Chapter 5
Question 24: Blue Corporation – calendar year taxpayer
Question-27: Received transaction sheet for second year of operation – Figure Column will be total of Current Earnings:
Question 50: Kristen is president and sole shareholder in Egret Corporation
Earned salary bonus of 30,000 current year
Chapter 6
Question 38: Teal Corp – E&P = 2 million
Distributed Property – 150,000 Basis/400,000 FMV
Grace owns 15% of outstanding Teal Shares
Question 43: Silver Corp has 2,000 shares common stock outstanding
Howard owns 600 shares
Howards Mom owns 300 shares
Howard’s son owns 100 shares
DeFacto Ownership – 1000 shares