P [Select] [Select] [Select] [Select] [Select] [Select] $19,250 $69,250 $39,250 $53,500 [Select] [ Select] [Select] v Item Federal tax expense Entertainment expense Tax-exempt interest Charitable contribution (fully deductible) Total E&P Amount $15,750 $15,000 $25,000 $5,000

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Suppose Luna received 100 shs of Moon Corp. with FMV of $550,000 plus $50,000 cash in exchange for the Property with FMV $600,000 and adjusted basis of $250,000. The transfer qualifies under IRC Sec 351. What is Luna's gain on the transfer? How much of the gain will Luna recognize? What is Luna's basis in Moon Corp stock? In 2022 Owl Corp reported taxable income of $75,000. Below are potential adjustments that may or may not need to be included in Owl Corp's Earnings \& Profits calculation. Use the Drop Down menus to decide if the adjustment should be included, and whether the adjustment is an increase, decrease, or has no effect on the Earnings and Profits calculation. For Answer 9, calculate the E\&P using your responses. Cathy and Matt create NewCo, Each contributes the following: - Cathy contributes Land with a FMV of $25,000 and an adjusted basis of $20,000, in exchange for 50% stock in NewCo. - Matt contributed Equipment with a FMV of $30,000 and an adjusted basis of $20,000, in exchange for 50% stock and a $5,000 note in NewCo. 1. Does this transaction meet the requirements of IRC Sec 351? 2. What is Cathy's recognized gain? 3. What is Matt's recognized gain