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？

66. Which of the following statements is correct with regard to liabilities in corporate reorganizations?
66. 关于公司重组中的负债，以下哪项说法是正确的？

67. Weaver Corporation has net assets valued at $800,000 and an NOL of $250,000. On September 30 of the current year, Weaver is acquired by Loom Corporation, a calendar year taxpayer, in a restructuring qualifying as a tax-free reorganization. Weaver shareholders receive 30% of Loom’s shares in exchange for all of their Weaver stock. Assuming that the Federal long-term tax-exempt rate is 3%, what is the maximum amount of Weaver’s NOL available to Loom in a non-leap year?
67. Weaver Corporation 的净资产价值为 800,000 美元，NOL 为 250,000 美元。今年 9 月 30 日，Weaver 被日历年纳税人 Loom Corporation 收购，进行重组，符合免税重组条件。Weaver 股东将获得 Loom 30% 的股份，以换取他们所有的 Weaver 股票。假设联邦长期免税率为 3%，那么在非闰年，Loom 可获得的最大 Weaver NOL 金额是多少？

68. Heart Corporation holds net assets valued at $1 million and an NOL of $250,000. On December 31 of last year, Heart is acquired by Brain Corporation, a calendar year taxpayer, in a restructuring qualifying as a tax-free reorganization. Heart shareholders receive 45% of Brain’s shares in exchange for all of the Heart stock. Assuming that the Federal long-term tax-exempt rate is 3% and Brain’s discount factor is 7%, what is the maximum amount that Brain can use of Heart’s NOL this year?
68. Heart Corporation 持有价值 100 万美元的净资产和 250,000 美元的 NOL。去年 12 月 31 日，Heart 被日历年纳税人 Brain Corporation 收购，进行重组，符合免税重组的条件。Heart 股东将获得 Brain 45% 的股份，以换取所有 Heart 股票。假设联邦长期免税率为3%，Brain的贴现系数为7%，那么Brain今年可以使用Heart的NOL的最大金额是多少？

69. Monal Corporation merged with Bobwhite Corporation two years ago. At the time of the merger, Monal held an earnings and profits (E & P) deficit of $250,000, and Bobwhite held a positive E & P of $200,000. Last year’s current E & P was $ 100,000 for the successor company. Despite having only $10,000 E & P for the current year, Monal makes a distribution to its shareholders of $270,000. How much of the distribution is taxed to the shareholders?
69. Monal Corporation两年前与Bobwhite Corporation合并。在合并时，Monal的收益和利润（E&P）赤字为250,000美元，Bobwhite持有200,000美元的正E&P。去年的E&P为继任公司提供了100,000美元。尽管今年只有10,000美元的E&P，但Monal向其股东分配了270,000美元。向股东征税的分配有多少？

70. Flower Corporation has two divisions that it has operated for the last 10 years: Gerbera with a value of $806,000 (basis $400,000) and Daisy with a value of $744,000 (basis 800,000). While Gerbera is profitable, Daisy continues to incur losses and created a $350,000 NOL for Flower two years ago. Flower has decided it would like to become two corporations: Gerbera and Daisy. Which of the following is the best method for Flower to become two corporations?
70. 花卉公司在过去10年中有两个部门：价值806,000美元（400,000美元）的非洲菊（Gerbera）和价值744,000美元（800,000美元）的Daisy。虽然 Gerbera 是盈利的，但 Daisy 继续亏损，并在两年前为 Flower 创造了 350,000 美元的 NOL。Flower 决定成为两家公司：Gerbera 和 Daisy。以下哪项是 Flower 成为两家公司的最佳方法？

Completion

71. The tax treatment of the parties involved in a tax-free reorganization almost exactly parallels the treatment under the like-kind exchange provisions. When ____________________ is received, gain may be ____________________, and losses are ____________________.
71. 参与免税重组的当事方的税务待遇几乎与同类交换条款下的待遇完全相同。收到____________________后，收益可能____________________，损失____________________。

