Please answer the questions below using CCH Cheetah
In one sentence, describe the subject matter addressed by the IRS in Rev. Proc. 2009-47. Has the subject
matter in the Rev. Proc. been superseded? If so, where can one find the most current information?
In one sentence, describe the subject matter addressed by regulation 1.61-12. Provide one example where
the taxpayer is not subject to tax for this subject matter.
For a significant section 351 contribution to a corporation, does the shareholder and/or corporation have to
provide a statement to the IRS describing the transaction? If so, how is the statement provided to the IRS?
Please provide a citation of your answer source (i.e., regulation, rev. rul., etc.).
In Revenue Ruling 55-36, Why did the IRS deny tax-free treatment for a shareholder’s contribution of
property to a corporation under section 351?
For 2020, what tax rate generally is used to determine a child’s tax on unearned income above $2,200?
What code section (and subsection) addresses such unearned income?
Sample Solution