Examlex
Your client, Greg, transferred precontribution gain property to BIG LLC on December 31, 2014, for a 30% interest.
a. Describe two types of distributions that might result in some or all of this precontribution gain being recognized by Greg.
b. In general terms, what is the purpose of these rules?
Computers
Electronic devices that execute commands from software to perform a wide range of functions, from basic calculations to complex data processing.
Ordinary Care
The level of care that a reasonably prudent person would exercise in similar circumstances; a standard for negligence determination.
Reasonable Care
The degree of caution and concern an ordinarily prudent person would use in similar circumstances, often used as a standard for determining negligence.
Good Faith
An honest intention to act without taking an unfair advantage over another party.
Q1: Which corporation is eligible to make the
Q11: Sharon contributed property to the newly formed
Q21: For Federal income tax purposes, a business
Q22: A partnership continues in existence unless one
Q43: If an S corporation distributes appreciated property
Q66: Section 754
Q68: Which of the following statements best describes
Q75: A controlled foreign corporation (CFC) realizes Subpart
Q98: The MBA Partnership makes a § 736(b)
Q161: Roger owns 40% of the stock of