Sliver and Heirs, Inc, has several employees Their names and salaries are listed below: Heather-$470

  • Sliver and Heirs, Inc, has several employees Their names and salaries are listed below:
  • Heather-$470,000
  • Kyler-$100,000
  • Sophia-$100,000
  • Richard-$320,000
  • Kyler and Sophia are the only shareholders of Silver and Heirs, Inc Heather and Richard share equally in the management of the company’s operation Kyle and Sophia are both full-time college students at a university 500 miles away Silver has substantial E&P and has never distributed a dividend Discuss any problems related to Silver’s salary arrangement

Katsu Corp distributes property to its shareholders as part of a complete liquidaton The fair market

value of the property is $500,000, Katsu’s adjusted basis in the property is $150,000, and the

property is subject to a liability of $200,000 What amount of gain will Katsu recognize as a result of

the transacton?

a)$150,000

b)$300,000

c)$350,000

d)$550,000

 

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