72. ____________________ is other property received along with stock in a restructuring falling under § 368. If the shareholders receive the other property, it can be taxed as ____________________ and/or ____________________.
72. ____________________是在属于第368条的重组中与股票一起收到的其他财产。如果股东收到其他财产，则可以按____________________和/或____________________征税。

73. In a ____________________ reorganization, each corporation must obtain the approval of the majority of its shareholders. The acquiring corporation must assume at least ____________________ percent of the target’s liabilities.
73. 在____________________重组中，每个公司都必须获得其大多数股东的批准。收购公司必须承担目标公司至少____________________%的负债。

74. Since the “Type B” reorganization precludes the use of ____________________, gain or loss is not recognized. In this type of reorganization, a ____________________ relationship between the acquiring and target corporations is created.
74. 由于“B类”重组排除了____________________的使用，因此不确认损益。在这种类型的重组中，收购公司和目标公司之间建立了____________________关系。

75. For a “Type C” reorganization, "substantially all" of the assets means that at least ____________________ percent of the net asset value and ____________________ percent of the gross asset value.
75. 对于“C类”重组，“基本上全部”资产是指至少占资产净值的____________________%和资产总值的____________________%。

76. In a ____________________ reorganization, shareholders may exchange preferred stock for common or common for preferred stock.
76. 在____________________重组中，股东可以将优先股换成普通股，也可以用普通股换成优先股。

77. Changing from an S corporation to a C corporation is a Type ____________________ reorganization.
77. 从S型公司变更为C型公司属于____________________类重组。

78. Federal bankruptcy legislation created the Type ____________________ reorganization. To qualify for this type of reorganization, the corporation must be ____________________ before the reorganization.
78. 联邦破产立法创造了____________________类重组。要获得此类重组的资格，必须在重组前____________________公司。

79. The acquiring corporation in a “Type G” reorganization must reduce the tax attributes carried over to it to the extent of the ____________________ relief.
79. 在“G类”重组中，收购公司必须减少结转到其____________________减免范围内的税收属性。

80. The ____________________ doctrine ensures that the acquiring corporation cannot immediately sell the target corporation's assets it receives in the reorganization. The ____________________ doctrine also prevents transactions that appear to be sales from qualifying as nontaxable reorganizations.
80. ____________________原则确保收购公司不能立即出售其在重组中获得的目标公司的资产。____________________原则还防止看似销售的交易符合非应税重组的条件。

81. In a ____________________ reorganization, the original corporation must receive at least 80% percent of new corporations’ stock. The assets transferred to the new corporations must have been owned and conducted as a trade or business for at least ____________________ years.
81. 在____________________重组中，原公司必须获得至少 80% 的新公司股票。转让给新公司的资产必须作为贸易或业务拥有和经营至少 ____________________ 年。

82. The ____________________ doctrine treats several transactions as if they were one transaction when they are all integrated. The ____________________ doctrine ensures that the restructuring has a purpose beyond tax avoidance or evasion.
82. ____________________学说将若干交易视为一项交易，当它们全部整合在一起时。____________________原则确保重组的目的超出了避税或逃税的目的。

83. Liabilities present income tax problems only in the ____________________ reorganization when the ____________________ corporation transfers other property (boot) as well as stock to the target.
83. 负债只有在____________________公司将其他财产（引导）和股票转让给目标公司时，才会在____________________重组中出现所得税问题。

84. The ____________________ provides a restriction on the amount of tax attributes that can be carried over from the target to the acquiring corporation after an ownership change occurs.
84. ____________________对所有权变更后可从目标公司转移到收购公司的税收属性金额进行了限制。

85. The yearly § 382 limitation is computed by multiplying the ____________________ of the loss corporation’s stock on the change date by the ____________________. For the ____________________, loss deductions are limited to the § 382 limitation times the number of days remaining in the year divided by the number of days in the year.
85. 第382条规定的年度限额的计算方法是将损失公司股票在变更日____________________乘以____________________。对于____________________，损失扣除额仅限于第382条的限制乘以一年中剩余的天数除以一年中的天数。

