Past Exam for ACIS 4324 - Advanced Income Tax with Glynn at Virginia Tech (VT)

Exam Information

Material Type:Exam 3
Class:ACIS 4324 - Advanced Income Tax
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Spring 2004
  • Corporation
  • S Corporation
  • S-Corporation
  • Reorganization
  • Shareholders
  • Immediately
  • Proprietorship
  • Corporations
  • S Corporations
  • Acquisition
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Sample Document Text

1 ACIS 4324, Test 3, Spring 2004 Name ______ _ Problems 1 and 2 The fair market value (replacement cost) ofT Corporation'~ assets is $1,000,000. The book value of the assets is $300,000. The assets are all depreciable properties and goodwill. Mr. T owns 100% of the T stock and he is in the 35 % ordinary income marginal tax bracket and the 20% capital gains marginal tax bracket. M Corporation is considering acquiring T Corporation and Mr. T is interested in selling so that he can retire. M Corporation and T Corporation are in the 35% marginal tax bracket and T does not have a net operating loss carryover. Mr. T would prefer to structure the transaction as a. A liquidation of the corporation followed by a sale of the assets to M Corporation. [I1 A sale of the T assets followed by a distribution of the cash to Mr. T. c. An S election by T followed by a sale of the assets. @ A sale of the stock. c''\f'+''\ Ci"~" b(v\,") t 5 J",,"\' t \""'X 2. If the transaction is structured as a s...

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