SM Ch05 SWFTWord文档下载推荐.docx
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SM Ch05 SWFTWord文档下载推荐.docx
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Pandincometax
6LO3Effectofdistribution,taxabledividendUnchanged6
orreturnofcapital,inselectedsituations
7LO3Planningcorporatedistributions:
beginningNew
orendoftaxyear
8LO4RationaleforreducedtaxrateondividendsUnchanged8
*9LO1,2,3,FactorsaffectingtaxtreatmentofUnchanged9
4,5distributiontoshareholder
10LO5FactorsaffectingtaxtreatmentofdistributionUnchanged10
todistributingcorporation
11LO5PurposeofpropertydividendversuscashNew
dividend
12LO5Propertydistribution:
choiceofpropertyUnchanged12
13LO5ImpactofpropertydistributionsonUnchanged13
corporation
14LO5EffectofpropertydistributionsonNew
15LO6NecessityofdividenddistributiontomeetUnchanged15
statelegalrequirementsindetermining
taxtreatment
*16LO6ReasonablecompensationandconstructiveUnchanged16
dividends
17LO6SelectedfactorsindeterminingUnchanged17
reasonablenessofcompensation
18LO4,8ChoicebetweendividendanddeductibleUnchanged18
payment
19LO6,8UnreasonablecompensationUnchanged19
20LO6,8Unreasonablecompensation;
waystoUnchanged20
drawfundsfromcorporation
21LO7ElectiontoreceivecommonorpreferredModified21
stockdividend
22LO7RationaleunderlyingtaxtreatmentofstockUnchanged22
distributions
23LO7ExplaintaxeffectsofnontaxablestockUnchanged23
rights;
taxablestockrights
24LO1,4AmountofdividendincomeUnchanged24
25LO2Amountoftaxableincome;
balanceinE&
PUnchanged25
26LO1,2,3DeficitinE&
PfollowedbysaleonUnchanged26
installmentmethod;
taxationofdividend
distribution
*27LO2ComputeE&
PUnchanged27
*28LO2EffectofspecifiedtransactionsontaxableModified28
income;
onE&
P
*29LO2EffectofincometaxrefundonE&
PUnchanged29
30LO1,3Amountofdividendincome;
deficitinUnchanged30
currentE&
Pwithpositivebalancein
accumulatedE&
31LO1,3Dividenddistribution;
effectonE&
PModified31
32LO1,3Dividenddistribution;
PUnchanged32
33LO1,3Dividenddistribution;
PUnchanged33
*34LO1,3Cashdistributions;
determinationoftaxableModified34
amount
35LO1,3Cashdistributions;
determinationoftaxableUnchanged35
36LO4ChoosinglowtaxondividendorinvestmentModified36
interestexpensededuction
37LO4HoldingperiodrequirementforqualifiedUnchanged37
dividend
38LO1,5Propertydistribution;
effectofgain,loss,Unchanged38
liability,anddifferingbasis
39LO1,5TaxtreatmenttoshareholderandtoUnchanged39
corporationondistributionofproperty
subjecttoliabilityinexcessofbasis
40LO1,5TaxtreatmenttoindividualshareholderModified40
andtodistributingcorporationof
propertysubjecttoaliability
41LO1,3TaxationofdividendwhenE&
PhasModified41
positivebalancebutcorporationhas
currentloss
42LO1,5PropertydistributionwhereFMVislessModified42
thanadjustedbasis
*43LO1,2,3,EffectofdistributionsUnchanged43
4,5
*44LO1,2,5Propertydividend;
liabilityassumedbyModified44
shareholder;
determinationofE&
P;
distributionoflossproperty
45LO5Propertydistributiontocorporateshare-Unchanged45
holder,basisinexcessofFMV;
liability
assumedbyshareholder
46LO6BonafideloantoshareholderUnchanged46
47LO6ConstructivedividendsUnchanged47
48LO7BasisoftaxablepreferredstockdividendUnchanged48
49LO7Stockdividend;
basisallocation;
gainonsaleModified49
*50LO7Stockrights;
gainonsaleUnchanged50
51LO4,8ChoosingbetweenadividendandaModified51
deductiblepayment
52LO1,3,8SourceofdividenddistributionUnchanged52
*Thesolutiontothisproblemisavailableonatransparencymaster.
Research
inPrior
Problem
1Salaryreimbursement(Oswald)agreementModified1
2DividendinanticipationofcorporatesaleUnchanged2
3EffectoflargedividendoncorporateshareholderUnchanged3
4EffectofachangeinaccountingmethodonE&
PUnchanged4
5InternetactivityUnchanged5
6InternetactivityUnchanged6
7InternetactivityUnchanged7
CHECKFIGURES
24.Dividendincome$200,000each,Masonreducesbasisinstockto$12,000,Sarahreducesstockbasistozeroandcapitalgain$12,000.
