Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION Freddie has been the sole (one hundred percent (100%) shareholder of Robert Corporation, a calendar years Corporation since 1901 At the end of 2020

image text in transcribed
image text in transcribed
QUESTION Freddie has been the sole (one hundred percent (100%) shareholder of Robert Corporation, a calendar years Corporation since 1901 At the end of 2020 Freddie's basis in her sockis 5.38.100 and she receives a distribution of 547 200 from Robert Corporation Corporate level accounts of Robert Corporation are as follow Accumulated Adpisments Account) $19.000 Previously Taxed Income (PT-516.700. Accumulated Earnings And Profits (AEP) - 37.200 How is Freddie twed on the distribution? AS Taxable Dividend and a 5-0 Long Term Capital Gain A 57.200 Taxable Dividend A 57,200 Taxable Dividend and a $1,900 Long Term Capital Gain A 37.200 Taxable Dividend and a $3.500 Long Term Capital Gain 5000 Cash and Inventory with a basis and Fair Market Value of 519,000 in Complete Liquidation of her Partnership Interest. Her basis in her Partnership Interest was distribution What is Delana's basis in the distributed Inventory? 3.000 QUESTION 7 Freddie has been the sole (one hundred percent (100%)) shareholder of Robert Corporation, a calendar year S Corporation, since 1981. At the end of 2020. Freddie's basis in her stock 338.100 and she receives a distribution of 547 200 from Robert Corporation Corporate level accounts of Robert Corporation are as follow. Accumulated Adjustments Account (AAA) - $19,800. Previously Taxed Income (PTI) - $16.700 Accumulated Earings And Profits (AEP)- 57.200. How is Freddie taxed on the distribution? AS-O- Taxable Dividend and a 5-0-Long-Term Capital Gain A $7.200 Taxable Dividend A $7,200 Taxable Dividend and a $1,900 Long-Term Capital Gain A $7,200 Taxable Dividend and a 53,500 Long-Term Capital Gain

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions