Grover transferred property with a basis of $200,000 and a fair market value of $310,000 to Cleveland Corporation in exchange for stock with a fair market value of $160,000 and $100,000 in cash in an exchange that qualifies for §351. Cleveland Corporation assumed a liability of $50,000 on the property. What is the gain realized by Grover?

For the year ended December 31, 2025, Jefferson Corporation had a net operating loss of $300,000. Taxable income for the earlier years of corporate existence, computed without reference to the net operating loss, was as follows:2020 – $5,0002021 – $10,0002022 – $20,0002023 – $30,0002024- $40,000What amount of net operating loss will be available to Jefferson for the year ended December 31, 2026?

George transferred his 10% interest to Washington Company as part of a complete liquidation of the company. In the exchange, he received land with a fair market value of $200,000. George’s basis in the Washington stock was $100,000. The land had a basis to Washington Company of $50,000. What amount of gain does Washington recognize in the exchange and what is George’s basis in the land he receives?

John Quincy transfers property ($200,000 FMV; $190,000 A/B) to a newly formed corporation in a transaction that qualifies under §351. John Quincy receives stock with a FMV of $180,000 and $20,000 cash. John Quincy’s basis in the stock is

During the year, Johnson Corporation had the following income and expenses:Operating income – $1,200,000Salaries & wage expense – $600,000Charitable contributions – $90,000Capital gains – $30,000Depreciation expense – $70,000Dividends from a 25% owned corporation – $120,000Dividends received deduction – $78,000Johnson Corporation’s “Taxable Income before Charitable Contribution Deduction” would be:

John, Abigail and Thomas organized Adams Corporation with authorized voting common stock of $100,000. John received 10% of the capital stock in payment for organizational services that he rendered for the benefit of the newly formed corporation. John did not contribute property to Adams. Abigail and Thomas transferred property in exchange for stock as follows: Abigail – $5,000 A/B; $20,000 FMV; 20% of Adams stock acquired Thomas – $60,000 A/B; $70,000 FMV; 70% of Adams stock acquiredWhat amount of gain did Thomas recognize from this transaction?

Franklin transferred his 60% interest to Pierce Corporation as part of a complete liquidation of the company. In the exchange, he received all of the corporation’s land with a FMV of $800,000. The land had a basis to Pierce Corporation of $1,000,000. Franklin’s basis in the Pierce stock was $900,000. What amount of loss does Pierce recognize in the exchange and what is Franklin’s basis in the land he receives?

Tyler Corporation has income from operations of $192,000, a dividend from a 5% owned corporation of $88,000, business expenses of $168,000 and a dividend received deduction of $44,000. Tyler makes cash contributions of $25,000 to charitable organizations. What is Tyler Corporation’s charitable contribution deduction for the current year?

Grant Corporation has the following income and expenses for the year:  Income from operations                                                            $45,000  Expenses                                                                                        54,000  Dividends received from a 25% owned corporation               40,000What is Grant Corporation’s taxable income/(NOL)?

Franklin transferred his 60% interest to Pierce Corporation as part of a complete liquidation of the company. In the exchange, he received all of the corporation’s land with a FMV of $800,000. The land had a basis to Pierce Corporation of $1,000,000. Franklin’s basis in the Pierce stock was $900,000. What amount of loss does Pierce recognize in the exchange and what is Franklin’s basis in the land he receives?