What information must a taxpayer gather to determine theamount realizedin a property transaction?

Discuss the difference between gain realization and gain recognition in a property transaction.
2. (LO1)What information must a taxpayer gather to determine theamount realizedin a property transaction?
3. (LO1)Distinguish between exclusion and deferral as it relates to a property transaction.
4. (LO1)Discuss how a taxpayer’s tax basis in property received in a property transaction will be affected based on whether a property transaction results in gain exclusions or gain deferral.
5. (LO1)What information must a taxpayer gather to determine thetax-adjusted basisof property exchanged in a property transaction?
6. (LO2)Why does Congress allow tax deferral on the formation of a corporation?
7. (LO2)List the key statutory requirements that must be met before a corporate formation is tax-deferred under §351.
8. (LO2)What is the definition ofcontrolfor purposes of §351? Why does Congress require the shareholders to control a corporation to receive tax deferral?
9. (LO2)What is asubstituted basisas it relates to stock received in exchange for property in a §351 transaction? What is the purpose of attaching a substituted basis to stock received in a §351 transaction?
10. (LO2)True or False. The receipt of boot by a shareholder in a §351 transaction causes the transaction to be fully taxable. Explain.
11. (LO2)True or False. A corporation’s assumption of shareholder liabilities will always constitute boot in a §351 transaction. Explain.
12. (LO2)How does the tax treatment differ in cases where liabilities are assumed with a tax avoidance purpose versus where liabilities assumed exceed basis? When would this distinction cause a difference in the tax treatment of the transactions?
13. (LO2)What is acarryover basisas it relates to property received by a corporation in a §351 transaction? What is the purpose of attaching a carryover basis to property received in a §351 transaction?
14. (LO2)Under what circumstances does property received by a corporation in a §351 transaction not receive a carryover basis? What is the reason for this rule?
15. (LO2)How does a corporation depreciate an asset received in a §351 transaction in which no gain or loss is recognized by the transferor of the property?
16. (LO2)True or False. A shareholder receives the same tax consequences whether property is contributed to a corporation in a §351 transaction or as a capital contribution. Explain.
17. (LO2)Why might a corporation prefer to characterize an instrument as debt rather than equity for tax purposes? Are the holders of the instrument indifferent as to its characterization for tax purposes?
18. (LO2)Under what conditions is it advantageous for a shareholder to hold §1244 stock? Why did Congress bestow these tax benefits on holders of such stock?
19. (LO3)Why does the acquiring corporation usually prefer to buy the target corporation’s assets directly in an acquisition?
20. (LO3)Why do the shareholders of the target corporation usually prefer to sell the stock of the target corporation to the acquiring corporation?
21. (LO3)What is the Congressional purpose for allowing tax deferral on transactions that meet the definition of a corporate reorganization?
22. (LO3)Why do publicly traded corporations use a triangular form of Type A reorganization in acquiring other corporations?
23. (LO3)What are the key differences in the tax law requirements that apply to forward versus reverse triangular mergers?
24. (LO3)What are the key differences in the tax law requirements that apply to a Type A stock-for-assets acquisition versus a Type B stock-for-stock acquisition?
25. (LO4)How does the form of a regular §338 election compare and contrast to a §338(h)(10) election?
26. (LO4)What tax benefits does the buyer hope to obtain by making a §338 or §338(h)(10) election?
27. (LO4)What is the difference between theinside tax basisand theoutside tax basisthat results from an acquisition? Why is the distinction important?
28. (LO4)What is the presumption behind the continuity of ownership interest (COI) requirement in a tax-deferred acquisition? How do the target shareholders determine if COI is met in a Type A reorganization?
29. (LO4)W Corporation will acquire all of the assets and liabilities of Z Corporation in a Type A merger, after which W Corporation will sell off all of its assets and liabilities and focus solely on Z Corporation’s business. True or False: The transaction will be taxable because W Corporation fails thecontinuity of business enterprise test.Explain.
30. (LO4)Compare how a shareholder computes her tax basis in stock received from the acquiring corporation in a straight Type A merger versus a Type B merger.
31. (LO5)True or False. All shareholders receive the same tax treatment in a complete liquidation of a corporation. Explain.
32. (LO5)True or False. A corporation recognizes all gains and losses on liquidating distributions of property to noncorporate shareholders. Explain.
33. (LO5)Under what circumstances does a corporate shareholder receive tax deferral in a complete liquidation?
34. (LO5)Under what circumstances will a liquidating corporation be allowed to recognize loss in a non-pro rata distribution?
35. (LO5)Compare and contrast the built-in loss duplication rule as it relates to §351 with the built-in loss disallowance rule as it applies to a complete liquidation.
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