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Two years ago, Corporation Z, a 10 percent partner in XYZ Partnership, borrowed $150,000 from the partnership in an arm's length transaction. Corporation Z gave the partnership a properly executed note stipulating that it would repay the loan at the end of three years and that it would pay the partnership 9 percent interest each year on the outstanding principal balance. During the current year, Corporation Z decided to withdraw from the partnership. Both Z and the other partners agreed that the fair market value of Z's capital account was $150,000 and that the partnership would liquidate this interest by distributing Z's own note back to the corporation. On the date of the liquidating distribution, Z's outside basis in its 10% interest in XYZ was $116,000.
Issue: What are the consequences of this transaction to Corporation Z and the XYZ Partnership? What are the Law implications in this analysis? Which conclusions did you arrive at?
Michelle ran her own accountancy business. During the year she was persuaded to change premises which she ran her business from, and which she rented.
If Congress reenacts additional first-year depreciation for 2010, Rustin elects not to take additional first-year depreciation. Determine the write-off Rustin can take in 2010.
The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?
Suppose in year 2011 the risk free rate was 6% the market free rate was 9% and the beta of the share was 1.54. Calculate the costs of equity.
What payroll taxes are paid by the employee? Which are paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employer and employee?
The income from an equity investee is reported on one line of the investor company's income statement except when:
John has been offered a job in New York City at a salary of $50,000 per year. Currently, John lives and works in the Midwest at a salary of $35,000 per year.
What's a probability distribution? What's it used for and why do we care? Does a probability distribution guarantee a particular value will occur under a set of circumstances?
As part of its stock-based compensation package, International Electronics granted 24 million stock appreciation rights (SARs) to top officers on January 1, 2006.
The corporation owns a building with a $160,000 adjusted basis and a $120,000 fair market value. The company has earnings and profits of $200,000.
A corporation issues $2,000 Shares of common stock for $32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
Required: Compute the target cost of a CD player. Loyola International, Inc. is considering adding a portable CD player to its product line. Management believes that in order to be competitive,
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