ACCT 553 Week 5 Homework

ACCT 553 Week 5 Homework

  1. Please explain how charitable contributions come into play in determining “corporate” taxable income. (5 pts)

2.What happens to a loss on the corporate tax return (Form 1120)?Does it pass through to the shareholders? Is it available for future or past periods? Please explain in detail. (5 pts.)

3.Please describe the purpose of Schedules M-1 and M-3. When is a Schedule M-3 required in lieu of a Schedule M-1? (5 pts.)

4.Please define and differentiate between a spin-off, split-off, and split-up. (5 pts.)

(Chapter 14)

  • 24. What is the purpose of the dividends received deduction? What corporations are entitled to claim this deduction? What dividends qualify for this deduction?
  • 51. What is the purpose of the reconciliation of taxable income with book income?
  • 52. Sam Rogers forms a corporation. Sam transfers to the corporation property having a basis to him of $15,000 and a fair market value of $27,000 for 900 shares of the $10 par stock of the corporation. A year later, Bill Morrison, who is not related to Sam, transfers property having a basis to him of $1,000 and a fair market value of $3,000 for 100 shares of the corporate stock. The corporation issued no other stock. (a) How much gain does Sam recognize on his exchange? What is the basis to Sam of his 900 shares? (b) How much gain does Bill recognize on his exchange? What is the basis to Bill of his 100 shares? (c) What gain or loss is recognized by the corporation when it issues its shares to Sam? What is the basis to the corporation of the property it received from Sam? (d) What is the gain or loss recognized by the corporation when it issues its shares to Bill? What is the basis to the corporation of the property it received from Bill?

(Chapter 17)

  • 1. Identify and briefly describe the seven types of corporate reorganization

 

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