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Chapter 07: Corporations Reorganizations

True / False
对/错

1. Obtaining a favorable letter ruling from the IRS can ensure the desired tax treatment for parties contemplating a corporate reorganization.
1. 从美国国税局获得有利的判决书可以确保考虑公司重组的各方获得所需的税务待遇。

2. For corporate restructurings, meeting the § 368 reorganization “Type” requirements is all that needs to be considered when planning the structure of the transaction.
2. 对于公司重组,在规划交易结构时,满足 § 368 重组“类型”要求是需要考虑的全部因素。

3. For a corporate restructuring to qualify as a tax-free reorganization, the step transaction doctrine must apply.
3. 要使公司重组符合免税重组的条件,必须适用阶梯交易原则。

4. The tax treatment of reorganizations almost parallels the Federal income tax treatment for like-kind exchanges.
4. 重组的税收待遇几乎与同类交易所的联邦所得税待遇相似。

5. In corporate reorganizations, if an acquiring corporation is using property other than stock or debt as consideration, it may recognize gains but not losses on the transaction.
5. 在公司重组中,如果收购公司使用股票或债务以外的财产作为对价,则可以确认交易的收益,但不确认损失。

6. The gain recognized by a shareholder in a corporate reorganization is based on the shareholder’s proportionate share of E & P.
6. 股东在公司重组中确认的收益是以股东在E&P中的比例份额为依据的。

7. The gains that shareholders recognize as a part of a corporate reorganization may be treated a dividend to the extent of the corporation’s E & P.
7. 股东确认为公司重组的一部分的收益,在公司E&P的范围内可以作为股息处理。

8. Target shareholders recognize gain or loss when they receive assets (boot) as well as stock in the acquiring corporation in a transaction meeting the § 368 requirements.
8. 目标股东在符合 § 368 要求的交易中获得资产(引导)以及收购公司的股票时确认收益或损失。

9. Since debt holders do not own stock, they do not fall under the corporate reorganization rules.
9. 由于债务持有人不拥有股票,因此他们不属于公司重组规则的范围。

10. The basis for the acquiring corporation in the target’s assets is increased by any gain recognized by the target.
10. 收购公司在目标公司资产中的基础由目标公司确认的任何收益增加。

11. In a “Type A” merger or consolidation, the acquiring corporation may select which liabilities of the target it assumes.
11. 在“A类”合并或合并中,收购公司可以选择其承担的目标公司的哪些负债。

12. While a “Type B” reorganization requires that voting stock be used by the acquiring corporation, in a “Type A,” the acquiring corporation can use common or preferred stock and still have the restructuring meet the qualifications of § 368.
12. 虽然“B类”重组要求收购公司使用有表决权的股票,但在“A类”中,收购公司可以使用普通股或优先股,并且重组仍符合第368条的资格。

13. To qualify as a “Type A” reorganization, mergers must comply with the requirements of pertinent foreign, state, and Federal statutes.
13. 要获得“A类”重组的资格,合并必须符合相关的外国、州和联邦法规的要求。

14. In a “Type B” reorganization, the acquiring corporation obtains control by exchanging common and preferred stock in the same percentages as the target’s outstanding common and preferred stock.
14. 在“B类”重组中,收购公司通过以与目标公司已发行的普通股和优先股相同的百分比交换普通股和优先股来获得控制权。

15. In a "Type B" reorganization the acquiring corporation must obtain at least 40% of the target corporation’s stock through the reorganization.
15. 在“B类”重组中,收购公司必须通过重组获得目标公司至少40%的股份。

16. When substantially all the assets of the target corporation are received in exchange for voting stock and selected liabilities, the restructuring can qualify as a “Type C” reorganization.
16. 当目标公司几乎所有资产都以有表决权的股票和选定的负债换取时,重组可以称为“C类”重组。

17. If the acquiring corporation purchased 25% of target stock for cash 10 years ago, the acquiring corporation still can meet the “Type C” reorganization requirement that 80% of the target’s assets be acquired with stock.
17、如果收购公司在10年前以现金购买了25%的目标股票,收购公司仍然可以满足“C类”重组要求,即目标公司80%的资产以股票收购。

