Orange Corporation distributes property worth $200,000, basi…

Orange Corporation distributes property worth $200,000, basis of $140,000, to a shareholder in a distribution that is a dividend. The property is subject to a liability of $90,000, which the shareholder assumes. The basis of the property to the shareholder is:

In 2021,  Brown Corporation (a calendar year taxpayer) has t…

In 2021,  Brown Corporation (a calendar year taxpayer) has the following transactions:        Federal income taxes incurred                                           $ 30,000      Benefits received from an             officer’s life insurance policy                                           100,000      Loss on the sale of property to the sole        shareholder                                                                                    20,000      Charitable contribution deduction in        excess of the 25% limitation (incurred        in 2020 and used in full in 2021)                                                  10,000 Beginning earnings and profits, 1/1/2021                                        200,000 Taxable income for 2021                                                                     150,000   Considering only these transactions, compute Brown’s earnings and profits as of 12/31/2021.  

Cedar Corporation is a calendar year taxpayer formed in 2016…

Cedar Corporation is a calendar year taxpayer formed in 2016. Cedar’s current E & P before distributions for each of the past 5 years is listed below. 2020 $28,0002019 $40,0002018 $39,0002017 $68,0002016 $16,000 Cedar Corporation made the following distributions in the previous 5 years. 2019 Land (basis of $70,000, fair market value of $80,000)2016 $20,000 cash Cedar’s accumulated E & P as of January 1, 2021 is: