Kristine Owns All of the Stock of a C Corporation

question 34

Multiple Choice

Kristine owns all of the stock of a C corporation which owns the following assets: * Potential § 1245 recapture of $45,000.
** Straight-line depreciation was used.
Her adjusted basis for her stock is $270,000. Calculate Kristine's recognized gain or loss and classify it as capital or ordinary if she sells her stock for $500,000.

• A) $230,000 ordinary income.
• B) $230,000 capital gain.
• C) $115,000 ordinary income and $115,000 capital gain.
• D) $110,000 ordinary income and $120,000 capital gain.
• E) None of the above.

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Definitions:

Rate of Return

The upward or downward movement in the value of an investment through a given timeframe, expressed as a percentage of the investment's initial cost.

Invests

Assigning financial resources with the goal of achieving returns or profit.

Granddaughter

A female grandchild, being the daughter of one's son or daughter.

Compound Interest

Interest calculated on both the original amount of money either loaned or deposited, as well as on the interest that has already been added to it from earlier periods.