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Having written a last will and testament
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- Tony Corp. acquired land in a Section 351 tax-free exchange in 2013. At that time, the land had a basis of $290,000 and a fair market value of $350,000. Tony Corp. has two shareholders, Jan 55% and Alan 45%, who are unrelated to each other. In 2016, Tony Corp. adopts a plan of liquidation. During that year and pursuant to the liquidation, the corporation distributes the land (pro rata) to Jan and Alan when the value of the land is $270,000. What amount of gain or loss does Tony Corp. recognize on the distribution of the land?a)$60,000 gainb)$20,000 lossc)$9,000 lossd)No recognized gain or loss
- Paul owns a used car dealership in North Carolina, but five minutes from the border with South Carolina. He doesn't advertise his car business in South Carolina and never makes any trips to the state. In fact, he owns a blog where he writes weekly posts trashing the South Carolina legal system. Some weeks, he criticizes the South Carolina rules of civil procedure, and in other weeks, he lambastes particular provisions in the South Carolina constitution. However, research has shown that 40% of his customers are from South Carolina, and that he makes over $200,000 a year from South Carolina consumers. Paul is aware of this research.A South Carolina resident gets into an accident with one of Paul's cars and alleges that Paul lied about the condition of the car. She sues Paul in South Carolina state court. Paul files a motion to dismiss for lack of personal jurisdiction. What result?A.Granted because it was foreseeable that the car would be used in South Carolina.B.Denied, because under the reasonableness factors, it would not be unreasonable for a South Carolina court to assert jurisdiction.C.Granted because Paul lacks minimum contacts with South Carolina.D.Denied because Paul earns a great deal of revenue from South Carolina customers.