ACCTG 5310-Sliver and Heirs, Inc., has several employees
by | Mar 18, 2020 | Uncategorized
- Sliver and Heirs, Inc., has several employees. Their names and salaries are listed below:
- Heather-$470,000
- Kyler-$100,000
- Sophia-$100,000
- Richard-$320,000
- Kyler and Sophia are the only shareholders of Silver and Heirs, Inc. Heather and Richard share equally in the management of the company’s operation. Kyle and Sophia are both full-time college students at a university 500 miles away. Silver has substantial E&P and has never distributed a dividend. Discuss any problems related to Silver’s salary arrangement
Katsu Corp. distributes property to its shareholders as part of a complete liquidaton. The fair market
value of the property is $500,000, Katsu’s adjusted basis in the property is $150,000, and the
property is subject to a liability of $200,000. What amount of gain will Katsu recognize as a result of
the transacton?
a.)$150,000
b.)$300,000
c.)$350,000
d.)$550,000
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