Walter receives cash of $18,000 and land with a fair market value of $75,000 (adjusted basis of $50,000) in a current distribution. His basis in his partnership is $16,000.

If an amount is zero, enter "0".

a. What amount of gain must Walter recognize as a result of the current distribution? $

What is Walter's basis in the land received? $

b. What amount of gain must the partnership recognize as a result of the distribution? $

c. What is Walter's basis in his partnership interest immediately after the distribution? $

Ulmus Corporation has $1,230,000 in taxable income for the current tax year.

Calculate the corporation's income tax liability for the current tax year.

Click here to access the tax schedule. $

Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during the current tax year. The corporation has net operating income of $140,000, before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $20,000.

a. What is the amount of Citradoria Corporation's allowable deduction for charitable contributions for the current year? $

b. What may the corporation do with any excess amount of contributions?

Any excess contributions may be for tax years.