86. Loss Corporation carries over an NOL, built-in ordinary losses, and capital losses. The § 382 limitation is applied to these carryover attributes in the following order: ____________________, ____________________, ____________________.
86. 亏损公司结转 NOL、内置普通损失和资本损失。§ 382 限制按以下顺序应用于这些结转属性：____________________、____________________、____________________。

Matching

Match the following items with the statements that follow. Terms may be used more than once.
将以下各项与以下语句匹配。术语可以多次使用。

87. Carries over to new corporations in a split-up reorganization.
87. 在拆分重组中结转到新公司。

88. A 50 percentage-point change in ownership that occurs because of tax-free reorganization.
88. 由于免税重组而发生的所有权变更 50 个百分点。

89. Tax avoidance is not enough; transaction must have a corporate economic consequence.
89. 光有避税是不够的;交易必须具有公司经济后果。

90. Requires the computation of a deduction equivalent when determining its limitation.
90. 在确定扣除额时，需要计算扣除额等值。

91. Rate used to determine the § 382 limitation.
91. 用于确定第382条限制的费率。

92. When the transactions are so interdependent that the accomplishment of one would be fruitless without the completion of the series.
92. 当交易如此相互依存，以至于如果不完成该系列，一项交易的完成将是徒劳的。

93. Shareholders recognize gain to the extent the restructuring qualifies as a redemption.
93. 股东在重组符合赎回条件的范围内确认收益。

94. Any asset other than stock or securities received by the target shareholders.
94. 目标股东收到的股票或证券以外的任何资产。

95. Requires at least a 40% carryover ownership by target shareholders.
95. 要求目标股东至少拥有40%的结转所有权。

96. Can be treated as boot if cash as well as voting stock is the consideration used by the acquiring corporation in a “Type C” reorganization.
96. 如果现金和有表决权的股票是收购公司在“C类”重组中使用的对价，则可将其视为引导。

What type of reorganization is effected in each of the following independent transactions?
在以下每项独立交易中，都进行哪种类型的重组？

97. Flower Corporation is owned by Carry and Kim. All of Carry’s stock (value of $200,000) is exchanged for $200,000 in bonds. Kim exchanges no stock in the transaction.
97. Flower Corporation 由 Carry 和 Kim 拥有。Carry的所有股票（价值200,000美元）都换成了200,000美元的债券。金正恩在交易中没有交换任何股票。

98. Green Corporation transfers 20% of its voting stock to Brown Corporation’s shareholders in exchange for 60% of Brown’s common stock and 90% of its preferred stock. Green acquired 30% of Brown’s common stock three years ago in a taxable transaction. Brown becomes a subsidiary of Green.
98. Green Corporation 将其 20% 的有表决权股票转让给 Brown Corporation 的股东，以换取 Brown 60% 的普通股和 90% 的优先股。三年前，格林在一次应税交易中收购了布朗30%的普通股。Brown 成为 Green 的子公司。

99. Solar currently operates nine lines of business that have been in existence for 10 years. To protect its assets from possible lawsuits, Solar transfers each division to newly formed corporations in exchange for all of the stock of the new corporations. Solar distributes the stock in the nine new corporations to its shareholders in exchange for 45% of their stock in Solar.
99. Solar目前经营着九条业务线，这些业务线已经存在了10年。为了保护其资产免受可能的诉讼，Solar将每个部门转让给新成立的公司，以换取新公司的所有股票。Solar将这九家新公司的股票分配给其股东，以换取其在Solar公司45%的股份。

