Estimates of the amount of ore held by the mine at the end of the first year are revised to 670,000 tons. In the second year 60,000 tons of ore are extracted and 50,000 tons are sold. During the first year, 50,000 tons are extracted and 40,000 tons are sold. Campbell Mining Corporation purchased a mine that is estimated to hold 500,000 tons of ore for $1,000,000. All questions are weighted equally no matter degree of difficulty. Exam is worth 35% of your grade (with take-home part). What is the minimum amount of gain that Bonilla must recognize on the involuntary conversion of its office building? Within six months after the tornado, Bonilla bought a new office building for $500,000 by paying $320,000 in cash and signing a mortgage note for $180,000. At the time of the tornado, Bonilla had an adjusted basis of $240,000 in the office building. The insurance company paid Bonilla $600,000 for the destruction of the office building within 30 days after the tornado. Bonilla Company's office building was destroyed by a tornado.
The corporation's ordinary gross income for the year was $800,000. Among the shareholders are Pearl's spouse, two children, and brother. Each other shareholder owns 3% of the corporation's stock. Brian Pearl Howard owns 28% of the corporation's stock. What is his basis in his shares of Viking stock on December 31? 3. How does Brendon report his share of the 2018 ordinary income and cash distribution? c. How does Brendon report his share of the 20 losses? b. During 2018, Viking made cash distributions of $40,000, a. In 20, Viking had ordinary losses of $45,000 and $30,000 respectively During 2018, Viking reported taxable income of $60,000, all ordinary income.
Viking Corporation, a calendar year corporation, formed and immediately elected to become an S Corporation as of January 2, 2016, Brendon has owned 40% of the stock since its inception with an investment of $27,000. Compute the cost depletion for both years.
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