Business, 14.11.2019 02:31 realmofgrads23
Bobby owns advertising solutions, inc. (asi) and sells 100% of the company stock on july 1 of the current year to an esop for $3,000,000. bobby had an adjusted basis in the asi stock of $450,000. if bobby reinvests in qualified replacement securities before the end of the current year, which of the following statements is true?
question 5 options:
a. bobby will not recognize long-term capital gain or ordinary income in the current year.
b. bobby must recognize $2,550,000 of long-term capital gain in the current year.
c. bobby must recognize $450,000 of ordinary income in the current year.
d. if bobby dies before selling the qualified replacement securities, his heirs will have an adjusted taxable basis in the qualified replacement securities of $450,000, bobby’s carryover adjusted basis
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Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of
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Bobby owns advertising solutions, inc. (asi) and sells 100% of the company stock on july 1 of the cu...
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