Wgu c239 test - Study guides, Class notes & Summaries
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WGU C239 Advanced Tax Concepts (2022/2023) Rated A
- Exam (elaborations) • 14 pages • 2023
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WGU C239 Advanced Tax Concepts (2022/2023) Rated A Sec. 351 Transferor recognizes no gain/loss (deferred until sale or exchange) when they transfer property to a corporation solely in exchange for stock if they are in control immediately after transfer 
Sec. 351 Property Cash & almost any other assets (AR, Inventory, Equipment) 
Sec. 351 Property Exclusions Services exchanged for stock, indebtness not evidenced by security, interest accrued after holding period 
Sole Proprietorship Advantages No...
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WGU C239 Advanced Tax Practice Exam | 50 Questions with 100% Correct Answers | Verified | Latest Update
- Exam (elaborations) • 16 pages • 2023
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WGU C239 Advanced Tax Practice Exam | 50 Questions with 100% Correct Answers | Verified | Latest Update 
 
Catamount Company had current and accumulated E&P of $500,000 at December 31, 20X3. On December 31, the company made a distribution of land to its sole shareholder, Caroline West. The land's fair market value was $200,000 and its tax and E&P basis to Catamount was $250,000. The tax consequences of the distribution to Catamount in 20X3 would be: 
A) No loss recognized and a reduction in E&P...
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