Civil Law Questions

-wrongful coduct-civil wrong-not criminal wrong-not arising from a breach of contract

an act so reprehensible that it is considered a wrong against society as a whole-as well as against the individual victim-

civil action in which one person brings a personal suit against another to obtain compensation -or other relief for the harm suffered

through ____-society compensates those who have suffered injuries as a result of the wrongful conduct of others

recognizes that some acts are wrong-they cause injuries to others-not only type of wrong that exist in the law( also crime)

provides remedies for invasion of protected interest e.g.-personal privacy-family relations-reputation-dignity

Within EU law, environmental impact assessment is employed in 2 important directives:

The tax basis of stock received in a tax-deferred Section 351 transaction is typically a(n) basis (that is, it is the same basis as the property transferred).

True or false: A corporation that receives property in exchange for its stock in a Section 351 transfer recognizes gain or loss realized on the transfer.

Milly transfers a building worth $100,000 (adjusted basis = $80,000) and land worth $50,000 (adjusted basis = $10,000) to EE Corp. in exchange for EE Corp. stock worth $126,000 and $24,000 cash in a Section 351 transaction. What is EE Corp.'s depreciable basis for the building that that it received from Milly? What is the depreciable basis of the land?

Under an exception to the general rule, a liability transferred to a corporation in a Section 351 transaction will NOT be treated as boot unless the purpose of the transaction is____________ ____________ . (Enter one word per blank)

Alberto transfers all of the assets of his proprietorship, including a building with a basis of $135,000 and a value of $200,000 to form Fonseca Corp. in exchange for 40 shares of stock in a tax-deferred 351 transaction. Fonseca assumed the $50,000 mortgage against the building. How much gain will Alberto recognize?

Andre receives 50 shares of stock with a fair market value of $200,000 plus $50,000 cash in exchange for his contribution of machinery, land and inventory valued at $40,000, $150,000 and $60,000, respectively. How does Andre allocate the boot for purposes of calculating gain recognized?

Joshua receives Dee Corp. stock worth $135,000 and $15,000 cash in a Section 351 transaction where he transfers property worth $150,000 (adjusted basis = $170,000). What is Dee Corp.'s basis in the property received?

When the basis of property contributed carries over to the corporation in a tax-deferred 351 transaction, the depreciation schedule:

Jon, Stewart, and Stephen decide to form Daily, Inc. Jon and Stewart both contribute cash and property in exchange for a total 67% of the voting stock of the corporation. Stephen contributes services in exchange for the remaining 33%. All three make the contribution at the same time. Which shareholder's contributions will qualify for deferral under Section 351?

Eddie contributes property worth $50,000 (adjusted basis = $30,000) to Lindy Corp. Eddie is already the sole shareholder of Lindy and receives nothing in return for his transfer. What is Lindy's basis in the property?

Sadek contributes cash of $10,000, land with a value of $400,000 (basis = $200,000), and equipment with a value of $20,000 (basis = $0) to a corporation in a tax-defered Section 351 transaction. What is Sadek's basis in the new corporation stock?

If a transfer of property or cash in exchange for corporate stock does not meet the requirements of Section 351, the taxpayer must any gain on the transfer.

Shirin contributes cash of $10,000, a computer with a market value of $1,000 (her basis is $500), and land with a market value of $80,000 (her basis is $20,000) to a corporation in exchange for stock that qualifies under Section 351. How much gain or loss did Shirin realized and recognize?