Video instructions and help with filling out and completing Fill Form 944 Pr Veterans

Instructions and Help about Fill Form 944 Pr Veterans

Today I'm going to discuss about the taxation accounting business 585 offer by Calmette spring 2021 this is the whole fall on chapter 7 and chapter 8 my name is Darren Tay and cause and homework is assigned by professor Samuel tongue today oh who is from Chapter seven question thirty seven eight years ago Daniel bought some qualified small business stock for two million dollars in the current year she sells that stuff for 13 million dollars the first question is how much and what kind of gain or loss does he have the answer is according to Section 1202 gains on qualified small business stock disposed of qualifying stock that has been held for more than five years so in this case Daniel bought this qualified small business was eight years ago okay 30 million minus 2 million is will have a meaning gains but this 11 million is less than 10 times of adjustable bases therefore according to Section 1202 exclusion you did that fifty percent of the game then the other fifty percent consider as long term capital gain so this 5.5 millions on this twenty-eight percent tax rate become will be one point five four million dollars for the continued on the question 37b question is how would your answer change if dennis saw the stock for 25 million dollars in this case if then is solely for 25 million dollars he has gained of 23 million in other words he has more than 10 times of adjustable adjust the basis and 10 million qualifiers this section 1202 exclusion because of the tax benefit from the exclusion the included game is taxable at twenty-eight percent capital gain rate based on this 30 million after twenty-eight percent tax rate will be three point six four million dollars next questions question 35 from chapter eight Wilbur transfer property value at a hundred thousand the pieces was seventy thousand to the Diebold corporation exchange for a hundred percent of its stock so question a what is Roble realized gain or loss on the transfer and his recognized gain or loss in this case ruble has a realized gain of 30,000 and no recognize game for questions be what is his basis in the stock received he received seventy thousand pieces on star yeah question see is what is the corporation's basis in the property transfer the corporation basis in the property transfer is 70,000 in this case yeah thank you.