18. In a divisive “Type D” reorganization, the distributing corporation obtains control of the new target by exchanging some of its assets for at least 80% of the new target’s outstanding stock.
18. 在分裂的“D类”重组中,分销公司通过将其部分资产换成新目标公司至少80%的流通股来获得对新目标公司的控制权。

19. For a capital restructuring to qualify as a “Type E,” there must be at least a 50% change in common stock ownership.
19. 要使资本重组符合“E类”的条件,普通股所有权必须至少改变50%。

20. An exchange of common stock for preferred stock or bonds for preferred stock can qualify as a “Type E” reorganization.
20. 将普通股换成优先股或将债券换成优先股,可称为“E类”重组。

21. The acquiring corporation in a “Type G” reorganization reduces the tax attributes carried over from the bankrupt corporation by the percentage in change in ownership.
21. 在“G类”重组中,收购公司将破产公司结转的税收属性按所有权变更的百分比减少。

22. A tax avoidance motive is an example of establishing a sound business purpose for a reorganization.
22. 避税动机是为重组建立合理商业目的的一个例子。

23. The continuity of business enterprise doctrine requires that at least 40% of the target’s assets are acquired with stock.
23. 商业企业原则的连续性要求目标公司至少40%的资产是用股票收购的。

24. The continuity of interest doctrine requires that all target shareholders receive some acquiring stock.
24. 利益连续性原则要求所有目标股东都获得一些收购股票。

25. Without evidence to the contrary, the IRS views transactions occurring within one year of a reorganization as part of the restructuring, under the step transaction doctrine.
25. 在没有相反证据的情况下,根据阶梯交易原则,美国国税局将重组后一年内发生的交易视为重组的一部分。

26. Liabilities generally are not considered boot in corporate reorganizations except in a “Type C” when cash or other property is received by the target in the transaction.
26. 在公司重组中,负债一般不被视为启动,除非在“C类”中,当目标在交易中收到现金或其他财产时。

27. When the § 382 limitation is evoked, the acquiring corporation is limited in its use of the tax loss carryover of the loss corporation. The limitation is based on the net present value of the loss corporation using the Federal long-term discount rate.
27. 当援引第382条的限制时,收购公司对亏损公司的税收损失结转的使用受到限制。该限制基于使用联邦长期贴现率的损失公司的净现值。

28. One advantage of acquiring a corporation with net operating losses is that after a tax-free reorganization, the remaining corporation may combine the negative earnings and profits (E & P) of the target corporation with positive E & P of the acquiring corporation.
28. 收购净经营亏损的公司的一个好处是,在免税重组后,剩余的公司可以将目标公司的负收益和利润(E&P)与收购公司的正E&P合并。

29. In a year in which an ownership change occurs for a corporation, the NOL carryforward is limited not only by the § 382 annual limitation but also by the percentage of the year remaining.
29. 在公司所有权发生变更的一年中,NOL结转不仅受到§382年度限制的限制,还受到剩余年份的百分比限制。

30. When applying the § 382 limitation to deductible losses, the § 382 limit first is applied to capital loss carryovers and then to NOLs.
30. 当将第382条限制应用于可扣除损失时,第382条的限制首先适用于资本损失结转,然后适用于NOL。

31. Jambo Corporation transfers 20% of its voting stock, with a FMV of $20 million, to Diamond Corporation in exchange for all of Diamond’s assets. Both companies are publicly traded corporations. After the exchange, Diamond distributes the Jambo stock (its only remaining asset) to its shareholders and liquidates. If Jambo repurchased the shares used in the exchange, the excise tax on corporate stock buybacks will apply.
31. Jambo Corporation 将其 20% 的有表决权股票(FMV 为 2000 万美元)转让给 Diamond Corporation,以换取 Diamond 的所有资产。两家公司都是上市公司。交易结束后,Diamond 将 Jambo 股票(其唯一剩余资产)分配给其股东并清算。如果Jambo回购了交易所使用的股票,则将适用公司股票回购的消费税。

Multiple Choice
多选题

32. Which of the following statements is true?
32.下列哪项说法是正确的?

33. All the following statements are true about corporate reorganization except:
33. 以下关于公司重组的陈述均属实,但以下情况除外:

34. A shareholder bought 10,000 shares of Coral Corporation for $50,000 several years ago. When the stock is valued at $90,000, Coral redeems the shares in exchange for 5,000 shares of Blush Corporation stock and a $10,000 Blush bond. This transaction meets the requirements of § 368. Which of the following statements is false regarding this transaction?
34. 几年前,一位股东以 50,000 美元的价格购买了 10,000 股 Coral Corporation 的股票。当股票价值 90,000 美元时,Coral 赎回股票以换取 5,000 股 Blush Corporation 股票和 10,000 美元的 Blush 债券。此交易符合§368的要求。关于此交易,以下哪项陈述是错误的?

