please answer 11-28. thansk

MULTIPLE CHOICE are based on the following information: (Liquidations) Questions 11 through 21 are b as a plan of complete liquidation and makes the followin skes the following pro rata distributions X Co, adopts a plan of com as shareholders (assume all are individunts): A Cash B Inventory $70,000 FMV $20.000 Basis $20,000 Mortgage $10,000 FMV $30,000 C Inventory Basis $15,000 Mortgage $40,000 D Capital asset FMV $500 Basis $2,800 (Assume that X Co. acquired the property distributed to D in a Sec. 351 transfer 6 months hefore adopting the plan of liquidation when the FMV of the property was $800 and X co's basis was $2,800). E Capital asset FMV $10,000 Basis $4,000 Each shareholder had a $1,000 basis in the X Co. stock. X Co.'s recognized gain or loss on the distribution to: 11. 0 A is: a b. C. d. $70,000 capital gain $69,000 capital gain None of the above Bis: $10,000 ordinary income $20,000 ordinary income None of the above d. Cis: $25,000 ordinary income $35,000 ordinary income $65,000 ordinary income None of the above c. $2,300 capital loss $300 capital loss None of the above d. E is: b. c. d. $10,000 capital gain $6,000 capital gain None of the above The gain or loss recognized by: 16. A is: b. $1,000> capital loss $69,000 capital gain None of the above d. 17. Bis: b. c. $9,000 capital gain $19,000 capital gain None of the above Cis: $39,000> capital loss $29,000 capital gain $11,000> capital loss None of the above o 19 Dis: $500 capital gain $500 capital loss $1,800 capital gain None of the above 20. Els 59,000 capital gain $1.000 capital loss None of the above C's basis in the property received is: $ 5,000 $30,000 $40,000 None of the above Which of the following statements is incorrect regarding the tax treatment of capital gains and losses for corporate taxpayers: Net long-term capital gains are taxed at ordinary income tax rates. Net capital losses can only be taken to the extent of capital gains. $3.000 of net capital losses can be taken in excess of capital gains each year. Net capital losses can be carried back three years and forward five years. All of the above. 22 Candace owns 100% of the stock of Tulip Corporation. In the current year Candace transfers an installment obligation, tax basis of $30,000 and fair market value of $70,000, for additional stock in Tulip worth $70,000. a. Candace recognizes no taxable gain on the transfer. b. Candace has a taxable gain of $40,000. c. Candace has a taxable gain of $70,000. Candace has a basis of $70,000 in the additional stock she received in Tulip Corporation. e. None of the above. In ander to induce Begonia Corporation to build a new manufacturing facility in Bang Maine, the city donates land (fair market value of $150,000) and cash of $50,000 to the corporation. Within several months of the donation, Begonia Corporation spends 250.000 (which includes the $50,000 received from Oxford) on the construction of wow plant located on the donated land. Bangor Maine made these contributions pursuant to a master development plan that had been approved. Begonia must recognize income of $50,000 as to the donation. b. Begonia will have a zero basis in the land and a basis of $250,000 in the plant. C. Begonia must recognize income of $200,000 as to the donation. d. Begonia will have a zero basis in the land and a basis of $200,000 in the plant. e. None of the above. ROBLEMS SWER ALL 5 OF THE 5 PROBLEMS (Remember to cite code sections and show eputations) obots, Inc. reports the following financial data for the year: MULTIPLE CHOICE are based on the following information: (Liquidations) Questions 11 through 21 are b as a plan of complete liquidation and makes the followin skes the following pro rata distributions X Co, adopts a plan of com as shareholders (assume all are individunts): A Cash B Inventory $70,000 FMV $20.000 Basis $20,000 Mortgage $10,000 FMV $30,000 C Inventory Basis $15,000 Mortgage $40,000 D Capital asset FMV $500 Basis $2,800 (Assume that X Co. acquired the property distributed to D in a Sec. 351 transfer 6 months hefore adopting the plan of liquidation when the FMV of the property was $800 and X co's basis was $2,800). E Capital asset FMV $10,000 Basis $4,000 Each shareholder had a $1,000 basis in the X Co. stock. X Co.'s recognized gain or loss on the distribution to: 11. 0 A is: a b. C. d. $70,000 capital gain $69,000 capital gain None of the above Bis: $10,000 ordinary income $20,000 ordinary income None of the above d. Cis: $25,000 ordinary income $35,000 ordinary income $65,000 ordinary income None of the above c. $2,300 capital loss $300 capital loss None of the above d. E is: b. c. d. $10,000 capital gain $6,000 capital gain None of the above The gain or loss recognized by: 16. A is: b. $1,000> capital loss $69,000 capital gain None of the above d. 17. Bis: b. c. $9,000 capital gain $19,000 capital gain None of the above Cis: $39,000> capital loss $29,000 capital gain $11,000> capital loss None of the above o 19 Dis: $500 capital gain $500 capital loss $1,800 capital gain None of the above 20. Els 59,000 capital gain $1.000 capital loss None of the above C's basis in the property received is: $ 5,000 $30,000 $40,000 None of the above Which of the following statements is incorrect regarding the tax treatment of capital gains and losses for corporate taxpayers: Net long-term capital gains are taxed at ordinary income tax rates. Net capital losses can only be taken to the extent of capital gains. $3.000 of net capital losses can be taken in excess of capital gains each year. Net capital losses can be carried back three years and forward five years. All of the above. 22 Candace owns 100% of the stock of Tulip Corporation. In the current year Candace transfers an installment obligation, tax basis of $30,000 and fair market value of $70,000, for additional stock in Tulip worth $70,000. a. Candace recognizes no taxable gain on the transfer. b. Candace has a taxable gain of $40,000. c. Candace has a taxable gain of $70,000. Candace has a basis of $70,000 in the additional stock she received in Tulip Corporation. e. None of the above. In ander to induce Begonia Corporation to build a new manufacturing facility in Bang Maine, the city donates land (fair market value of $150,000) and cash of $50,000 to the corporation. Within several months of the donation, Begonia Corporation spends 250.000 (which includes the $50,000 received from Oxford) on the construction of wow plant located on the donated land. Bangor Maine made these contributions pursuant to a master development plan that had been approved. Begonia must recognize income of $50,000 as to the donation. b. Begonia will have a zero basis in the land and a basis of $250,000 in the plant. C. Begonia must recognize income of $200,000 as to the donation. d. Begonia will have a zero basis in the land and a basis of $200,000 in the plant. e. None of the above. ROBLEMS SWER ALL 5 OF THE 5 PROBLEMS (Remember to cite code sections and show eputations) obots, Inc. reports the following financial data for the year