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John forms a corporation and transfers property having a basis to him of $18,000 and a fair market value of $26,000 to the corporation for 1,000 shares of $10 par stock. One year later, Hal transfers property having a basis to him of $2,500 and a fair market value of $3,500 for 100 shares of the stock. Hal is not related to John. The corporation issued no other stock.
a. How much gain does John recognize on his exchange? What is the basis to John of his 1,000 shares?
b. What gain or loss is recognized by the corporation when it issues its shares to John? What is the basis to the corporation of the property it received from John?
c. How much gain does Hal recognize on his exchange? What is the basis to Hal of his 100 shares?
The following information is available from Gray Co.'s accounting records for the year ended December 31, 2010 (amounts in million):
TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000.
Knique Shoes issued a 100,000, 8 month, noninterest-bearing note. The loan was made by Second Commercial Bank whose stated discount rate is 9%. The effective interest rate on this loan (rounded) is:
Compute the return on assets, profit margin and asset utilization rate for Textron and Gulfstream. Assess Textron's competitive financial position. Compute the free cash flow for Textron and Gulfstream.
Anyone who failed the test must take a retest. Since a greater percentage of students who took the morning test failed the test than students who took the afternoon test, more of Orlof's morning history students than afternoon history students wil..
a. What is the flexible-budget amount? b. What is the amount of fixed overhead allocated to production? c. What is the fixed overhead production-volume variance? d. Determine the fixed overhead's overallocated or underallocated amount.
Joyce Rescho is self-employed and uses the calendar year and the accrual method of accounting. She reports the following activities for December:
In auditing a privately held entity, an auditor must follow the professional standards established by all of the following except:
agency funds report assets and liabilities, but not net assets, revenues, or expenses. Briefly explain why this is so. For example, why would an agency fund not have revenue? Why would it not have expenses?
Stock Options, Prepare the necessary entries from 1/1/10-2/1/12 for the following events using the fair value method. If no entry is needed, write "No Entry Necessary."
A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 8% interest per year, starting on the day your child is born..
Mark Mayer, a cash basis taxpayer, leased property on June 1, 2011 to Perry Purly at $325 a month. Perry paid Mark $325 as a security deposit, which will be returned at the end of the lease.
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