Keith sole proprietorship holds assets that, if sold, would yield a gain of $100,000. It also owns assets that would yield a loss of $30,000.

24. Keith sole proprietorship holds assets that, if sold, would yield a gain of $100,000. It also owns assets that would yield a loss of $30,000. Keith incorporates his business using only the gain assets. Two days later, Keith sells the loss assets to the newly formed corporation. What is Keith trying to accomplish? Will he be successful?25. Emily incorporates her sole proprietorship, but does not transfer the building the business uses to the corporation. Subsequently, the building is leased to the corporation for an annual rent. What tax reasons might Emily have for not transferring the building to the corporation when the business was incorporated?

24.) While incorporating his sole-proprietary firm ,Keith should transfer all the assets ofthe proprietary firm to the incorporated company .By transferring a capital asset which isin profit and...