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Richmond Chapter 17: 13.2 points Chapter 18: 7.5 points Chapter 17 35. I would say take the deduction in 2012 so that they can claim $25,000 + 75,000 in 2012 and carry forward the remaining $225,000 over the next 2 years. 75,000 carryover 1,000,000*10%=100,000 1,300,000*10%=130,000 3 points You identified the issue and the 10% restriction issue. However, you did not consider that the current years charitable contribution has to be deducted. 41. $10,000 0 points If you show your work you could receive partial credit 42. Purple Corp Azul Corp Pink Corp $6,750

104,150 874,174 (799,000) 7,350,000

Turquoise Corp Teal Corp 3.2 points


46. 636,450+174,700=811,150-35,000=776,150 4 points 49. 500,000-80,000=420,000 420,000*35%=147,000 Income tax expense 500,000*35%=175,000 current income tax expense 175,000-147,000=28,000 28,000*35%=9,800 deferred income tax expense 3 points the deferred income tax is the difference between the current and the book ($28,000) Chapter 18 30. a. $215,000 & 185,000

You did not state what the numbers represent b. There wont be much change because neither one of them meet the 80% test. Rhonda owns a little less than 75% and Rachel owns a little more than 25%. The problem is the minimal value of the stock Rachel receives in comparison c. In order to avoid non recognition of gain Rachel would have to meet one of the 3 mandatory transaction requirements of section 351. You did not describe how she could meet the requirements 1 point 32. David will have to recognize a gain of $100,000 under S357. David has no stock investments and White Corporation has a basis of $300,000. 1 point for identifying the correct section 34. a. Jane has an income of $35,000 for services. You did not discuss whether they have gain b. basis of $75,000 - White must capitalize the $35,000 as organizational expense. The $35,000 is business deduction 2 points 36. a. Red corp. will not recognize any income from the transfer. When a corporation receives money for property in exchange for capital stock neither gain nor loss is recognized. b. According to S362 Red Corp will not have any basis in the land. c. The land has 0 basis. The building will have a basis of $20,000. 3.5 points the building has a 0 basis 39. Sam has a loss of $10,000 and a long term capital loss of $90,000. $50,000 ordinary loss; $40,000 long-term capital loss b. Under S267 investors loss is disallowed if the sale or exchange is to a related party. Kara has $40,000 long-term capital loss 1 point for identifying the amount of the total loss