35. Bobcat Corporation redeems all of Zed’s 4,000 shares and distributes to him 2,000 shares of Van Corporation stock plus $50,000 cash. Zed’s basis in his 20% interest in Bobcat is $100,000 and the stock’s value is $250,000. At the time Bobcat is acquired by Van, the accumulated earnings and profits of Bobcat are $200,000 and of Van are $75,000. How does Zed treat this transaction for tax purposes?
35. 山猫公司赎回了 Zed 的所有 4,000 股股票,并向他分配了 2,000 股 Van Corporation 股票和 50,000 美元现金。Zed 持有山猫 20% 股份的基础是 100,000 美元,股票价值为 250,000 美元。在 Van 收购 Bobcat 时,Bobcat 的累计收益和利润为 200,000 美元,Van 为 75,000 美元。出于税收目的,Zed 如何处理此交易?

36. Mars Corporation merges into Jupiter Corporation by exchanging all of its assets for 300,000 shares of Jupiter stock valued at $2 per share and $100,000 cash. Wanda, the sole shareholder of Mars, surrenders her Mars stock (basis $900,000) and receives all of the Jupiter stock transferred to Mars plus the $100,000. How does Wanda treat this transaction on her Federal income tax return?
36. Mars Corporation 将其所有资产交换为 300,000 股价值每股 2 美元的 Jupiter 股票和 100,000 美元现金,并入 Jupiter Corporation。万达是玛氏的唯一股东,她放弃了她的火星股票(基础90万美元),并获得了所有转移到玛氏的木星股票以及10万美元。万达在她的联邦所得税申报表上如何处理这笔交易?

37. Racket Corporation and Laocoon Corporation create Raccoon Corporation. Racket transfers $600,000 in assets for all of Raccoon’s common stock. Racket distributes its remaining assets ($300,000) and the Raccoon common stock to its shareholder, Mia, for all her stock in Racket (basis $950,000) and then liquidates. Laocoon receives all the Raccoon preferred stock for its $400,000 of assets. Laocoon distributes its remaining assets ($300,000) and the Raccoon preferred stock to its shareholder, Carlos, for all his stock in Laocoon (basis $200,000) and then liquidates. How will this transaction be treated for tax purposes?
37. Racket Corporation 和 Laocoon Corporation 创建了 Raccoon Corporation。Racket 为 Raccoon 的所有普通股转移了 600,000 美元的资产。Racket 将其剩余资产(300,000 美元)和 Raccoon 普通股分配给其股东 Mia,以换取她在 Racket 的所有股票(基础 950,000 美元),然后清算。Laocoon 获得了 400,000 美元资产的所有 Raccoon 优先股。Laocoon 将其剩余资产(300,000 美元)和 Raccoon 优先股分配给其股东 Carlos,以换取他在 Laocoon 的所有股票(按 200,000 美元计算),然后清算。出于税收目的,这笔交易将如何处理?

38. Why is the shareholder’s basis in the new stock received in a corporate reorganization equal to the value of the stock received less any postponed gain?
38. 为什么股东在公司重组中获得的新股票的基数等于收到的股票价值减去任何递延收益?

39. Which of the following conclusions regarding bonds in tax-favored corporate reorganizations is false?
39. 下列关于税收优惠企业重组中债券的结论中,哪一项是错误的?

40. Manx Corporation transfers 40% of its stock and $50,000 in cash to Somali Corporation for $500,000 of assets and all $200,000 of its liabilities. Somali exchanges the Manx stock, cash, and its remaining $100,000 of assets with its shareholders for all their Somali stock. After the exchange, Somali liquidates. The exchange qualifies as what type of transaction?
40. 马恩岛公司将其40%的股票和50,000美元现金转让给索马里公司,以换取500,000美元的资产和全部200,000美元的负债。索马里将马恩岛的股票、现金及其剩余的10万美元资产与其股东交换为索马里的所有股票。交换后,索马里清算。交易所符合什么类型的交易?

