Inicio Herramientas ACCT 581 WEEK 5 ... X Iniciar sesion T 1 /2 Buscar 'Pie de pagina' Rex and Felix are the sole shareholders of Dogs and Cats Corporation (DCC). After several years of operations using the accrual method, they decided to liquidate the corporation and operate the business as a partnership. Rex and Felix hired a lawyer to draw up the legal papers to dissolve the corporation, but they need some tax advice from you, their trusted accountant. They are hoping you will find a way for them to liquidate the corporation while minimizing their total income tax liability. Exportar archivo PDF Rex has a tax basis in his shares of $94,000 and Felix has a tax basis in his shares of $64,000. DCC's tax accounting balance sheet at the date of liquidation is as follows: Adobe Export PDF Adjusted Basis FMV Assets Convertir archivos PDF a Word o Excel Online Cash $ 64,000 $ 64,000 Accounts receivable 14,000 44,000 Inventory 44,000 54,000 Equipmen 54 000 Building 64,000 49,000 39,000 64,000 Seleccionar archivo PDF Land 74,000 Total assets $ 304,000 $354,000 Liabilities ACCT 581 ...LEM 15.pdf X Accounts payable $ 39,000 Mortgage payable-Building 44,000 Mortgage payable-Land 44,000 Convertir a Total liabilities $127,000 Shareholders' Equity Common stock-Rex (80%) $181,600 Microsoft Word (*.docx) Common stock-Felix (20%) 45,400 Total shareholders equity 227,000 Idioma del documento: Required: Espanol Cambiar a. Compute the gain or loss recognized by Rex, Felix, and DCC on a complete liquidation of the corporation assuming each shareholder receives a pro rata distribution of the corporation's assets and assumes a pro rata amount of the liabilities. b. Compute the gain or loss recognized by Rex, Felix, and DCC on a complete liquidation of the corporation assuming Felix receives his share in cash and Rex receives the remainder of t and assumes all of the liabilities. For parts c and d: Assume Felix received the accounts receivable and equipment and assumed the accounts payable. Crea, edita y firma c. Will Felix recognize any income when he collects the accounts receivable? formularios y acuerdos en PDF d. Will Felix be able to take a deduction when he pays the accounts payable? For parts e and f. Assume Rex is a corporate shareholder of DCC. e. Compute the gain or loss recognized by Rex, Felix, and DCC on a complete liquidation of the corporation assuming each shareholder receives a pro rata distribution of the corporation's assets and assumes a pro rata amount of the liabilities. Compute the gain or loss recognized by Rex, Felix, and DCC on a complete liquidation of the corporation assuming Felix receives Iniciar version de prueba gratuita $59,000 in cash and Rex receives the remainder of the assets and assumes all of the liabilities Type here to search O N P X W 8:13 PM 10/2/2020
