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Tax Questions Problems - Research Paper Example

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Tax Questions Problems

Partnership X reports in response to question 3b that B owns, directly or indirectly, 75 percent of the profit, loss, or capital of partnership X. B owns 50 percent indirectly through entity T and 25 percent indirectly through family attribution from A. (IRS 2010)
By allowing Thetribe to contribute 100% of the investment amount to IBS, and IBS was required to distribute 50% of the investment amount to Edwardian within 60 days of the contribution the income of both IBS and Edwardian could mitigate the income earned.
b. What would be the tax consequences if Edwardian choose option one? Edwardian would receive 20% as income to report during the 2010 tax year. Despite the 40% IBS received, Edwardian would not have to report that income. IBS would have to report that as income.
f. Partnership X reports in response to question 3b that A owns, directly or indirectly, 75 percent of the profit, loss, or capital of partnership X. A owns 25 percent indirectly through entities W and Y and owns 50 percent indirectly through family attribution from B. Partnership X reports in response to question 3b that B owns, directly or indirectly, 75 percent of the profit, loss, or capital of partnership X. B owns 50 percent indirectly through entity T and 25 percent indirectly through family attribution from A. (IRS 2010)
g. What would be the tax consequences if Edwardian choose option three? There would be no tax consequences for Edwardian, but no profit either if the shares were bought from Lupus, Vampir and Sapiens directly. Edwardian would still have interest in IBS, but the income would not come from the direct sale.
k. Partnership X reports in response to question 3b that A owns, directly or indirectly, 75 percent of the profit, loss, or capital of partnership X. A owns 25 percent indirectly through entities W and Y and owns 50 percent indirectly through family attribution from B. Partnership X reports in response ...Show more

Summary

What are the tax consequences to Edwardian, Thetribe and IBS of choosing option two? I am assuming that the exceeded amount has to do with corporate tax laws. Most investments into a new business are not subjected to federal tax laws. The business income would be taxed. The…
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