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During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are
A. LTCG of $30,000.
B. Sec. 1231 gain of $30,000.
C. Sec. 1245 ordinary income of $30,000.
D. Sec. 1250 ordinary income of $30,000.
Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation?
Examine the governmental fund financial statements. Are any major capital projects funds included? If so, list them. Attempt to find out the nature and purpose of the projects from the letter of transmittal, the notes, or MD&A. What are the major ..
Describe how the authoritative literature addresses comprehensive income. Describe three classifications within net income and give an example of each. Describe three classificiations within other comprehensive income and give an example of each.
Speculating with Currency Futures: Suppose that a March futures contract on Mexican Peso was available in January for $.09 per unit. Also suppose that forward contracts were available for same settlement date at a price of $0.092 per peso.
Describe the reasons why corporations invest in securities. Describe how the market would be affected if they stopped this practice?
In which of the markets would you recommend that the company focus its advertising campaign? Show computations to support your answer.
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
An employee received a paycheck from her employer in the amount of $776.35. The pay-check stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax, and $74. 65 for FICA. ..
Assume there is a well-financed, one-year-old company in the biotech industry that is concentrating on developing chemical-based compounds that are aimed at developing drugs to reduce the effects or onset of Alzheimer's Disease.
The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: Prepare journal entries for transactions.
What is Justin’s adjusted tax basis for his partnership interest immediately after partnership is formed? What is the partnership’s adjusted basis for property contributed by Justin?
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