I took REG today and have 2 tricky questions!

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    Hello all,
    I just got out from REG and had 2 tricky simulations.

    1. I had to calculate LTCL, LTCG, STCG, and STCL based on the questions provided.
    The questions were like
    “Sold land for $60,000 (deducted sales commission is 3%). The basis is $15,000.”
    —-> Do I have to include sales commission fee to the selling price?

    2. C-corporation liquidating problem.
    Each shareholders’ basis was provided.
    E&P of the current year was also given.
    —-> Should pro-rata E&P be allocated to each shareholders’ basis to calculate their liquidation gains or losses?

    Your help is much appreciated!

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