Lind and Post organized Ace
Corp., which issued voting common stock with a fair market value of $120,000.
They each transferred property in exchange for stock as follows:
Property
|
Adjusted basis
|
Fair market value
|
Percentage of Ace stock acquired
|
|
Lind
|
Buildling
|
$40,000
|
$82,000
|
60%
|
Post
|
Land
|
$ 5,000
|
$48,000
|
40%
|
·
The
building was subject to a $10,000 mortgage that was assumed by Ace.
What amount of gain did Lind
recognize on the exchange?
a.
$0
b.
$10,000
c.
$42,000
d.
$52,000
6301
Solution a
No
boot received。
Lind and Post organized Ace
Corp., which issued voting common stock with a fair market value of $120,000.
They each transferred property in exchange for stock as follows:
Property
|
Adjusted basis
|
Fair market value
|
Percentage of Ace stock acquired
|
|
Lind
|
Buildling
|
$40,000
|
$82,000
|
60%
|
Post
|
Land
|
$ 5,000
|
$48,000
|
40%
|
·
The
building was subject to a $10,000 mortgage that was assumed by Ace.
What was Ace's basis in the
building?
a.
$30,000
b.
$40,000
c.
$72,000
d.
$82,000
6302
Solution b
Donor’s
basis becomes corporation’s basis。
Lind and Post organized Ace
Corp., which issued voting common stock with a fair market value of $120,000.
They each transferred property in exchange for stock as follows:
Property
|
Adjusted basis
|
Fair market value
|
Percentage of Ace stock acquired
|
|
Lind
|
Buildling
|
$40,000
|
$82,000
|
60%
|
Post
|
Land
|
$ 5,000
|
$48,000
|
40%
|
·
The
building was subject to a $10,000 mortgage that was assumed by Ace.
What was Lind's basis in Ace
stock ?
a.
$82,000
b.
$40,000
c.
$30,000
d.
$82,000
6303
Solution c
40,000－10,000（Liability assumed by corporation.）
Jones incorporated a sole
proprietorship by exchanging all the proprietorship's assets for the stock of
Nu Co., a new corporation. To qualify for tax-free incorporation, Jones must be
in control of Nu immediately after the exchange. What percentage of Nu's stock
must Jones own to qualify as "control" for this purpose?
a.
50.00%
b.
51.00%
c.
66.67%
d.
80.00%
4474
Solution d
非課税で会社を設立するためのControlling percentage は80％。
Feld, the sole stockholder of
Maki Corp., paid $50,000 for Maki's stock in Year 1. In Year 2, Feld
contributed a parcel of land to Maki but was not given any additional stock for
this contribution. Feld's basis for the land was $10,000, and its fair market
value was $18,000 on the date of the transfer of title. What is Feld's adjusted
basis for the Maki stock?
a.
$50,000
b.
$52,000
c.
$60,000
d.
$68,000
3353
Solution c
出資した土地も含める。
In April, A and B formed X Corp.
A contributed $50,000 cash, and B contributed land worth $70,000 (with an
adjusted basis of $40,000). B also received $20,000 cash from the corporation.
A and B each receives 50% of the corporation's stock. What is the tax basis of
the land to X Corp.?
a.
$40,000
b.
$50,000
c.
$60,000
d.
$70,000
8883
Solution c
Corporation
が記帳するLand は40,000+20,000
Micro Corp., a calendar year,
accrual basis corporation, purchased a 5-year, 8%, $100,000 taxable corporate
bond for $108,530, on July 1, Year 1, the date the bond was issued. The bond
paid interest semiannually. For Micro's tax return, the bond premium amortization
for Year 1 should be
I. Computed under the constant yield to maturity method
II. Treated as an offset to the interest income on the bond
I. Computed under the constant yield to maturity method
II. Treated as an offset to the interest income on the bond
a.
Neither
I nor II
b.
Both
I and II
c.
I
only
d.
II
only
5012
Solution b
Effective
Interest Method を言い換えたのがI。Premium の償却はInterest
Income を減らす＝II。
Axis Corp. is an accrual basis
calendar year corporation. On December 13, Year 1, the Board of Directors
declared a two percent of profits bonus to all employees for services rendered
during Year 1 and notified them in writing. None of the employees own stock in
Axis. The amount represents reasonable compensation for services rendered and
was paid on March 10, Year 2. Axis' bonus expense may
a.
Not
be deducted on Axis’ tax return because payment is a disguised dividend
b.
Be
deducted on Axis’ Year 1 tax return
c.
Be
deducted on Axis’ Year 2 tax return
d.
Not
be deducted on Axis’ Year 1 tax return because the per share employee amount cannot
be determined with reasonable accuracy at the time of the declaration of the
bonus
5013
Solution b
1.BoardがApproveしている。2.従業員が会社の株を持っていない。
Rame Corp.'s operating income
for Year 1 amounted to $100,000. In Year 1, a machine owned by Rame was
completely destroyed in an accident. This machine's adjusted basis immediately
before the casualty was $30,000. The machine was not insured and had no salvage
value. In Rame's Year 1 tax return, what amount should be deducted for the
casualty loss?
a.
$19,900
b.
$20,000
c.
$29,900
d.
$30,000
1688
Solution d
個人は10% Plateauや、１件につき100ドルに気を付ける。
Banks Corp., a calendar year
corporation, provides meals for employees for its own convenience. The
employees are present at the meals, which are neither lavish nor extravagant,
and the reimbursement is not treated as wages subject to withholdings. For the
current year, what percentage of the meal expense may Banks deduct?
a.
0%
b.
50%
c.
80%
d.
100%
5008
Solution d
通常は50％だけど、If it’s not lavishで at corporation premiseでprovide される場合は100％。
A corporation may reduce its
regular income tax by taking a tax credit for
a.
Dividends-received
exclusion
b.
Foreign
income taxes
c.
State
income taxes
d.
Accelerated
depreciation
5761
Solution b
a、ｃ、ｄはCreditじゃない。
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