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How long does a defendant have to respond to a partition proceeding summons?

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Betty joined Jim in forming DBJ Corp. Betty contributed appreciated land for 90 percent of the stock in DBJ Inc. Jim received 10 percent of the DBJ stock valued at $15,000. Determine Jim's tax consequences in each of the following alternative scenarios.a. Jim received the stock in exchange for providing computer-related services for the corporation. What amount of income or gain does Jim recognize on the exchange? What is Jim's basis in the stock he received in the exchange?b. Jim contributed the rights to a patent he owned to DBJ in exchange for the DBJ stock. The patent was worth $15,000 and Jim's basis in the patent was $8,000. How much gain does Jim recognize on the exchange? What is Jim's basis in the DBJ stock?

Abstergo corporation (Pennsylvania) manufactures time machines. It sells a time machine to Bayek (Maryland), and then the machine explodes. Bayek sues Abstergo corporation for $90,000 under a state products liability law. Abstergo corporation impleads Valhalla corporation (Maryland) under rule 14, which manufactured one of the components of the time machine. Bayek amends his complaint to add a claim against Valhalla corporation for $90,000. Valhalla corporation moves to dismiss Bayek's amended claim for lack of subject-matter jurisdiction. How will the court rule on the motion?A.Granted because there is no claim with subject-matter jurisdiction.B.Granted because 28 U.S.C. §1367(b) bars jurisdiction.C.Denied because 28 U.S.C. §1367(a) authorizes jurisdiction.D.Granted because 28 U.S.C. § 1367(c) requires dismissal.

Smithville Corp. is a calendar year corporation with zero accumulated E & P on January 1, 2018. During 2018, Smithville has taxable income of $200,000. Based on the additional 2018 information pertaining to Smithville below, calculate the corporation's 2018 ending E & P balance.Tax-exempt income$10,000Current excess capital loss$5,000Current charitable contributions in excess of 10% limitation$8,000Federal income tax expense$61,250Dividends received deduction$3,000MACRS tax depreciation$18,000ADS Depreciation$12,000Deferred gain on a like-kind-exchange$11,000Nondeductible portion of meals expenses$4,000a)$140,750b)$151,750c)$144,750d)$156,750

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