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13 Dec 2019
A corporation is a business organized under federal law that is a separate legal entity.
true
false
A corporation is a business organized under federal law that is a separate legal entity.
true
false
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Related questions
Problem 18-15 (a) (LO. 4)
Quentin, Tara and Tito form a business entity with each contributing the following.
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Their ownership percentages will be as follows.
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Taraâs land has a $30,000 mortgage that is assumed by the entity. Tito is an attorney who receives her ownership interest in exchange for legal services. Determine the recognized gain to the owners, the basis for their ownership interests, and the entityâs basis for its assets if the entity is organized as:
If an amount is zero, enter "0".
a. Entity: Partnership.
| Recognized Gain | Partners' Basis | |
| Quentin | $ | $ |
| Tara | $ | $ |
| Tito | $ | $ |
| Asset | Partnership's Basis |
| Cash | $ |
| Land | $ |
| Organizational Costs | $ |
b. Entity: C corporation.
|
| Asset | C Corporation's Basis |
| Cash | $ |
| Land | $ |
| Organizational Costs | $ |
c. Entity: S corporation.
| S corporation | ||
| Recognized Gain | Shareholders' Basis | |
| Quentin | $ | $ |
| Tara | $ | $ |
| Tito | $ | $ |
| Asset | S Corporation's Basis |
| Cash | $ |
| Land | $ |
| Organizational Costs | $ |
