GCCCD Accounting Questionnaire

Description

1)Assume Jhunard, Jacob, and Drew formed GFFA as an C corporation. I) What amount of gain or loss does each shareholder realize and recognize on the formation of the corporation?

ii) What is each shareholders tax basis in the stock they receive in return for their contribution to the corporation?

iii) If GFFA distributes their entire net income at the end of the year as a qualified dividend to their shareholders, how much taxes will Jhunard pay related to his GI income in 2021? Jhunard has a 35% marginal ordinary rate and a 15% marginal preferential rate.

2)Suppose instead that Jhunard, Jacob, and Drew all receive 30% of the ownership I corporation. All other facts remain the same. How does this change the amount c or loss that the owners now recognize on the formation of the corporation? How this change the basis in the stock each shareholder receives?

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