(SOLVED) Samuel Reese sold 1 000 shares of his stock in

Maroon
Samuel Reese sold 1,000 shares of his stock in Maroon, Inc., an S corporation. He sold the
stock for $15,700 after he had owned it for six years. Samuel had paid $141,250 for the stock,
which was issued under § 1244. Samuel is married and separately owns the 1,000 shares. […]

Friedman, Inc., an S corporation, holds some highly appreciated land and inventory and some
marketable securities that have declined in value. It anticipates a sale of these assets and a
complete liquidation of the company over the next two years. Arnold Schwartz, the CFO, calls
you, asking how to treat […]

Assume the same facts as in Problem 26, except that Jeff’s share of corporate tax able income
is only $8,000 and there is no cash distribution. The corporation repays the $10,000 loan
principal to Jeff. Discuss the tax effects. Assume that there was no corporate note (i.e., only an
account […]

Jeff, a 52% owner of an S corporation, has a stock basis of zero at the beginning of the year.
Jeff’s basis in a $10,000 loan made to the corporation and evidenced by a corporate note has
been reduced to zero by pass-through losses. During the year, his net share […]

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Money, Inc., a calendar year S corporation, has two unrelated shareholders, each owning 50%
of the stock. Both shareholders have a $400,000 stock basis as of January 1, and Money has
AAA of $300,000 and AEP of $600,000. During the year, Money has operating income of
$100,000. At the end […]

A calendar year S corporation reports an ordinary loss of $80,000 and a capital loss of $20,000.
Mei Freiberg owns 30% of the corporate stock and holds a $24,000 basis in the stock.
Determine the amounts of the ordinary loss and capital loss, if any, that flow through to
Freiberg. […]

Tiger, Inc., a calendar year S corporation, is owned equally by four shareholders: Ann, Becky,
Chris, and David. Tiger owns investment land that was purchased for $160,000 four years ago.
On September 14, when the land is worth $240,000, it is distributed to David. Assuming that
David’s basis in his […]

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