Entity tax research problem | Entity Tax

Problem 1: The taxpayer, a calendar year corporation, wants to change its company s headquarters, which is currently a 10-story building. The company owns the property without a mortgage.
The company decides to exchange its existing property for a retail and residential building complex. You assisted the company is structuring the exchange. Both parties used the middleman corporation, to whom the properties were initially conveyed. The agreement with the middleman included the requirement that the taxpayer sell its property to the middleman, and then, within 45 days of the initial closing, formally identify which of the two new properties it intended to acquire. The identified property was also sold to the middleman corporation. The corporation would then transfer title to the taxpayer within 180 days after the date of initial closing.
Unfortunately, the transaction has not proceeded as planned. The taxpayer transferred its property to the middleman, receiving $10,000,000 in cash. The company formally identified the property it intended to acquire. Unfortunately, one week before the 180 days was up, the seller of the property backed out of the arrangement.
Taxpayer s basis in the ten-story building is $2,000,000.
A) Will the company have to report an $8,000,000 gain since they can no longer get a like-kind exchange?
Problem 2: Terry owns real estate with an adjusted basis of $600,000 and a fair market value of $1.1 million. The amount of the mortgage on the property is $2.5 million. Because of substantial losses, Terry deeds/transfers the property back to the mortgage holder.
a) How much of a gain or loss does Terry recognize?
b) Suppose Terry is in bankruptcy, is your answer the same?
c) Suppose this is Terry s personal residence for the last 7 years, is your answer the same as in a)?
Beginning by describe how this situation swept through the US around 2007 to 2010 (with appropriate citations) as part of the facts.
Directions: Each research problem should be answered in about 3 pages.
Please use the format of facts (4-6 lines), issues (question answerable as yes or no) and conclusion (yes or no) and analysis.
The analysis portion should be quotations from the source documents on RIA Checkpoint. It should be Tax Code, US Treasury Regulations, Revenue Rulings, Tax Cases. It should NOT be IRS publications from Google search, or page number references from the Pearson tax book. Also, your quotes should be short and on point. Your explanation tying the quotation to the case at hand, should be at least as long, if not longer, than the quotation.
Also look up IRS Circular 230 on Google. In the paper, tell what Circular 230 is and then discuss two ways that a tax researcher/preparer could violate Circular 230 with quotations from Circular 230 and application in your own words- to the case. This should be in both the paper and the slide presentation. The citations should be from in Subpart B in Circular 230.

Related Posts

Quality Writing Features

Price Start $10
  • 24/7 Customer Support
  • All Subject Areas
  • Money-Back Guarantee
  • Timely Delivery
  • Originality report
  • Confidentiality guaranteed

Ordering Homework Writing Service

You can get our ideal online homework help services with four easy steps. All you have to do is inform us of your requirements. Immediately we will match with a specialist in your academic discipline. After that, we will track your order, review it to ensure it meets your requirements, and submit it to your email.


Submit Requirements

Fill in your assignment instructions on the order form


Writer match

Immediately you contact us for homework help; we will assign your assignment to an academic expert.


Quality review

We have a team of editors, who will thoroughly review your assignment, ensuring there are no errors before submission


Get Your Completed Paper

Once we have completed the assignment, we will deliver it to your account. Additionally, we will send a notification to your email.



Budget-friendly writing services



We don’t share our client’s information with a third party



We write every assignment from scratch

Amazing Homework Writing Features

Once you consult us for homework help online services, you will attest to why we are among the USA's best essay writing services.

Read on and find out some of the features that make our services superlative.

Free Homework Writing Services

Free plagiarism checker

You can confirm that the content you get is original for free using our plagiarism checker.

Free samples

We offer unlimited access to our essay homework samples.

Free title page and bibliography

Once you place an order, we format it accordingly without demanding additional charges.

Free unlimited revisions

We offer free unlimited revisions until your assignment is of your desired quality..

Free editing and proofreading

We have a team of specialized editors who review your assignment before submission.

Free customer support

You can track the progress of your homework for free.

Request for Homework Writing Service Today!

We have over 500 homework writing experts, ready and waiting to help you improve your writing skills