ACCT 366 Lecture Notes - Lecture 4: Sigma Corporation, Capital Asset, Accounts Receivable
Document Summary
For seven years, monaco corporation has been owned entirely by stacy and monique, who are husband and wife. Stacy and monique have a ,000 basis in their jointly owned monaco stock. They receive the following assets in liquidation of their corporation: accounts receivable, ,000 fmv; a car, ,000 fmv; office furniture, ,000 fmv; and. A accounts receivables 25000, car 16000, office 6000, cash 5000. B accounts receivables 140000, car 16000, office 6000, cash 5000. 6- 36 gain or loss on making a liquidating distribution. The land, a capital asset, is subject to a ,000 mortgage, which tanya assumes. 200000fmv-90000 basis= 110000 capital gain: wilkins corporation distributes depreciable property to its two equal shareholders. Robert receives a milling machine having a ,000 adjusted basis and a ,000 fmv. The corporation claimed ,000 depreciation on the machine. The corporation purchased the milling machine from an unrelated seller four years ago.
