please answer all parts within 30 minutes.. 52. Bob, Sam, and Tom formed IU Inc. in 2022.Bob contributed equipment (Code Sec. 06.01231 property) he acquired in 2019for $190,000. On the date of transfer,the equipment's adjusted basis and dfair market value were $100,000 and doing$150,000, respectively. Bob received 150shares of IU Inc.0.ortha.b.OC.Sam transferred land (capital asset) whichhe acquired in 2016. The land's adjustedbasis and fair market value on the dateof transfer were $50,000 and $250,000,respectively. Sam received 250 shares ofIU Inc.Tom contributed inventory with anadjusted basis of $35,000 and a fair modmarket value of $50,000 in return for 50shares of IU Inc.What are the tax consequences to Bob?What are the tax consequences to Sam?What are the tax consequences to Tom?da se od W dabnod 000, 12

Any transaction or occurrence that the Leading Member engages or participates in, in or which the…

● Bob contributed hned IU Inc. in 2022. equipment (Code Sec. 1231 property) he acquired in 2019 for $190,000. On the date of transfer, the equipment's adjusted basis and fair market value were $100,000 and $150,000, respectively. Bob received 150 shares of IU Inc.

● Bob contributed hned IU Inc. in 2022. equipment (Code Sec. 1231 property) he acquired in 2019 for $190,000. On the date of transfer, the equipment's adjusted basis and fair market value were $100,000 and $150,000, respectively. Bob received 150 shares of IU Inc.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges

Section: Chapter Questions

Problem 54P

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

please answer all parts within 30 minutes..

52. Bob, Sam, and Tom formed IU Inc. in 2022.
Bob contributed equipment (Code Sec. 06.0
1231 property) he acquired in 2019
for $190,000. On the date of transfer,
the equipment's adjusted basis and d
fair market value were $100,000 and doing
$150,000, respectively. Bob received 150
shares of IU Inc.
0.
orth
a.
b.
OC.
Sam transferred land (capital asset) which
he acquired in 2016. The land's adjusted
basis and fair market value on the date
of transfer were $50,000 and $250,000,
respectively. Sam received 250 shares of
IU Inc.
Tom contributed inventory with an
adjusted basis of $35,000 and a fair mod
market value of $50,000 in return for 50
shares of IU Inc.
What are the tax consequences to Bob?
What are the tax consequences to Sam?
What are the tax consequences to Tom?
da se od W d
abnod 000, 12

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