Janna had a tax basis of $19,000 in her Mimikaki stock (Mimikaki has been an S...

Janna had a tax basis of $19,000 in her Mimikaki stock (Mimikaki has been an S corporation since inception). In 2018, Janna was allocated $24,000 of ordinary income from Mimikaki.

What is the amount and character of gain she recognizes from end of the year distributions in each of the following alternative scenarios, and what is her stock basis following each distribution? (Leave no answer blank. Enter zero if applicable.)

a. Mimikaki distributes $12,000 to Janna.

b. Mimikaki distributes $24,000 to Janna.

c. Mimikaki distributes $36,000 to Janna.

d. Mimikaki distributes $48,000 to Janna.

Expert Solution

Janna has an assessment premise of $15,000 in her Mimikaki stock (Mimikaki has been a S organization since commencement). In 2010, Janna was allotted $20,000 of °canary pay from Mimikaki. What is the sum and character of gain she perceives from year's end conveyances in every one of the accompanying elective situations, and what is her stock premise following every appropriation? a. Mimikaki circulates $10,000 to Janna. At the season of the conveyance, Janna's stock premise is $35,000 ($15,000 unique premise in addition to $20,000 normal i,iwme allotment). On the dissemination, Janna perceives SO gain, and the appropriation lessens her stock premise to $25,000 ($35,000 stock premise short $10,000 circulation). b. Mimikaki disseminates $20,000 to Janna. At the season of the circulation, Janna's stock premise is $35,000 ($15,000 unique premise in addition to $20,000 common ibwme assignment). On the circulation, Janna perceives SO gain, and the dispersion diminishes her stock premise to $15,000 ($35,000 stock premise short $20,000 conveyance). c. Mimikaki appropriates $30,000 to Janna. At the season of the dispersion, Janna's stock premise is $35,000 ($15,000 unique premise in addition to $20,000 conventional ibwme distribution). On the appropriation, Janna perceives SO gain and the dispersion lessens her stock premise to $5,000 ($35,000 stock premise less $30,000 circulation).

d. Mimikaki appropriates $40,000 to Janna. At the season of the dissemination, Janna's stock premise is $35,000 ($15,000 unique premise in addition to $20,000 normal ibwme assignment). On the dissemination, Janna perceives $5,000 gain, and the circulation decreases her stock premise to SO.

ekkarill92 answered 2 years ago

A two-year project has been evaluated and has an NPV on an after tax basis of...

A two-year project has been evaluated and has an NPV on an after tax basis of -$2000. On reviewing the analysis the Finance Manager found that depreciation had been omitted from the tax analysis. The allowable depreciation for tax purposes is $5000 for each year. Using a tax rate of 30% and and a discount rate after tax of 12% pa, determine the correct NPV for the project (to the nearest dollar). Can someone help me to solve this and...

The tax rate on the product group chocolate and confectionery has been determined on the basis...

The tax rate on the product group chocolate and confectionery has been determined on the basis of fiscal considerations. The tax includes goods that are considered typical sweets, such as chocolate, candies, caramels, and some types of biscuits. Ice cream, baked goods, and some types of biscuits are exempt from the tax. e) Briefly explain in words what we mean by fiscal taxes. Discuss and illustrate graphically how the tax on chocolate and confectionery affects the quantity sold in the...

Jenna began the year with a tax basis of $41,000 in her partnership interest. Her share...

Jenna began the year with a tax basis of $41,000 in her partnership interest. Her share of partnership debt consists of $11,000 of recourse debt and $9,000 of nonrecourse debt at the beginning of the year and $11,000 of recourse debt and $11,000 of nonrecourse debt at the end of the year. During the year, she was allocated $52,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership and she has $3,000 of passive income from...

Amazons stock What are the details of stock offerings has Amazon had? What has been the...

Amazons stock What are the details of stock offerings has Amazon had? What has been the performance of the stock in the past 10 years? What is the dividend and dividend percentage? Calculate the value of the common stock of the firm

Samantha is a forty percent partner in Stevens LLC. Her tax basis in her partnership interest...

Samantha is a forty percent partner in Stevens LLC. Her tax basis in her partnership interest is $57,000. She received a non-liquidating distribution of real property (§1231 property to the partnership) with a fair market value of $100,000 and a tax basis of $65,000. Following the distribution, the partnership had remaining assets as follows: Basis FMV Cash $ 10,000 $ 10,000 Real Estate (§1231 Property): Tract 1 54,000 70,000 Tract 2 65,000 45,000 Tract 3 71,000 95,000 $200,000 $220,000 i....

A partnership has the following assets and liabilities. The book basis and tax basis are the...

A partnership has the following assets and liabilities. The book basis and tax basis are the same amount. Aseet Basis Value Building 90,000 92,000 Accounts payable 8,000 8,000 Note Payable 85,000 85,000 Total 183,000 185,000 If the note payable is a nonrecourse mortgage on the building, what is the amount of the minimum gain?

What are the details of stock offerings has Amazon had? What has been the performance of...

What are the details of stock offerings has Amazon had? What has been the performance of the stock in the past 10 years? What is the dividend and dividend percentage? Calculate the value of the common stock of the firm.

A partnership has the following assets. The book basis and tax basis are the same amount...

A partnership has the following assets. The book basis and tax basis are the same amount Asset. Basis. Value Cash. 3000. 3000 Machine 10000. 10000 Accounts payable 8000. 8000 Note payable. 15000. 15000 Total 36000. 36000 If the note payable is a recourse mortgage on the machine wat is te amount of minimum gain A. 0 B. 5000 C. 10000 D. 13000

At the end of year 1, Tony had a tax basis of $40,000 in Tall Ladders,...

At the end of year 1, Tony had a tax basis of $40,000 in Tall Ladders, Limited Partnership. Tony has a 20 percent profits interest in Tall Ladders. For year 2, Tall Ladders will pay Tony a $10,000 guaranteed payment for extra services he provides to the partnership. Given the following Income Statement and Balance Sheet from Tall Ladders, what is Tony's adjusted tax basis at the end of year 2? (Show all work) (This is all income provided) TALL...

Shondra tells her doctor that she has been feeling jittery and has had trouble sleeping. She...

Shondra tells her doctor that she has been feeling jittery and has had trouble sleeping. She also complains about her roommates changing the thermostat and making it too high. A blood test shows antibodies and suggests she might have an autoimmune disease. What organ do you think the antibodies are binding to and how might this cause her symptoms?

Question