41. Which of the following statements is true regarding “Type A” reorganizations?
41. 关于“A类”重组,以下哪项说法是正确的?

42. Ocelot Corporation is merging into Tiger Corporation, meeting all  state law requirements. Ocelot transfers assets worth $300,000 to Tiger. Ocelot receives 30,000 shares of Tiger stock and $200,000 cash. Ocelot transfers the Tiger stock, $200,000 cash, and all of its liabilities ($50,000) to its shareholder, Van, in exchange for all his Ocelot stock (basis $100,000). Ocelot then liquidates. How is this transaction treated for Federal income tax purposes?
42. Ocelot Corporation 正在并入 Tiger Corporation,符合所有州法律要求。Ocelot 将价值 300,000 美元的资产转让给 Tiger。Ocelot 获得 30,000 股 Tiger 股票和 200,000 美元现金。Ocelot 将 Tiger 股票、200,000 美元现金及其所有负债(50,000 美元)转让给其股东 Van,以换取他的所有 Ocelot 股票(基础 100,000 美元)。豹猫随后清算。出于联邦所得税目的,如何处理此交易?

43. Xian Corporation and Win Corporation would like to combine into one entity. Win redeems 90% of its common stock and all of its nonvoting preferred stock in exchange for 40% of Xian’s common and 20% of its nonvoting preferred stock. Win then distributes the Xian stock to its shareholders. Win is now a subsidiary of Xian.
43. 西安公司和温公司希望合并为一个实体。Win 赎回其 90% 的普通股和所有无投票权优先股,以换取 Xian 40% 的普通股和 20% 的无投票权优先股。然后,Win 将 Xian 股票分配给其股东。Win 现在是 Xian 的子公司。

44. Against the will of Rally Corporation’s management, Buoy Corporation offers Rally’s shareholders 2 shares of Buoy common stock for each share of Rally common and 50 shares of Buoy common for each share of Rally preferred. The results of a hostile takeover yield Buoy 85% of Rally common stock and 100% of the preferred. The only stock it did not obtain was that owned by management. This transaction qualifies as a(n):
44. 违背 Rally Corporation 管理层的意愿,Buoy Corporation 向 Rally 的股东提供每股 Rally 普通股 2 股 Buoy 普通股,每股 Rally 优先股 50 股 Buoy 普通股。敌意收购的结果使 Buoy 获得了 85% 的 Rally 普通股和 100% 的优先股。它唯一没有获得的股票是管理层拥有的股票。此事务符合 a(n) 条件:

45. Humming Inc. is interested in acquiring BirdCo, a supplier of materials for Humming’s products, and feels that it could improve the management of BirdCo. Current management has been lax in monitoring product quality, which could lead to recalls or lawsuits. Management of BirdCo is not supportive of a merger because they could lose their positions, whereas most of the shareholders support the acquisition as a method of obtaining new management. There is a very small minority of shareholders who do not want to be shareholders of Humming. BirdCo holds assets of $5 million with a basis of $6 million. Its liabilities are $2 million. Which of the following would be the best solution for Humming in its acquisition of BirdCo?
45. Humming Inc. 有兴趣收购 BirdCo,这是 Humming 产品的材料供应商,并认为它可以改善 BirdCo 的管理。目前的管理层在监控产品质量方面一直很松懈,这可能导致召回或诉讼。BirdCo的管理层不支持合并,因为他们可能会失去职位,而大多数股东支持收购作为获得新管理层的一种方式。有极少数股东不想成为Humming的股东。BirdCo 持有 500 万美元的资产,基础为 600 万美元。其负债为200万美元。以下哪项是 Humming 收购 BirdCo 的最佳解决方案?

46. Which of the following statements regarding “Type B” reorganizations is true?
46. 下列关于“B类”重组的说法中,哪一项是正确的?

47. Angus Corporation purchased 15% of Hereford Corporation four years ago for $150,000. Angus acquires 75% more of Hereford’s stock directly from Hereford shareholders in an exchange for 25% of Angus common stock currently outstanding. There is still 10% of the Hereford stock held by its original shareholders because they are not interested in being common shareholders of Angus. This transaction qualifies as what type of reorganization?
47. 安格斯公司四年前以 150,000 美元的价格购买了赫里福德公司 15% 的股份。安格斯直接从赫里福德股东手中收购了赫里福德75%的股票,以换取目前已发行的安格斯普通股的25%。其原始股东仍持有赫里福德10%的股票,因为他们对成为安格斯的普通股不感兴趣。该交易属于哪种类型的重组?

