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00! & Palti umulated E & Pdf owners sely held company with accumulated 51. LO.8 Critical Thinking a. How is Iris Cupon b. What is Fresia Corporation's E & Panel 46. LO.2, 6 Parrot Corporation is a closely held com $300,000 and current E & P of $350.000 To owns a 50% share in Parrot, and they share management What are the tax consequences of each of the following i involving Parrot, Tom, and Jerry? How does each transaction a Parrot sells an office building (adjusted basis of $350.000. f. $300,000) to Tom for $275,000. nd Jerry are brothers, each nagement responsibilities equally lowing independent transactions ansaction affect Parrot's E&P 350.000; fair market value of owns tion o a. A charged on the loan (the current s for a specified rental rate. Tom Terry $250,000 on March 31 of this year. The loan is evide note and is payable on demand. No interest is charged on the applicable Federal interest rate is 3%). Parrot owns an airplane that it leases to others for a specified rent v also use the airplane for personal use and pay no rent. During the year. Tom used the airplane for 120 hours and Jerry used it for 160 hours The rental value of the airplane is $350 per hour, and its maintenance costs avem $80 per hour. 52. LO. ago. tax d. Tom leases equipment to Parrot for $20,000 per year. The same equipment can be leased from another company for $9,000 per year. I b