100. BarkCo and WoodCo contribute all of their assets to Tree Corporation in exchange for all of Tree’s stock. BarkCo and WoodCo distribute the Tree stock to their shareholders in exchange for their stock in BarkCo and WoodCo. The exchange completes the liquidation of BarkCo and WoodCo and each ceases to exist.
100. BarkCo 和 WoodCo 将其所有资产捐献给 Tree Corporation，以换取 Tree 的所有股票。BarkCo 和 WoodCo 将 Tree 股票分配给其股东，以换取他们在 BarkCo 和 WoodCo 的股票。该交易所完成了 BarkCo 和 WoodCo 的清算，各自不复存在。

101. Pear Corporation wishes to merge with Plum Corporation. Plum has better name recognition with consumers, so Pear would like Plum to be the surviving corporation. Pear transfers all of its assets and only liabilities associated with real estate to Plum for 45% of Plum’s shares. Pear distributes the Plum stock to its shareholders in exchange for their Pear stock. Pear then liquidates.
101. 梨公司希望与梅花公司合并。Plum 在消费者中拥有更好的知名度，因此 Pear 希望 Plum 成为幸存的公司。Pear将其所有资产以及与房地产相关的负债转让给Plum，以获得Plum 45%的股份。Pear 将 Plum 股票分配给其股东，以换取他们的 Pear 股票。然后 Pear 清算。

102. Jones Corporation is insolvent and under state law protection from its creditors. Its assets are transferred to Smith Corporation in exchange for all of its stock. The stock is distributed to the creditors of Jones, and the shareholders receive only stock valued at 10% of their stock.
102. 琼斯公司资不抵债，受州法律保护，不受债权人保护。其资产被转移到史密斯公司，以换取其所有股票。股票分配给琼斯的债权人，股东只收到价值其股票 10% 的股票。

103. Acquiring Corporation receives all the assets of Target Corporation in exchange for 1,000 preferred shares and 6,000 common shares of Acquiring, $25,000 cash, and assumption of all the liabilities of Target. After distributing the Acquiring stock and cash to its shareholders, Target liquidates.
103. 收购公司获得 Target Corporation 的所有资产，以换取 1,000 股优先股和 6,000 股收购普通股、25,000 美元现金以及承担 Target 的所有负债。在将收购股票和现金分配给其股东后，塔吉特清算。

104. Snow Corporation, located in Washington state, establishes Rain Corporation, located in Arizona. Snow then transfers all of its assets to Rain in exchange for all of Snow’s stock. After distributing the Rain stock to its shareholders, Snow liquidates.
104. 位于华盛顿州的 Snow Corporation 成立了位于亚利桑那州的 Rain Corporation。然后，Snow 将其所有资产转让给 Rain，以换取 Snow 的所有股票。在将 Rain 股票分配给其股东后，Snow 清算。

105. Black Corporation has been engaged in manufacturing toys and investing in high technology corporate stock for eight years. Black creates Blue and White Corporations. It transfers the toy division to Blue and the investments to White in exchange for all of each corporation’s common voting stock. The stock of Blue and White is distributed to Black shareholders in return for all of their Black stock. Black then liquidates.
105. 布莱克公司从事玩具制造和投资高科技公司股票已有八年。黑色创建蓝白公司。它将玩具部门转让给Blue，将投资转让给White，以换取每家公司的所有普通投票权股票。Blue and White 的股票分配给黑人股东，以换取他们所有的黑人股票。布莱克随后清算。

106. Apple Corporation transfers voting stock to Orange Corporation in exchange for substantially all of its assets and its liabilities associated with the plant and equipment. Its general liabilities are not acquired by Apple. Orange distributes the Apple stock to its shareholders in exchange for their Orange stock. Orange then liquidates.
106. 苹果公司将有表决权的股票转让给奥兰治公司，以换取其几乎所有资产以及与工厂和设备相关的负债。其一般负债未被苹果收购。Orange将苹果股票分配给其股东，以换取他们的Orange股票。然后，橙色清算。

