In valuation for purposes of determining gross estate, which is FALSE? Valuation 1.Land Higher of value as determined by BIR Commissioner or City/Municipal/Provincial Assessor 2.Unlisted shares of stock in XYZ Corp. Book value per share (or SHE/OS) 3.Listed shares of Alaya Land Corporation Arithmetic Mean between the highest and lowest quotation nearest to the time of death 4.Shares in Wacky Wacky Golf and Country Club Bid price nearest to the time of death Group of answer choices 1

In valuation for purposes of determining gross estate, which is FALSE? Valuation 1.Land Higher of value as determined by BIR Commissioner or City/Municipal/Provincial Assessor 2.Unlisted shares of stock in XYZ Corp. Book value per share (or SHE/OS) 3.Listed shares of Alaya Land Corporation Arithmetic Mean between the highest and lowest quotation nearest to the time of death 4.Shares in Wacky Wacky Golf and Country Club Bid price nearest to the time of death Group of answer choices 1

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 38P

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X, resident citizen, had the following information for the year 2022:Gain from sale of office equipment, P20,000Gain from sale of land not used in business (selling price of P300,000), P100,000Gain from sale of shares of stock directly to the buyer, P50,000Gain from sale of shares of stock through the stock exchange (selling price, P200,000), P10,000Bad debt recovery, P50,000How much is the total capital gains tax?
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 800 shares of GE common stock that Adams had purchased in February for $24,000 as an investment. GE’s shares had a market value of $28 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates and record adjustment of stock to fair value Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
a) Calculate the S corporation's ordinary (non-separately stated) income and indicate which items must be separately stated b) If at the beginning of the year, Archer had a basis of 20,000 compute Archer’s basis at the end of the year. c) Assume that Voyager reported a loss of $70,000 instead (and no separately stated items or distributions). If Janeway had a basis of 10,000 in her stock at the beginning of the year, what is the amount of loss she can report on her return?
Prepare your answers using excel or clearly written computations. Show your work for maximum points. 4. Grady exchanges qualified property, basis of $12,000 and fair market value of $18,000, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five years ago. Calculate Grady’s current income, gain, or loss and the basis he takes in his shares of Eadie stock as a result of this transaction.
(1a) How much gain (loss) will Gloria realize on the contribution of the assets to YCI? (1b) How much gain (loss) will Gloria recognize on the contribution of the assets to YCI? (1c) What will be Gloria’s basis in the 16,800 shares of YCI common stock he receives?
V Corp. had 1,000 shares of stock outstanding. The shares are owned by the following individuals: Anne owns 400 shares; basis of $100 per share Mother (Anne’s mother) owns 200 shares Brother (Anne’s brother) owns 400 shares V redeem 300 shares owned by Anne in exchange for land (FMV = $36,000; V Corp.’s basis = $10,000) in a qualifying redemption. What is V Corp.’s gain or loss recognized on the distribution of the land as part of a qualifying redemption? Enter gain as a positive number or loss as a negative number.
Identify which category of shareholders’ equity is affected by each item and briefly explain how it is affected. 91. Donation of a plant site to the company.92. 92. Purchased treasury share (cost method).93. 93. Declaration of cash dividend payable next period.94. 94. Unrealized loss on investment in securities available for sale.95. 95. Sale of additional ordinary shares of the corporation.96. 96. Sold the company’s ordinary shares on credit.97. 97. Corrected an accounting error (expense) from a prior period.98. 98. Restricted retained earnings by making an entry equal to the cost of treasury share purchased.99. 99. Exchanged the corporation’s ordinary shares for land.100. 100. Investor tendered their convertible preferred share for the ordinary shares of the corporation.
S1 – All dispositions of real properties classified as capital assets are subject to capital gains tax. S2 – All dispositions of shares of stocks are subject to capital gains tax. Group of answer choices a. Only S1 is true b. Only S2 is true c. Both are true d. Both are false
X, owns an idle land worth 1M. X works in MCDO as an accounting manager. He decided to exchange the land to shares of stocks of MCDO, a domestic corp. for 10,000 shares with value of 1.2M. As a result, X obtains control, having 90% interest, in the corporation. What is the CGT? a. 6% of 1.2M b. 6% of 200,000 c. 6% of 1M d. None of the above
The following are a list of terms. ______ 1) Additional paid in capital ______ 2) Authorized capital stock ______ 3) Legal capital ______ 4) Preemptive right ______ 5) Registrar ______ 6) Stated value ______ 7) Subscribed capital stock ______ 8) Transfer agent ______ 9) Treasury stock ______ 10) Voting right Required:Match the following definition with the terms listed above. a) Installment purchase contract with an investor. b) An independent party hired to handle the stock issuance. c) Maintains the shareholders records. d) The ability to elect directors. e) Maintains a proportionate share of ownership. f) Shares authorized by state charter. g) Stocks that were issued and reacquired by the corporation. h) To protect the corporations creditors. i) No-par value j) The excess received is recorded in this account.

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	Valuation
1.Land	Higher of value as determined by BIR Commissioner or City/Municipal/Provincial Assessor
2.Unlisted shares of stock in XYZ Corp.	Book value per share (or SHE/OS)
3.Listed shares of Alaya Land Corporation	Arithmetic Mean between the highest and lowest quotation nearest to the time of death
4.Shares in Wacky Wacky Golf and Country Club	Bid price nearest to the time of death