Note: assume the requirements of Sec. (§) 351 are satisfied….

Note: assume the requirements of Sec. (§) 351 are satisfied.   Danielle, Farrah, Colin, and Earl form Magnolia Inc. (a C corporation).   Danielle contributes land and a building used in her business in return for stock worth $40,000. Magnolia also assumes the $60,000 mortgage on these assets. Danielle originally purchased the building for $50,000.   Farrah contributes a truck in return for stock worth $5,000 and a $5,000 cash payment.   Colin contributes cash for stock worth $40,000.   Earl receives stock worth $10,000 in exchange for the performance of services.   Shareholder (S/H) Transfer to Corp. FMV Basis to S/H Stock Rec’d (by S/H) Other Prop. Rec’d (by S/H) Danielle Land $30,000 $12,000 $40,000 (debt relief—$60,000)   Building $70,000 $38,000     Farrah Truck $10,000 $15,000 $5,000 $5,000 cash Colin Cash $40,000 $40,000 $40,000 None Earl Services n/a n/a $10,000 None   All contributed assets were held for multiple years prior to the formation of Magnolia.   What is Danielle’s basis and holding period in the stock received?

Solve the problems 5 and 6  presented in the following quest…

Solve the problems 5 and 6  presented in the following questions using MS Excel. Present each problem in a new separate worksheet and rename the sheet per Problem Number.   ( 5 points) Save your Excel file using your name in this format: Lastname_Firstname_midterm.xlsx  (5 points) Problem 5 Create a pie chart of the following data. Add Chart titles, legend and data labels in the outside edge. Which two categories together make up 60%?                    (25 points) Category Amount ($) Rent 1200 Groceries 400 Utilities 200 Transportation 150 Entertainment 250 Savings 300

Sycamore Inc. donated $50,000 to a qualifying charity this y…

Sycamore Inc. donated $50,000 to a qualifying charity this year. For the year, it reported income of $480,000 before deducting the following: the $50,000 charitable contribution, a $100,000 dividends received deduction (DRD), and a $28,000 net operating loss (NOL) carryover. What is Sycamore’s charitable contribution deduction?