Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each own.
Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each own 50% of the stock in the corporation. Osprey has the following assets (none of which were acquired in a § 351 or contribution to capital transaction) that are distributed in complete liquidation of the corporation. Fair Market Adjusted Basis Value Cash $585,200 $585,200 Land 351,120 877,800 Equipment 468,160 292,600 Assume that Osprey Corporation distributes the land to Pedro and the cash and equipment to Pittro. a. Determine Osprey's recognized gain or loss on the distribution of land. Osprey recognizes a gain of $ on the distribution of the land. b. Determine Osprey's recognized gain or loss on the distribution of the equipment. Osprey realizes a loss of $ on the equipment, of which $ is recognized. Sunset Corporation, with E & P of $320,000, makes a cash distribution of $96,000 to a shareholder. The shareholder's basis in the Sunset stock involved is $38,400. a. Determine the tax consequences to the shareholder if the distribution is a nonqualified stock redemption. The shareholder has dividend income of $ b. Determine the tax consequences to the shareholder if the distribution is a qualifying stock redemption. The shareholder has a capital gain of $ c. Determine the tax consequences to the shareholder if the distribution is pursuant to a complete liquidation of Sunset. The shareholder has a capital gain of $ May 16 2022 03:09 PM
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