Problem 18-30 (LO. 1, 3) Dan ovih dance, who are good friends, forme Corporation Bantutan (worth 200.00, of $60,000 for So the stock in Crane. Nida transfers machinery (worth $150.000, buted basis of $30,000) and provide services pr$50,000 for 50% of the stock Wil the transfere qually under 11 Yes because all'ested in termining control since the property the transferred has more than nominal value in comparison to the value of the services rendered What are the tax contences to Dan and Patricia Dan reconocer les on the transfer of the land, Hsbasis in the Crane stock a captain of on the transfer Patricia has a Dos Patricia recognis inter Crane to What is Crane Corporation's as in the land and the machinery Cant Corporation of in the land and a bit of the machinery In addition, Crane the for the services provided by Pacor will capite the a. Enter the rest of the transaction to Patrict her form 1040 (page 1). Assume Patricia single, 40, has no other income, and calma standard deduction of 512.400 (For 2020 She does not want to go to the presidential election campaign. Enter all amounts as positive numbers Deverer 1040 U.S. Individual Income Tax Return 2020 OMB No 1545-0074 IRS Us Oy 2020 OMB No 1545-0074 IRS Oy Department the Town (9) 1040 U.S. Individual Income Tax Return Filing Status Your first name and midten Laste Patricia Chen I joint return, spouse's first name and middle Intial Lame Your social security number 123-456789 Spouse's social security number Home address frumber and street). If you have a Pobo de instruction At.no Presidential Election Campaign Check here if you, or your spouse City, town, or post office. If you have a foreign address, we complete Sta Pinoy want to go to the ZIP code fund. Checking a box below wil spaces below change your tax or refund Foreign country Name Foreign province // Foreign postcode At any time during 2020, did you receive all send exchange of the acquire any francainterest in any w currency Standard Someone can daimi Deduction Age/Blindness Your Spouse: see instructions) (1) First name Last name (2) Social security (3) Relations ber to you (4) for instruction) Chitakerede Credit for other dependente D Dependents If more than four dependents, so structions and check here Next 306 SPRING 203 Back BUUUU - AAA -- 112.400 1 W, care, och 3 Altsch 2 The SB Tret required JA Qui vidende Ordinary 4a Rhotion Det Sansons and me be Standard & Social Security bent DT Deduction for 7 Capitan Artach Schedule a red or check here Single Mamed Sling 8 Omrumu, 9 Addes 1. 2. 3. 4. 5. 6. 7. and. This is your total income - Marned 10 As to come 1 Joy a schedule 1,23 10 Cartoon you take the added to 124.000 Sen 105 Head of hout Adwo and 100. These are your total adjustments to income 10 11 If you checked 11 Subtractine loc mineThis your sted gross income any box under Sedan 12 Standard deduction or itemidection from the Beduction see 13 13 Quated code to Attach for Form cons 34 Addis 32 a... 15 Tauable income Stat 14 mln 15 Cat 13300 F104020301 For Discoure. Privacy Act, and Paperwork Reduction Act Notice, separate instructions Gang SIR 650 13 14 Check My Wor eBook Dan Knight and Patricia Chen, who are good friends, Form Crane Corporation. Dan transfers and worth $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock a. Will the transfers qually under 5 3517 Yes because all of Patricia's stocks counted in determining control since the property she transferred has than a nominal value in comparison to the value of the services rendered. mi Narrecognition treatment for the property transferers may be lost it too much stock is transferred to persons who did not contribute property . What are the tax consequences to Dan and Patricia? Dan regnes ne gain or loss on the transfer of the land. His basis in the Crane stock is s 50,000 X. Patricia recognizes compensation income vors 50,000 on the transfer. Patricia has a basis of s o X in her Crane stock they won Parily.com What is Crane Corporation's basis in the land and the machinery? Crane Corporation has a basis of 60,000 in the land and a basis of 80,000 X in the machinery 60,000 X for the services provided by Patricia, or it will capitalize the In addition, Crane other has a deduction Olx as organitations.com Check My Work Next eBook d. Enter the results of this transaction to Patricia on her Form 1040 (page 1). Assume Patricia is single, ape 40, has no other income, and claims a standard deduction of $12,400 (for 2020) She does not want 3 to go to the presidential election campaign, Inter all amounts as positive numbers Form 1040 Department of the Tremury Internal Revenue Service (99) U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 IAS Use Only Filing Status Single Your first name and middle initial Patricia I joint return, spouse's first name and middle initial Last name Chen Your social security number 123-45-6789 Spouse's social security number Last name Home address (number and street). If you have a PO box, see instructions Apt.no Presidential Election Campaign Check here if you, or your spouse City, town, or post office. If you have a foreign address, also complete State Filing jointly, want $3 to go to this ZIP code spaces below. fund. Checking a box below will not change your tax or refund. Foreign country name Foreign province/state/county Foreign postal code No At any time during 2020, did you receive, sell send exchange, or otherwise acquire any financial interest in any virtual currency? No Standard Someone can claim: None Deduction You: None Age/Blindness Spouse: None Dependents (see instructions): (2) Social security (3) Relationship (4) If qualifies for (see instructions): (see Instructions) (1) First name Last name (2) Social security (3) Relationship number to you (4) Vif qualities for (see Instructions): Child tax credit Credit for other dependents Dependents If more than four dependents, see Instructions and check here 0 1 200,000 x 2b Attach Sch. Bir required 3b 4b 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest .. 2a b Taxable interest 3a Qualified dividends... 3a b Ordinary dividends 4a IRA distributions b Taxable amount Sa Pensions and annuities 5a b Taxable amount 6a Social security benefits b Taxable amount 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here 8 Other income from Schedule 1, line 9. Sb 6b 7 8 9 Add lines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income 9 Standard Deduction for- Single or Married fling separately, $12,400 Married filing jointly or Qualifying widow(er), $24,800 Head of household $18,650 . If you checked any box under Standard Deduction, see 10 Adjustments to income: a From Schedule 1, line 22 10a b Charitable contributions if you take the standard deduction See instructions.. 10b c Add lines 10a and 10b. These are your total adjustments to income 100 11 11 Subtract line 10c from line 9. This is your adjusted gross income 12 12 Standard deduction or itemized deductions (from Schedule A) Next > Check My Work eBook Attach Sch. Bif required. 2a b 2b 2a Tax-exempt interest .. 3a Qualified dividends... 3a b Taxable interest Ordinary dividends Taxable amount 3b 4a IRA distributions .... 4a b 4b 5a 5a Pensions and annuities 5b b Taxable amount 6 6a Social security benefits b Taxable amount 6b 7 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 8 8 8 Other income from Schedule 1, line 9 9 9 Add lines 1, 2, 3, 4, 5b, 6b, 7, and 8. This is your total income Standard Deduction for Single or Married filing separately, $12,400 Married filing jointly or Qualifying widow(er), $24,800 Head of household, $18,650 . If you checked any box under Standard Deduction, see instructions 10 Adjustments to income: a From Schedule 1, line 22. 10a b Charitable contributions if you take the standard deduction See instructions c Add lines 10a and 10b. These are your total adjustments to income 11 Subtract line 10c from line 9. This is your adjusted gross income. 10b 10c 11 0 X 12 12 Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 14 14 Add lines 12 and 13 15 0 x 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2020) Feedback ebook an Knight and Patica cheny who are good things, Irm Crane Corporation dan transiers and worth $200,00 3O) TOT 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock a. Will the transfers qualify under $ 3512 Yes because all of Patricia's stock is counted in determining control since the property she transferred has more V than a nominal value in comparison to the value of the services rendered. Focok Check My Work Nonrecognition treatment for the property transferors may be lost it too much stock is transferred to persons who did not contribute property. b. What are the tax consequences to Dan and Patricia? Dan recognizes no gain or loss on the transfer of the land. His basis in the Crane stock is s 50,000 X . Patricia recognizes compensation income -vors 50,000 on the transfer. Patricia has a basis of olx in her Crane stock Fedha Cheor My Work Partially comect c. What is Crane Corporation's basis in the land and the machinery? Crane Corporation has a basis of 60,000 in the land and a basis of 80,000 X in the machinery of ${ 60,000 for the services provided by Patricia, or it will capitalize the In addition, Crane either has a deduction 0 X as organizational costs