A solo entrepreneur forms CorpX, transferring a building (AB…

A solo entrepreneur forms CorpX, transferring a building (AB $80; FMV $140). CorpX assumes a $110 mortgage attached to the building. No other consideration is paid, and §351 otherwise applies. What amount of gain, if any, must the shareholder recognize under §357(c)?

At year-end, a company carries a DTL of $126 related to acce…

At year-end, a company carries a DTL of $126 related to accelerated tax depreciation that is scheduled to reverse entirely next year. During the current year, tax legislation is enacted that increases the statutory tax rate to 25% effective next year. What remeasurement effect, if any, should be recognized in the current period’s income tax expense?