Alpha Geek

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About Alpha Geek

Levels Tought:
University

Expertise:
Accounting,Algebra See all
Accounting,Algebra,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Communications,Computer Science,Environmental science,Essay writing,Programming,Social Science,Statistics Hide all
Teaching Since: Apr 2017
Last Sign in: 438 Weeks Ago, 1 Day Ago
Questions Answered: 9562
Tutorials Posted: 9559

Education

  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

  • CPA
    Polytechnic State University
    Jan-2012 - Nov-2016

Experience

  • Professor
    Harvard Square Academy (HS2)
    Mar-2012 - Present

Category > Accounting Posted 19 Apr 2017 My Price 5.00

Professional Memo

Sam owns 100% of M Corporation’s single class of stock. Sam transfers land and a building having a $30,000 and $100,000 adjusted basis, respectively, to M Corporation in exchange for additional M Corporation common stock worth $200,000 and IBM stock worth $20,000. The IBM stock had a $5,000 basis on M Corporation’s books.Peter transfers $50,000 in cash for 15% of the M Corporation common stock. What amount of gain or loss is recognized by Sam and M Corporation on the exchange?

Sam has come to you for advice so provide him with professional memo on the isssue, based on the IRC, treasury regulations, ruling and court cases if applicable. DO NOT USE IRS PUBLICATION OR OTHER UNRELIABLE SOURCES. Use proper tax language and IRAC form - issues,. rules, analysis conclusion. 

Answers

Alpha Geek
(8)
Status NEW Posted 19 Apr 2017 11:04 AM My Price 5.00

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Attachments

file 1492600500-b1_b1_b1_8527403soln.docx preview (473 words )
I-----------RC -----------Rul-----------e i-----------n c-----------ase----------- of----------- su-----------ch -----------exc-----------han-----------ge ----------- Sa-----------m -----------Own-----------ers-----------hip----------- on----------- M -----------cor-----------por-----------ati-----------on -----------= 1-----------00%----------- Ex-----------tra----------- st-----------ock----------- wo-----------rth----------- 22-----------0,0-----------00 ----------- ----------- ----------- C----------- Co-----------rpo-----------rat-----------ion----------- =----------- 20-----------0,0-----------00 ----------- ----------- ----------- I-----------BM ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------= -----------20,-----------000----------- 22-----------0,0-----------00 -----------Cos-----------t o-----------f s-----------toc-----------k ----------- ----------- La-----------nd ----------- ----------- ----------- ----------- ----------- =----------- 3-----------0,0-----------00 ----------- ----------- Bu-----------ild-----------ing----------- ----------- ----------- = ----------- ----------- ----------- ----------- -----------100-----------,00-----------0 1-----------30,-----------000----------- ----------- I-----------BM ----------- ----------- ----------- ----------- ----------- -----------= ----------- ----------- ----------- 5-----------,00-----------0 P-----------ete-----------r G-----------ets----------- 5-----------0,0-----------00 -----------Ben-----------efi-----------ts -----------of -----------to -----------the----------- co-----------mpa-----------ny -----------The----------- co-----------mpa-----------ny -----------is -----------gai-----------nin-----------g b-----------eca-----------use----------- th-----------e s-----------har-----------es -----------are----------- ta-----------ken----------- at----------- a -----------pre-----------miu-----------m. -----------The----------- co-----------mpa-----------ny -----------mak-----------es
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