During the current year, Tyson sells land to Black Corporation for $170,000. Tyson purchased the land for investment in 2002 for $190,000. Black Corporation is owned as follows: (Click the icon to view the ownership of Black Corporation.) Tyson and Jason are equal partners in a separate entity, TJ Partnership. Read the requirements. Requirement a. What is Tyson's constructive ownership in Black Corporation? Complete the table below to determine Tyson's constructive ownership in Black Corporation. (Enter percentages as whole percent, X%. Enter a "0" for ownership with a zero percenta Tyson's contructive ownership (%) % % % % % Owner Trevor (Tyson's son) Jason (Tyson's cousin) Jason's father (Tyson's uncle) Alexa (Tyson's wife) Natalie (Alexa's sister) Total Requirements a. b. C. Percentage Ownership 10% 25% 15% 25% 25% 100% What is Tyson's constructive ownership in Black Corporation? What is the amount of loss Tyson may recognize? % How would your answers to Parts a and b change if TJ Partnership owned 25%, instead of Natalie? - X Data table Owner Trevor (Tyson's son) Jason (Tyson's cousin) Jason's father (Tyson's uncle) Alexa (Tyson's wife) Natalie (Alexa's sister) Print Percentage Ownership Done 10% 25% 15% 25% 25% X
During the current year, Tyson sells land to Black Corporation for $170,000. Tyson purchased the land for investment in 2002 for $190,000. Black Corporation is owned as follows: (Click the icon to view the ownership of Black Corporation.) Tyson and Jason are equal partners in a separate entity, TJ Partnership. Read the requirements. Requirement a. What is Tyson's constructive ownership in Black Corporation? Complete the table below to determine Tyson's constructive ownership in Black Corporation. (Enter percentages as whole percent, X%. Enter a "0" for ownership with a zero percenta Tyson's contructive ownership (%) % % % % % Owner Trevor (Tyson's son) Jason (Tyson's cousin) Jason's father (Tyson's uncle) Alexa (Tyson's wife) Natalie (Alexa's sister) Total Requirements a. b. C. Percentage Ownership 10% 25% 15% 25% 25% 100% What is Tyson's constructive ownership in Black Corporation? What is the amount of loss Tyson may recognize? % How would your answers to Parts a and b change if TJ Partnership owned 25%, instead of Natalie? - X Data table Owner Trevor (Tyson's son) Jason (Tyson's cousin) Jason's father (Tyson's uncle) Alexa (Tyson's wife) Natalie (Alexa's sister) Print Percentage Ownership Done 10% 25% 15% 25% 25% X
Chapter13: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 54P
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Question
Dd.124.
Transcribed Image Text:K
During the current year, Tyson sells land to Black Corporation for $170,000. Tyson purchased the land for investment in 2002 for $190,000. Black Corporation is owned as follows:
(Click the icon to view the ownership of Black Corporation.)
Tyson and Jason are equal partners in a separate entity, TJ Partnership.
Read the requirements.
Requirement a. What is Tyson's constructive ownership in Black Corporation?
Complete the table below to determine Tyson's constructive ownership in Black Corporation. (Enter percentages as whole percent, X%. Enter a "0" for ownership with a zero percentage.)
Tyson's contructive
ownership (%)
%
%
%
%
%
wner
Trevor (Tyson's son)
Jason (Tyson's cousin)
Jason's father (Tyson's uncle)
Alexa (Tyson's wife)
Natalie (Alexa's sister)
Total
Requirements
a.
b.
C.
Percentage
Ownership
10%
25%
15%
25%
25%
100%
What is Tyson's constructive ownership in Black Corporation?
What is the amount of loss Tyson may recognize?
%
How would your answers to Parts a and b change if TJ Partnership owned
25%, instead of Natalie?
B
X
Data table
Owner
Trevor (Tyson's son)
Jason (Tyson's cousin)
Jason's father (Tyson's uncle)
Alexa (Tyson's wife)
Natalie (Alexa's sister)
Print
Percentage
Ownership
Done
10%
25%
15%
25%
25%
-
X
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