48. Acquiring Corporation transfers $1 million of its voting common stock and $100,000 cash to Target Corporation in exchange for 90% of Target's assets. The assets retained by Target are used to settle its liabilities. Target then distributes the Acquiring stock and cash received to its shareholders in exchange for all their Target shares, after which it liquidates. This restructuring is a:
48. 收购公司将其 100 万美元的有表决权普通股和 100,000 美元现金转让给 Target Corporation,以换取 Target 90% 的资产。塔吉特保留的资产用于清偿其债务。然后,Target 将收购股票和收到的现金分配给其股东,以换取其所有 Target 股票,然后清算。本次重组是:

49. Ula purchased stock in Purple, Inc., six years ago for $150,000. Purple has assets with a value of $225,000 ($175,000 basis) and liabilities of $60,000. Purple transfers $200,000 of assets and all its liabilities to White Corporation in exchange for White common stock. Purple distributes the White stock and its $25,000 remaining asset (cash) to Ula in exchange for all her Purple stock. Purple then liquidates. How is this transaction treated for Federal income tax purposes?
49. Ula 六年前以 150,000 美元的价格购买了 Purple, Inc. 的股票。Purple 的资产价值为 225,000 美元(按 175,000 美元计算),负债为 60,000 美元。Purple 将 200,000 美元的资产及其所有负债转让给 White Corporation,以换取 White 普通股。Purple 将 White 股票及其 25,000 美元的剩余资产(现金)分配给 Ula,以换取她所有的 Purple 股票。然后 Purple 清算。出于联邦所得税目的,如何处理此交易?

50. Long Corporation has $500,000 of assets with a basis of $350,000 and liabilities of $125,000. ShortCo acquires Long’s assets and $100,000 of liabilities by exchanging $400,000 of its voting stock. Long distributes the ShortCo stock and remaining liabilities to its shareholder in exchange for the shareholder's Long stock with a basis of $275,000; then it liquidates. Which, if any, of the following statements is correct?
50. Long Corporation 拥有 500,000 美元的资产,基础为 350,000 美元,负债为 125,000 美元。ShortCo 通过交换 400,000 美元的有表决权股票收购了 Long 的资产和 100,000 美元的负债。Long 将 ShortCo 股票和剩余负债分配给其股东,以换取股东的 Long 股票,基数为 275,000 美元;然后它清算。以下哪项陈述(如果有的话)是正确的?

51. Saucer Corporation has a value of $800,000, basis in its assets of $670,000, and liabilities of $200,000. Cup Corporation acquires 90% of Saucer’s assets by exchanging $550,000 of its voting stock, $20,000 cash, and assuming $150,000 of Saucer’s liabilities. The remaining 10% of Saucer’s assets not acquired is $80,000 cash. Saucer distributes the Cup stock, $100,000 in cash and associated $50,000 in liabilities to its shareholder, Sam, in exchange for his Saucer stock (basis $560,000). Saucer then liquidates. How will this transaction be treated for Federal income tax purposes?
51. Saucer Corporation 的价值为 800,000 美元,其资产为 670,000 美元,负债为 200,000 美元。Cup Corporation 通过交换 550,000 美元的投票权股票、20,000 美元的现金和承担 Saucer 的 150,000 美元负债,收购了 Saucer 90% 的资产。Saucer剩余的10%未收购资产是80,000美元现金。Saucer 将 Cup 股票、100,000 美元现金和相关的 50,000 美元负债分配给其股东 Sam,以换取他的 Saucer 股票(基础 560,000 美元)。然后 Saucer 清算。出于联邦所得税目的,这笔交易将如何处理?

52. Grebe Corporation is a car dealership that has existed for 10 years. It also has been in the car leasing business for 6 years. Both businesses produce substantial amounts of cash, and Grebe has been investing this cash in mutual funds for the past 10 years. Grebe is interested in separating its businesses. It wants to create (a) new corporation(s) to receive assets in exchange for stock. Which of the following is correct regarding this transaction?
52. Grebe Corporation 是一家已经存在了 10 年的汽车经销商。它还从事汽车租赁业务6年。这两家公司都产生了大量现金,Grebe在过去10年中一直将这些现金投资于共同基金。Grebe有兴趣将其业务分开。它希望创建(a)新的公司来接收资产以换取股票。关于此交易,以下哪项是正确的?