Problem 18-30 (LO. 1, 3) Dan ovih dance, who are good friends, forme Corporation Bantutan (worth 200.00, of $60,000 for So the stock in Crane. Nida transfers machinery (worth $150.000, buted basis of $30,000) and provide services pr$50,000 for 50% of the stock Wil the transfere qually under 11 Yes because all'ested in termining control since the property the transferred has more than nominal value in comparison to the value of the services rendered What are the tax contences to Dan and Patricia Dan reconocer les on the transfer of the land, Hsbasis in the Crane stock a captain of on the transfer Patricia has a Dos Patricia recognis inter Crane to What is Crane Corporation's as in the land and the machinery Cant Corporation of in the land and a bit of the machinery In addition, Crane the for the services provided by Pacor will capite the a. Enter the rest of the transaction to Patrict her form 1040 (page 1). Assume Patricia single, 40, has no other income, and calma standard deduction of 512.400 (For 2020 She does not want to go to the presidential election campaign. Enter all amounts as positive numbers Deverer 1040 U.S. Individual Income Tax Return 2020 OMB No 1545-0074 IRS Us Oy 2020 OMB No 1545-0074 IRS Oy Department the Town (9) 1040 U.S. Individual Income Tax Return Filing Status Your first name and midten Laste Patricia Chen I joint return, spouse's first name and middle Intial Lame Your social security number 123-456789 Spouse's social security number Home address frumber and street). If you have a Pobo de instruction At.no Presidential Election Campaign Check here if you, or your spouse City, town, or post office. If you have a foreign address, we complete Sta Pinoy want to go to the ZIP code fund. Checking a box below wil spaces below change your tax or refund Foreign country Name Foreign province // Foreign postcode At any time during 2020, did you receive all send exchange of the acquire any francainterest in any w currency Standard Someone can daimi Deduction Age/Blindness Your Spouse: see instructions) (1) First name Last name (2) Social security (3) Relations ber to you (4) for instruction) Chitakerede Credit for other dependente D Dependents If more than four dependents, so structions and check here Next 306 SPRING 203 Back BUUUU - AAA -- 112.400 1 W, care, och 3 Altsch 2 The SB Tret required JA Qui vidende Ordinary 4a Rhotion Det Sansons and me be Standard & Social Security bent DT Deduction for 7 Capitan Artach Schedule a red or check here Single Mamed Sling 8 Omrumu, 9 Addes 1. 2. 3. 4. 5. 6. 7. and. This is your total income - Marned 10 As to come 1 Joy a schedule 1,23 10 Cartoon you take the added to 124.000 Sen 105 Head of hout Adwo and 100. These are your total adjustments to income 10 11 If you checked 11 Subtractine loc mineThis your sted gross income any box under Sedan 12 Standard deduction or itemidection from the Beduction see 13 13 Quated code to Attach for Form cons 34 Addis 32 a... 15 Tauable income Stat 14 mln 15 Cat 13300 F104020301 For Discoure. Privacy Act, and Paperwork Reduction Act Notice, separate instructions Gang SIR 650 13 14 Check My Wor eBook Dan Knight and Patricia Chen, who are good friends, Form Crane Corporation. Dan transfers and worth $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock a. Will the transfers qually under 5 3517 Yes because all of Patricia's stocks counted in determining control since the property she transferred has than a nominal value in comparison to the value of the services rendered. mi Narrecognition treatment for the property transferers may be lost it too much stock is transferred to persons who did not contribute property . What are the tax consequences to Dan and Patricia? Dan regnes ne gain or loss on the transfer of the land. His basis in the Crane stock is s 50,000 X. Patricia recognizes compensation income vors 50,000 on the transfer. Patricia has a basis of s o X in her Crane stock they won Parily.com What is Crane Corporation's basis in the land and the machinery? Crane Corporation has a basis of 60,000 in the land and a basis of 80,000 X in the machinery 60,000 X for the services provided by Patricia, or it will capitalize the In addition, Crane other has a deduction Olx as organitations.com Check My Work Next eBook d. Enter the results of this transaction to Patricia on her Form 1040 (page 1). Assume Patricia is single, ape 40, has no other income, and claims a standard deduction of $12,400 (for 2020) She does not want 3 to go to the presidential election campaign, Inter all amounts as positive numbers Form 1040 Department of the Tremury Internal Revenue Service (99) U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 IAS Use Only Filing Status Single Your first name and middle initial Patricia I joint return, spouse's first name and middle initial Last name Chen Your social security number 123-45-6789 Spouse's social security number Last name Home address (number and street). If you have a PO box, see instructions Apt.no Presidential Election Campaign Check here if you, or your spouse City, town, or post office. If you have a foreign address, also complete State Filing jointly, want $3 to go to this ZIP code spaces below. fund. Checking a box below will not change your tax or refund. Foreign country name Foreign province/state/county Foreign postal code No At any time during 2020, did you receive, sell send exchange, or otherwise acquire any financial interest in any virtual currency? No Standard Someone can claim: None Deduction You: None Age/Blindness Spouse: None Dependents (see instructions): (2) Social security (3) Relationship (4) If qualifies for (see instructions): (see Instructions) (1) First name Last name (2) Social security (3) Relationship number to you (4) Vif qualities for (see Instructions): Child tax credit Credit for other dependents Dependents If more than four dependents, see Instructions and check here 0 1 200,000 x 2b Attach Sch. Bir required 3b 4b 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest .. 2a b Taxable interest 3a Qualified dividends... 3a b Ordinary dividends 4a IRA distributions b Taxable amount Sa Pensions and annuities 5a b Taxable amount 6a Social security benefits b Taxable amount 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here 8 Other income from Schedule 1, line 9. Sb 6b 7 8 9 Add lines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income 9 Standard Deduction for- Single or Married fling separately, $12,400 Married filing jointly or Qualifying widow(er), $24,800 Head of household $18,650 . If you checked any box under Standard Deduction, see 10 Adjustments to income: a From Schedule 1, line 22 10a b Charitable contributions if you take the standard deduction See instructions.. 10b c Add lines 10a and 10b. These are your total adjustments to income 100 11 11 Subtract line 10c from line 9. This is your adjusted gross income 12 12 Standard deduction or itemized deductions (from Schedule A) Next > Check My Work eBook Attach Sch. Bif required. 2a b 2b 2a Tax-exempt interest .. 3a Qualified dividends... 3a b Taxable interest Ordinary dividends Taxable amount 3b 4a IRA distributions .... 4a b 4b 5a 5a Pensions and annuities 5b b Taxable amount 6 6a Social security benefits b Taxable amount 6b 7 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 8 8 8 Other income from Schedule 1, line 9 9 9 Add lines 1, 2, 3, 4, 5b, 6b, 7, and 8. This is your total income Standard Deduction for Single or Married filing separately, $12,400 Married filing jointly or Qualifying widow(er), $24,800 Head of household, $18,650 . If you checked any box under Standard Deduction, see instructions 10 Adjustments to income: a From Schedule 1, line 22. 10a b Charitable contributions if you take the standard deduction See instructions c Add lines 10a and 10b. These are your total adjustments to income 11 Subtract line 10c from line 9. This is your adjusted gross income. 10b 10c 11 0 X 12 12 Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 14 14 Add lines 12 and 13 15 0 x 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2020) Feedback ebook an Knight and Patica cheny who are good things, Irm Crane Corporation dan transiers and worth $200,00 3O) TOT 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock a. Will the transfers qualify under $ 3512 Yes because all of Patricia's stock is counted in determining control since the property she transferred has more V than a nominal value in comparison to the value of the services rendered. Focok Check My Work Nonrecognition treatment for the property transferors may be lost it too much stock is transferred to persons who did not contribute property. b. What are the tax consequences to Dan and Patricia? Dan recognizes no gain or loss on the transfer of the land. His basis in the Crane stock is s 50,000 X . Patricia recognizes compensation income -vors 50,000 on the transfer. Patricia has a basis of olx in her Crane stock Fedha Cheor My Work Partially comect c. What is Crane Corporation's basis in the land and the machinery? Crane Corporation has a basis of 60,000 in the land and a basis of 80,000 X in the machinery of ${ 60,000 for the services provided by Patricia, or it will capitalize the In addition, Crane either has a deduction 0 X as organizational costs