25 Jul Part 1 Scenario Mary, Jill, Paula, and Petra formed Green Envy Co., a C corporation, on January 2, Year 1. Information regarding each shareholder’s contributions and stock owners
Part 1
Scenario
Mary, Jill, Paula, and Petra formed Green Envy Co., a C corporation, on January 2, Year 1. Information regarding each shareholder's contributions and stock ownership is provided at the link below.
Using the information provided, complete the table in Part 1 of the Excel spreadsheet by entering the appropriate amounts in the associated cells. Enter gains as positive values and losses as negatives values. If a value is zero, enter a zero.
Part 2
Scenario
Benjamin, Catheryn, Barb, and Michael are knowledgeable about pool design. They have decided to pool their knowledge and resources to form Shallow Beach Enterprises Inc., a C corporation. They will provide professional services to area businesses and homeowners. All participants expect to work full-time for Shallow Beach Enterprises, and each expects to contribute sufficient assets to become a 25% shareholder with total stock equity of $50,000 each.
In addition to the skills that each brings to the new entity, the owners will contribute assets that will enhance the company's ability to provide quality technical design and planning services. These assets include a building, land, pool excavating equipment, office furniture, and cash for initial operating expenses.
The assets contributed by each shareholder, along with any related liabilities assumed by the corporation, are provided in the link below.
Shareholder Assets Contributed for Shallow Beach Enterprises
Answer the questions in the template to complete the assignment.
Be sure to complete all parts before uploading your spreadsheet
Case Study Part 1
| ACC221 Lesson 7 Case Study Template | ||||
| Name: | ||||
| MEID: | ||||
| Part 1 | ||||
| Scenario: Mary, Jill, Paula, and Petra formed Green Envy Co., a C corporation, on January 2, Year 1. Information regarding each shareholder's contributions and stock ownership is provided in the lesson. | ||||
| Access the Shareholder Information | ||||
| Instructions: Using the shareholder information provided in the lesson, complete the table below by entering the appropriate amounts in the associated cells. Enter gains as positive values and losses as negatives values. If a value is zero, enter a zero. | ||||
| Shareholder Gain Realized | Shareholder Gain Recognized | Shareholder Tax Basis in Stock | Corporation's Tax Basis in Noncash Property Received From Shareholder | |
| Mary | ||||
| Jill | ||||
| Paula | ||||
| Petra | ||||
https://riosalado.coursearc.com/index.php?cID=111357&checkedIn=true
Case Study Part 2
| ACC221 Lesson 7 Case Study Template | |||
| Name: | |||
| MEID: | |||
| Part 2 | |||
| Scenario: Benjamin, Catheryn, Barb and Michael are knowledgeable about pool design. They have decided to pool their knowledge and resources to form Shallow Beach Enterprises Inc., a C corporation. They will provide professional services to area businesses and homeowners. All participants expect to work full time for Shallow Beach Enterprises, and each expects to contribute sufficient assets to become a 25% shareholder with total stock equity of $50,000 each. | |||
| In addition to the skills that each brings to the new entity, the owners will contribute assets that will enhance the company's ability to provide quality technical design and planning services. These assets include a building, land, pool excavating equipment, office furniture, and cash for initial operating expenses. | |||
| Access the Shareholder Assets Contributed Table | |||
| Instructions: For the following two shareholders in Rio Salado Enterprises Inc., determine the gain realized, gain recognized, and tax basis of the shares using the data in the lesson. Enter the amount for each item in the associated cells below. If a response is zero, enter a zero. | |||
| Gain Realized | Gain Recognized | Tax Basis in Shares | |
| Benjamin | |||
| Barb | |||
https://riosalado.coursearc.com/index.php?cID=111357&checkedIn=true
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