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1. Anna transferred land with an adjusted basis to her of $20,000 and a fair market value of $56,000 to Elm Corporation in exchange for 100% of Elm Corporation's only class of stock. The land was subject to a liability of $26,000, which Elm assumed for legitimate business purposes. The fair market value of Elm's stock at the time of the transfer was $30,000. What is the amount of Anna's recognized gain? Explain. 2. John Smith transferred money and property to Corporation X solely in exchange for stock in X. Immediately after the exchange, John owned 80% of the total combined voting power of all classes of stock entitled to vote and 51% of all other classes of stock. No gain or loss will be recognized by John or X. True or False - explain. 3. If a shareholder of a controlled or solely owned corporation receives no additional shares for a contribution of property to the corporation, the basis of the property received by the corporation is the same as it was to the shareholder. True or False - explain! 4. A corporation's holding period for an asset received in a nontaxable capital contribution includes the time the asset was held by the transferor. True false - explain! 5. Michael contributes equipment with a $25,000 adjusted basis and a $40,000 FMV to Miller Corporation for 25 of its 50 shares of stock. His son, Michael Jr., contributes $10,000 cash for the remaining 25 Miller shares. What tax issues should Michael and his son consider with respect to the stock acquisitions?
what is the journal entry to record the purchase of treasury stock on feburary 1, 2001 ?
The Illinois company manufacturers a product that goes through three processing departments.
Dousman Company reports the total costs at two levels of production - Classify cost as variable, fixed, or mixed.
What is the correct cash balance as of the end of the month? Verify this amount by reconciling the bank statement with the cash balance on the books.
Journalize the entries to record (a) the flow of costs into the Refining Department during the period for
A company established a petty cash fund of $100 on September 1. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
The land had a cost of $350,000. The adjustment in the reconciliation, when moving from the governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statemen..
The total assets of Yap Co. are $600,000 and its liabilities are equal to two-thirds of its total assets.What is the amount of Yap Co.'s stockholders' equity?
As a senior manager of your information technology group, discuss how you would demonstrate, by example, the importance of security and then propose a method for creating a "security aware" culture. Provide specific examples to support your respon..
craigs cars has assets of 4550 and stockholders equity of 3200. what is the amount of liabilities? what is the amount
the industry average is about 75 days. the firm has also experienced an increase in its business in the last 2 years
Prepare a direct materials purchases budget of fabric for ht last quarter of the year showing purchases in units and in dollars for each month and for the quarter in total.
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