Omega corporation is a ship building company focusing on luxury vessels. Lucas is a shareholder in Omega corporation and owns 53% of the outstanding shares. Judy is also a shareholder and owns 2% of the outstanding shares. Conner is an officer for Omega corporation. Pierce is an officer of Omega Corporation and member of their Board of Directors"
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- Universal is a holding company Universal owns 10% of the shares of GBR Corp, 30% of the shares of NDE Corp, and 80% of the shares of BRT Corp. Manu is the controlling shareholder of Universal company, and owns 90% of the shares of Universal. With respect to the associations of these corporations, which of the following is correct? Choose the correct answer OA. Manu indirectly owns 9% of GBR Corp, 27% of NBE Corp, and 100% of BRT Corp OB. Manu indirectly owns 0% of GBR Corp, 0% of NBE Corp, and 100% of BRT Corp OC. Manu is associated with BRT Corp, as per ITA 256(1)(b) OD, Universal and BRT Corp. are associated as per ITA 256(1)(a)Sam owns 50 Class A non-voting shares of ABC Co. Leslie owns 50 Class B voting shares of ABC Co. Who has control of ABC Co? A) Sam B) Both Sam and Leslie C) Leslie D) Neither Sam nor Leslie Odinie has been an employee of ABC Co for the last 5 years. Recently, the CFO has asked all employees to incorporate and advised that their pay will now be received through their corporation instead. Odinie is a Canadian resident individual and is interested in what type of corporation his new company will be. It is established in Canada. A) Specified investment business B) Public corporation C) Personal services business D) Other corporationJan is the sole shareholder of Jan Ltd. Summer is the sole shareholder of SKY Co. Both of the companies are CCPCs. Jan and Summer will amalgamate their corporations as per Section 87(1) on July 21st, forming JS Ltd. Jan's shares in Jan Ltd. have an ACB of $1,000 and a fair market value of $24,500. Summer's shares in SKY Co. have an ACB of $1,500 and a fair market value of $45,500. Which of the following will apply with respect to the planned amalgamation? Multiple Choice The ACB of Jan's and Summer's shares in JS Ltd. will be $24,500 and $45,500, respectively. JS Ltd.'s first taxation year will commence on July 22nd
- Dover Corporation owns 18% of Hassan, Inc.'s voting stock. The remaining Hassan stock is held by a diverse group of investors with small stakes. Monica Kurtz, Dover's president and a member of Hassan's board of directors, has a strong influence on Hassan's policies. Dover's net income rises as it receives dividends from Hassan under the market value method of accounting for investments. Dover pays President Kurtz a bonus based on a percentage of the company's net income. As a result, Kurtz can exert some control over her personal bonus by influencing Hassan's dividends. In 20X0, there is a recession, and corporate income is low. Kurtz wields enough power to have Hassan, Inc. pay a large cash dividend. The action requires Hassan borrowing so much money that he may face financial difficulties. Required: In getting Hassan to pay the large cash dividend, is Kurtz acting within her authority as a member of the Hassan board of directors? Are Kurtz s actions ethical? whom can her actions…Lucas Chang and Kaia Nash are a married couple and they equally own and operate ABC Inc. Lucas's sibling, Teagan, is starting a new company, XYZ Co., and has asked Lucas to be a 35% common shareholder. Teagan will own 45% of the shares, and the remainder of the shares will be owned equally by the siblings’ two parents. Determine if the two corporations are associated. If they are, identify the section of the Income Tax Act that applies.XYZ, LLC, has several individual and corporate... YZ, LLC, has several individual and corporate members. Abe and Joe, individuals with 4/30 year-ends, each have a 23 percent profits and capital interest. RST, Incorporated, a orporation with a 6/30 year-end, owns a 4 percent profits and capital interest, while DEF, Incorporated, a corporation with an 8/30 year-end, owns a 4.9 percent profits and apital interest. Finally, 30 other calendar year-end individual partners (each with less than a 2 percent profits and capital interest) own the remaining 45 percent of the profits nd capital interests in XYZ. What tax year-end should XYZ use, and which test or rule requires this year-end? Multiple Choice 4/30, principal partners test 4/30, least aggregate deferral test 12/31, principal partners test 12/31, least aggregate deferral test
- Robert and Lori (Robert’s sister) own all of the stock in Swan Corporation (E & P of $1,000,000). 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, becoming 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? Swan Corporation distributes cash of $600,000 to Lori, and she uses the cash to purchase Robert’s shares. Swan Corporation redeems all of Robert’s shares for $600,000.All of the stock in Green Corporation (E & P of $240,000) is held by three unrelated individuals as follows: Rashad has 15 shares, Keshia has 15 shares, and Jose owns 20 shares. Green Corporation redeems 10 of Jose’s shares (basis of $36,000) for $40,000. If Jose’s stock is a capital asset and has been held for the requisite holding period, he has a long-term capital gain of $4,000 Group of answer choices True FalseCarlota and Dave formed an S corporation; Carlota owns 75% of the out-standing shares, and Dave owns the rest. When the entity's AAA balance is $1,000,000, it distributes an asset to each shareholder; the basis of each asset to the corporation is $172,500. Carlota's asset is worth $241,500, and Dave's is worth $207,000. a. How much gain, if any, does the the corporation recognize as a result of the distribution? 103,500 V b. By how much, if any, does the distribution increase Dave's gross income? $ c. By how much, if any, does the distribution increase Carlota's gross income? $
- Richard owns an apartment building that he actively manages which generates net rental income of $54,600. He is also a 75% general partner in the Not Now Partnership which generated a loss of $21,400 on his K-1. Richard is also a 50% shareholder in Speedy, Inc., an S corporation, which generated a $66,400 profit on his K-1. What is Richard's net income to be reported on Schedule E? Income reported on Schedule E, page 1 Income reported on Schedule E, page 2 $ LA $Swanson Ltd. holds 15% of the common shares of Virginia Inc. Swanson is able to appoint three members of Virginia’s 12-member board of directors and is a supplier of raw materials to Virginia. The remaining 85% of Virginia’s common shares are widely held. Virginia is a private company. Assuming that Swanson reports under ASPE, what are the reporting options for its investment in Virginia? Question 4 options: a) Swanson must use the fair value method. b) Swanson must use the consolidation method. c) Swanson can use the cost or fair value method. d) Swanson can use the cost or equity method.Sam owns all of the shares of X Ltd. Sofia owns all of the shares of Y Ltd. The owners plan to combine their businesses by amalgamating the two corporations on September 1st of the current year. The shares of X have an ACB of $2,000 and are currently worth $100,000. The shares of Y have an ACB of $4,000 and are currently worth $130,000. X and Y are both Canadian corporations and have a December 31 taxation year-end. What is the ACB of the shares of the amalgamated corporation received by Sam? $