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[answered] 11-24 Jennelle and Paula are equal partners in the J&am


Please help me with these. I am a little bit, confused on how too.


C:11-24 Jennelle and Paula are equal partners in the J&P Manufacturing

 

Partnership. The partnership will form J&P Corporation by exchanging the

 

assets and liabilities of the J&P Manufacturing Partnership for all the

 

corporation?s stock on September 1 of the current year. The partnership then

 

will liquidate by distributing the J&P Corporation stock equally to Jennelle and

 

Paula. Both shareholders use the calendar year as their tax year and desire

 

that the corporation make an S election. What tax issues should Jennelle and

 

Paula consider with respect to the incorporation? C:11-25 Williams Corporation has operated as a C corporation for the last

 

seven years. The corporation has assets with a $450,000 adjusted basis and an

 

$800,000 FMV. Liabilities amount to $100,000. Dan Williams, who uses a

 

calendar year as his tax year, owns all the Williams Corporation stock. The

 

corporation uses the accrual method of accounting and a June 30 year-end.

 

Dan?s CPA has suggested that he convert the corporation to S corporation

 

status to reduce his total corporate/personal federal income tax liability. Dan

 

would like to complete the conversion on the last day of the corporation?s tax

 

year. What tax issues should Dan and his CPA consider with respect to the S

 

election? C:11-26 Peter owns 50% of Air South Corporation, an air charter service. His

 

S corporation stock basis at beginning of the year is $100,000. Air South has

 

not done well this year and will report an ordinary loss of $375,000. What tax

 

issues should Peter consider with respect to the loss? C:11-27 Glacier Smokeries has been an S corporation since its inception six

 

years ago. On January 1 of the current year, the corporation?s two equal

 

shareholders, Adam and Rodney, had adjusted bases of $175,000 and

 

$225,000, respectively, for their S corporation?s stock. The shareholders plan

 

to have the corporation distribute land with a $75,000 adjusted basis and a

 

$300,000 FMV in the current year. The shareholders also expect ordinary

 

income to be $125,000 in the current year. What tax issues should Adam and

 

Rodney consider with respect to the distribution?

 


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