53. Spoonbill Corporation has assets with a FMV of $800,000 and adjusted basis of $600,000. It has been manufacturing engineering equipment and laboratory tools for the last eight years. Spoonbill forms a new corporation, Roseate Corporation, by acquiring all of its stock in exchange for the laboratory tool division of Spoonbill. Each of the Spoonbill shareholders receives 1 share of Roseate stock for each 50 shares they own in Spoonbill. How will this transaction be treated for Federal income tax purposes?
53. 琵鹭公司的资产FMV为800,000美元,调整后基数为600,000美元。在过去的八年里,它一直在制造工程设备和实验室工具。琵鹭成立了一家新公司Roseate Corporation,通过收购其所有股票以换取琵鹭的实验室工具部门。每个琵鹭股东每持有 1 股 Spoonbill 的 50 股股票即可获得 50 股 Roseate 股票。出于联邦所得税目的,这笔交易将如何处理?

54. In which type of corporate reorganization do shareholders receive stock in at least two other corporations in exchange for all the stock in the original corporation?
54. 在哪种类型的公司重组中,股东获得至少两家其他公司的股票,以换取原公司的所有股票?

55. Crested Serpent Eagle (CSE) Corporation is owned by Lin Yuan and Yu Chi. It has been in the manufacturing and lumber businesses for 20 years. For liability protection, the manufacturing assets of CSE are transferred to Serpent Corporation for all its stock. This stock is distributed to Lin Yuan in exchange for her CSE stock. The lumber assets are transferred to Eagle Corporation for all of its stock. Yu Chi receives the Eagle stock in exchange for his CSE shares. CSE then terminates.
55. 凤头蛇鹰(CSE)公司由林远和于驰拥有,从事制造和木材业务已有20年。为了保护责任,CSE的制造资产被转让给Serpent Corporation的所有库存。这只股票是分配给林媛的,以换取她的CSE股票。木材资产被转让给Eagle Corporation的所有股票。Yu Chi 收到 Eagle 股票以换取他的 CSE 股票。然后 CSE 终止。

56. WhydahCo is owned by Gilda and her four nieces and nephews. Gilda owns all the WhydahCo voting stock and its $50,000 bond. She wants to relinquish control of the entity; accordingly, WhydahCo redeems all of Gilda’s voting common stock and issues its preferred stock to her. She also exchanges her bond for preferred stock. The nonvoting preferred shares owned by the nieces and nephew are exchanged for voting common stock. Which of the following statements is correct?
56. WhydahCo 由 Gilda 和她的四个侄女和侄子拥有。Gilda 拥有 WhydahCo 的所有投票权股票及其 50,000 美元的债券。她想放弃对实体的控制权;因此,WhydahCo赎回了Gilda的所有有表决权的普通股,并向她发行了优先股。她还用她的债券换取优先股。侄女和侄子拥有的无表决权优先股换成有表决权的普通股。以下哪项说法是正确的?

57. Peony owns all of the Garden Corporation common stock with a basis of $400,000 and a value of $900,000. Her grandchildren own nonvoting preferred stock with a basis and value of $540,000 that pays a 6% annual dividend.  Peony would like to transfer her ownership of Garden to her grandchildren but retain a guaranteed income from Garden. What would be the most income tax effective method of making this transfer?
57. 牡丹拥有花园公司的所有普通股,基础为 400,000 美元,价值 900,000 美元。她的孙子孙女拥有无投票权的优先股,其基础和价值为 540,000 美元,每年支付 6% 的股息。 牡丹希望将她对花园的所有权转让给她的孙子孙女,但保留花园的保证收入。进行这种转移的最有效的所得税方法是什么?

58. Dahlia owns $100,000 in Crimson Topaz preferred stock. The annual dividend rate on the preferred is 4%. She exchanges this preferred stock for $60,000 in Crimson Topaz bonds paying 4% annual interest and $40,000 in common stock. How is this transaction treated for income tax purposes?
58. Dahlia 拥有 100,000 美元的 Crimson Topaz 优先股。优先股的年股息率为4%。她将这股优先股换成 60,000 美元的 Crimson Topaz 债券,年利率为 4%,普通股为 40,000 美元。出于所得税目的,如何处理此交易?