Subjective Short Answer
主观简答题

107. Cotinga Corporation is acquiring Petrel Corporation through a “Type C” reorganization by exchanging 20% of its voting stock and $50,000 for all of Petrel’s assets (value of $800,000 and basis of $600,000) and liabilities ($100,000). Jerrika owns 48% of Petrel (basis $270,000), and Allen owns the remaining 52% (basis $380,000). They exchange their stock in Petrel for their proportionate shares of the Cotinga stock and cash. What is the value of the Cotinga stock received by Jerrika and Allen? What are the amounts of gains/losses each recognizes due to the reorganization? What is Jerrika’s and Allen’s basis in the Cotinga stock?
107. Cotinga公司正在通过“C类”重组收购Petrel公司，以20%的有表决权股票和50,000美元交换Petrel的所有资产（价值800,000美元，基础为600,000美元）和负债（100,000美元）。Jerrika 拥有 Petrel 48% 的股份（基础 270,000 美元），Allen 拥有剩余的 52%（基础 380,000 美元）。他们用海燕的股票换取科廷加股票和现金的比例份额。Jerrika 和 Allen 收到的 Cotinga 股票的价值是多少？每家公司因重组而确认的损益金额是多少？杰里卡和艾伦在科廷加股票中的基础是什么？

108. Acquiring Corporation transfers $500,000 stock and land with a value of $400,000 (basis of $250,000) to Target for
108. 收购公司将价值 400,000 美元的 500,000 美元股票和土地转让给 Target

most of its assets. The assets not acquired in the “Type A” reorganization are distributed to Target’s shareholder, Tia.
其大部分资产。在“A类”重组中未收购的资产将分配给塔吉特的股东Tia。

They are valued at $100,000 (basis of $120,000). Acquiring stock and the land also are distributed to Tia in exchange
它们的价值为 100,000 美元（按 120,000 美元计算）。收购股票和土地也分配给Tia作为交换

for her stock in Target. Tia’s basis in her stock is $650,000. What is the gain or loss recognized by Acquiring, Target,
她在塔吉特的股票。Tia 的股票基础是 650,000 美元。收购、目标、

and Tia on this restructuring? What is Tia’s basis in the Acquiring stock?
和Tia在这次重组中？Tia在收购股票中的基础是什么？

109. Dipper Corporation is acquiring Bulbul Corporation by exchanging 220,000 shares of Dipper stock and $80,000 cash for all of Bulbul’s assets (valued at $500,000), liabilities ($200,000), and accumulated earnings and profits ($120,000). Betty purchased 40% of Bulbul five years ago for $60,000, and Keith purchased the remaining 60% for $90,000. What is the amount of the gain or loss (if any) that Betty and Keith recognize, assuming that the exchange qualifies as a § 368 reorganization? What is the basis in their new Dipper stock?
109. Dipper Corporation 正在收购 Bulbul Corporation，方法是用 220,000 股 Dipper 股票和 80,000 美元现金换取 Bulbul 的所有资产（价值 500,000 美元）、负债（200,000 美元）以及累计收益和利润（120,000 美元）。五年前，Betty 以 60,000 美元的价格购买了 Bulbul 40% 的股份，Keith 以 90,000 美元的价格购买了剩余的 60% 股份。Betty 和 Keith 确认的损益金额（如果有）是多少，假设交易所符合 § 368 重组的条件？他们新的 Dipper 股票的基础是什么？

110. Pipe Corporation is interested in acquiring all of Ore Corporation. It currently owns 30% of the outstanding Ore stock, which it purchased six years ago for $250,000. Pipe is a manufacturer of plumbing pipes with assets valued at $3 million and liabilities of $1 million. Ore supplies Pipe with copper from its mines that are valued at $4 million with $3 million in mortgages. Pipe negotiates the restructuring with Ore’s management. Pipe is concerned about potential environmental issues from the strip mining used by Ore and feels it needs liability protection.
110. Pipe Corporation 有兴趣收购 Ore Corporation 的全部股份。它目前拥有30%的流通矿石股票，该股票是六年前以250,000澳元的价格购买的。Pipe 是一家管道制造商，资产价值 300 万美元，负债 100 万美元。Ore 向 Pipe 供应来自其矿山的铜，价值 400 万美元，抵押贷款为 300 万美元。Pipe与Ore的管理层就重组进行谈判。Pipe 担心 Ore 使用的带状开采存在潜在的环境问题，并认为它需要责任保护。
 

