Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 20 Aug 2017 My Price 4.00

Swan Corporation

53.   LO.8, 9 Robert and Lori (Robert’s sister) own all of the stock in Swan Corporation (E & P of $1 million). Each owns 500 shares and has a basis of $85,000 in

the shares. Robert wants to sell his stock for $600,000, the fair market value, but he will continue to be employed as an officer of Swan Corporation after the sale. Lori would like to purchase Robert’s shares and, thus, become the sole shareholder in Swan, but Lori is short of funds. What are the tax consequences to Robert, Lori, and Swan Corporation under the following circumstances?

a.     Swan Corporation distributes cash of $600,000 to Lori, and she uses the cash to purchase Robert’s shares.

b.     Swan Corporation redeems all of Robert’s shares for $600,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 10:08 PM My Price 4.00

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