25.a.$1,380,000.
25.b.$2,240,000.
26.$500,000taxabledividend;
$300,000capitalgain.
27.$330,200.
28.a.$10,000;
noeffect.
28.b.($24,000);
$22,400.
28.c.Noeffect;
$120,000.
28.d.$6,000;
$14,000.
28.e.($45,000);
$45,000.
28.f.($100,000);
$80,000.
28.g.Noeffect;
($20,000).
28.h.($80,000);
($10,000).
28.i.Noeffect;
($80,000).
29.Subtract$12,000in2012;
add$7,000in2013.
30.$100,000taxabledividend,$60,000capitalgain.
31.Returnofcapital$50,000.
32.Taxabledividend$80,000andreturnofcapital$40,000.
33.a.Taxabledividend$30,000each.
33.b.($145,000)accumulatedE&
Pbalance.
34.a.$70,000;
$60,000.
34.b.$30,000;
$180,000.
34.c.$150,000;
$0.
34.d.$60,000;
$70,000.
34.e.$90,000;
$40,000.
35.Mikedividendincome$237,500,$62,500reducesbasisinstockandcapitalgain$112,500onsale;
Stevedividend$42,500and$57,500reductioninbasis.
37.$1,000ordinaryincome.
38.a.Silver$12,000gain;
Heather$54,000dividend,$54,000landbasis;
endingE
&
P$34,000.
38.b.Silver$12,000gain;
Heather$12,000dividend,$54,000landbasis;
P$0.
38.c.Silver$12,000gain;
Heather$8,000dividend;
endingE&
P$80,000;
Heatherlandbasis$54,000.
38.d.Heather$54,000dividendand$54,000landbasis;
SilverendingE
P$14,000.
38.e.Silver$12,800taxablegain;
Heather$14,000dividendand$14,000furniturebasis;
P$70,800.
39.a.$150,000.
39.b.$0.
40.LimereducesE&
Pby$230,000;
Harrytaxabledividend$180,000andlandbasis$300,000.
41.$28,000dividendand$12,000returnofcapital.
42.Roydividend$55,000andbasisinland$55,000;
Cornflower$0lossrecognizedandE&
Preduced$70,000.
44.a.$70,000.
44.b.$202,500.
44.c.$140,000.
44.d.$128,500taxabledividend;
E&
Pis$202,500.
45.a.Dividendincome$20,000,dividendsreceiveddeduction$16,000,basis$100,000inland.
45.b.$80,000.
48.Preferredstockbasisis$40,000;
holdingperiodstartsatreceipt.
49.$14,000long-termcapitalgain.
50.Long-termcapitalgainonsale$1,935andnewstockbasis$7,560.
51.a.$3,900.
51.b.$10,200.
51.c.Kristenisbetteroffwithbonus;
Egretisbetteroffwithbonus.
51.d.Paybonus.
DISCUSSIONQUESTIONS
1.“Earningsandprofits”isthefactorthatfixestheupperlimitontheamountofdividendincomeshareholdersrecognizeasaresultofadistributionfromthecorporation.Itrepresentsthecorporation’seconomicabilitytopayadividendwithoutimpairingitscapital.‘‘Earningsandprofits”issimilartotheaccountingconceptof“retainedearnings.”However,E&
PandretainedearningsdifferbecauseE&
Piscomputedusingtaxruleswhileretainedearningsiscomputedusingfinancialaccountingrules.Forexample,astockdividendthatdecreasestheretainedearningsaccountdoesnotdecreaseE&
P.E&
Pisincreasedforallitemsofincome.Itisdecreasedfordeductibleandnondeductibleitems,suchascapitallosses,incometaxes,andexpensesincurredtoproducetax-exemptincome.p.5-3andConceptSummary5.1
2.Atleastsixfactorsimpactthetaxtreatmentofcorporatedistributions.Thesefactorsare:
Theavailabilityofearningstobedistributed.
Thebasisofthestockinthehandsoftheshareholder.
Thecharacterofthepropertybeingdistributed.
Whethertheshareholdergivesupownershipinreturnforthedistribution.
Whetherthedistributionisliquidatingornonliquidatingincharacter.
Whethertheassetsdistributedaresubjecttoanyliabilitiesorwhethertheshareholderassumesanyliabilitiesinthedistribution.
Whetherthedistributionisa“qualifieddividend”forpurposesofthereducedtaxrateondividendincome.
p.5-2
3.a.Taxableincomefor2013isincreasedbytheamountofthecapitallosscarryoverbecausethelossreducedE
Pin2012.
b.Taxableincomeisreducedbythenondeductiblemealexpenses.
c.TodeterminecurrentE
Pfor2012,taxableincomeisincreasedbytheinterestreceivedonmunicipalbonds.
d.Taxableincomeisreducedbythenondeductiblelobbyingexpenses.
e.Taxableincomeisred
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