59. Pallid Swift, Inc. is an S corporation located in Colorado. In the past year, Pallid Swift has become profitable but, due to its rapid growth, it holds no excess cash for distributions. Therefore, Pallid Swift decides that it should become a C corporation.
59. Pallid Swift, Inc. 是一家位于科罗拉多州的 S 公司。在过去的一年里,Pallid Swift已经盈利,但由于其快速增长,它没有多余的现金用于分配。因此,Pallid Swift 决定它应该成为一家 C 公司。

60. Cuckoo Corporation has just lost a $500,000 product liability suit. Before the lawsuit, its assets were valued at $600,000 (basis of $400,000), and it had general liabilities of $300,000 and $100,000 of bonds outstanding. It also has a $50,000 capital loss carryover, and a $150,000 NOL carryforward. Cuckoo is solely owed by Emmy Lou. A restructuring creates Turaco as the successor company to Cuckoo. Which of the following statements is false?
60. Cuckoo Corporation 刚刚输掉了 500,000 美元的产品责任诉讼。在诉讼之前,其资产价值为600,000美元(以400,000美元为基础),其一般负债为300,000美元,未偿债券为100,000美元。它还具有 50,000 美元的资本损失结转和 150,000 美元的 NOL 结转。Cuckoo 完全归功于 Emmy Lou。重组使Turaco成为Cuckoo的继任公司。以下哪项说法是错误的?

61. Burmese Corporation is interested in acquiring Javanese Corporation by transferring 30% of its stock for all of Javanese’s assets valued at $500,000 (basis of $150,000) and its $200,000 of liabilities. Javanese has $50,000 of capital loss carryforwards that it has been unable to use. Javanese concentrates on pharmaceutical research whereas Burmese manufactures sun glasses. Burmese uses a discount factor of 8%, and the Federal applicable rate is 4%. Javanese will terminate after the restructuring. How will this transaction be treated for Federal income tax purposes?
61. 缅甸公司有意收购爪哇公司,转让其价值50万美元的爪哇全部资产(按15万美元计算)的30%股份及其20万美元的负债。爪哇人有 50,000 美元的资本损失结转,但无法使用。爪哇人专注于药物研究,而缅甸人则生产太阳镜。缅甸的贴现系数为8%,联邦适用的贴现系数为4%。爪哇人将在重组后终止。出于联邦所得税目的,这笔交易将如何处理?

62. Which of the following statements is false?
62.下列哪项说法是错误的?

63. Target sells assets not desired by Acquirer before entering into a reorganization transaction with Acquirer. In which reorganization will the step transaction doctrine not apply to the sale by Target?
63. 塔吉特在与收购方进行重组交易之前出售收购方不想要的资产。在哪项重组中,阶梯交易原则不适用于塔吉特的出售?

64. Asity Corporation is interested in acquiring the majority of Pitta Corporation’s assets. Pitta’s assets are currently valued at $950,000, and its liabilities are $250,000. However, Asity is not interested in one operating division of Pitta. Since Pitta desires to be taken over by Asity, Pitta first sells the unwanted division for its net fair market value of $250,000 ($350,000 FMV assets – $100,000 liabilities). Pitta then transfers its remaining assets and liabilities to Asity for $450,000 in common voting stock. Which of the following statements is correct?
64. Asity Corporation 有兴趣收购 Pitta Corporation 的大部分资产。Pitta 的资产目前价值 950,000 美元,负债为 250,000 美元。然而,Asity对Pitta的一个运营部门不感兴趣。由于 Pitta 希望被 Asity 接管,Pitta 首先以 250,000 美元的净公允市场价值(350,000 美元的 FMV 资产 – 100,000 美元的负债)出售不需要的部门。然后,Pitta 将其剩余资产和负债转让给 Asity,以获得 450,000 美元的普通投票权股票。以下哪项说法是正确的?

65. Besides the statutory requirements for tax-free treatment for corporate reorganizations, there are several judicial requirements. Which of the following statements is not true?
65. 除了对公司重组免税待遇的法定要求外,还有几项司法要求。以下哪项说法不正确?