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Nathan is a 10% partner and Ben is a 90% partner in a partnership that owns a piece of land with a tax basis of $50,000 and a value of $750,000. Nathan and Ben formed the partnership years ago. The land is encumbered by a $200,000 nonrecourse mortgage. 1. Is Nathan sells his entire interest to Michelle for $55,000, how much gain is recognized by Nathan? What is the character of the gain? What are the tax consequences and alternatives to Michelle? 2. Is there a difference if Ben sold his entire interest?
Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?
Post beginning balances in ledger accounts (t-accounts) from the December 31, 2009 post-closing trial balance. Prepare journal entries to record each transaction for DeeDee's Designs. (A general journal is provided. Multiple pages will be needed.)
Assume that Lagerfield increases the selling price of hammers by 10% on June 1. How many hammers will have to be sold in June to maintain the same level of net income?
Bond Valuation. A tax- exempt bond was recently issued at an annual 7 percent coupon rate and matures 30 years from today. The par value of the bond is $5,000.
Research and locate a company who was audited by an outside source and explain the method, technique, and findings of an audit.
In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mor..
The budgeted supplies cost is $6.20 per machine-hour. The actual supplies cost for the month was $234,614. The variable overhead efficiency variance for supplies cost is ?
After thirty days, Primo's did not have the cash for payment; therefore, Primo's offer Mulkey a four-month note with 11.5% interest, all payable at the end of the term of the note. Please record the appropriate journal entry establishing the note ..
What are controlling accounts and subsidiary ledgers? What is the relationship between them?
a. Calculate the direct materials price variance for May. b. Calculate the direct materials quantity variance for May. c. Calculate the direct labor wage rate variance for May. d. Calculate the direct labor efficiency variance for May.
Mary bought 100 share of Ford Motor Company stock in 2008 at $40 per share. It is now values in 2010 at $50 per share. How much tax liability will Mary have when she submits her 2010 tax forms to the federal government?
BOND PROBLEM: Red Corp issues $1,000,000, 8% five year bonds with interest paid semiannually. The current market rate of interest is 10%.
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