111. Present Value Tables needed for this question. Tony is the sole shareholder of Create Corporation. He is a chemical engineer and has been working hard to create a unique product but has been unsuccessful. Thus, Create has accumulated an NOL of $420,000. This year he finally finds the right combination for a new cleaning product.
111. 本问题需要现值表。Tony是Create Corporation的唯一股东。他是一名化学工程师，一直在努力创造一种独特的产品，但一直没有成功。因此，Create 累积了 420,000 美元的 NOL。今年，他终于找到了一种新的清洁产品的正确组合。

​

Predicting that Create will be very profitable next year, the corporation borrows $250,000 to pay Tony the salary he rightly deserves. Next year, Create does become profitable, earning $100,000 before application of carryovers. Mega Corporation, a huge ($50 million value, 25% combined state and Federal tax bracket) competitor, offers to purchase the patent from Create for $1,050,000.
该公司预测 Create 明年将非常有利可图，因此借了 250,000 美元来支付 Tony 应得的薪水。明年，Create 确实实现了盈利，在应用结转之前赚取了 100,000 美元。Mega Corporation是一个巨大的竞争对手（价值5000万美元，州和联邦税级合计25%），提出以1,050,000美元的价格从Create购买该专利。

​

Knowing that Create’s NOL should be useful to Mega, Tony suggests a restructuring where he receives $800,000 in Mega stock, Mega assumes all of Create’s liabilities ($250,000) plus $75,000 cash for the NOL. Mega counter offers with cash for the NOL (to be determined), and $1,050,000 of stock, but it will not assume any liabilities.
Tony知道Create的NOL应该对Mega有用，于是建议进行重组，他获得了80万美元的Mega股票，Mega承担了Create的所有负债（25万美元）加上NOL的75,000美元现金。 Mega柜台为NOL提供现金（待定）和1,050,000美元的股票，但它不会承担任何责任。

​

How much would be the maximum cash offered by Mega for the NOL, assuming that Mega uses a 12% discount factor and the Federal long-term tax-exempt rate is 4%? If Tony accepts Mega’s offer, what type of reorganization, if any, is this restructuring?
假设 Mega 使用 12% 的折扣系数，联邦长期免税率为 4%，Mega 为 NOL 提供的最大现金是多少？如果Tony接受了Mega的报价，那么这次重组（如果有的话）是什么类型的重组？

112. Tin Corporation was created 10 years ago. It currently is valued at $1.5 million as follows: Tacks division ($420,000), Safety Pins division ($580,000), Paper Clips division ($450,000), and investment assets ($50,000). Tin currently has three shareholders: Antonio, who was the initial shareholder and now owns 40% of the stock (basis in stock $350,000), and Beth and Chang, each of whom purchased 30% of Tin two years ago for $435,000.
112. 锡公司成立于 10 年前。它目前的价值为 150 万美元，具体如下：大头钉部门（420,000 美元）、安全别针部门（580,000 美元）、回形针部门（450,000 美元）和投资资产（50,000 美元）。Tin目前有三名股东：Antonio，他是最初的股东，现在拥有40%的股份（股票基础为350,000美元），以及Beth和Chang，他们每个人在两年前以435,000美元的价格购买了Tin 30%的股份。
 

Tin is having management problems:  the shareholders cannot agree on the future of the company. They have determined that it would be best to divide up the company and go their separate ways. Each shareholder feels that the others do not deserve to continue using the Tin Corporation name.
Tin遇到了管理问题：股东无法就公司的未来达成一致。他们已经决定最好拆分公司并分道扬镳。每个股东都认为其他股东不值得继续使用锡公司的名称。