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On September 30, Silver Corporation, a calendar taxpayer, sold a parcel of land (basis of $400,000) for a $1 million note. The note is payable in five installments, with the first payment due next year. Because Silver did not elect out of the installment method, none of the $600,000 gain is taxed this year. Silver Corporation had a $300,000 deficit in accumulated E & P at the beginning of the year. Before considering the effect of the land sale, Silver had a deficit in current E & P of $50,000. Sam, the sole shareholder of Silver, has a basis of $200,000 in his stock. If Silver distributes $900,000 to Sam on December 31, how much income must he report for tax purposes?
starmart manufactures skateboards. the company has a highly automated production process so itallocates manufacturing
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during the year samuels company reported net income of 300000 including amortization of intangible assets of 66000
The cost of which of the following expenses is NOT deductible as a medical expense on Schedule A, before the 7.5% of adjusted gross income limitation?
during 2010 vitos corporation engaged in two complex transactions to improve the business- selling off a division and
Amazon.com's financial statements in Appendix A at the end of this book reveal some interesting relationships. Answer these questions about Amazon.com:
rensing groomers is in the dog-grooming business. its operating costs are described by the following formulasgrooming
How can I calculate the amount of revenue recognized in April under the cash basis and accrual basis of accounting?
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suppose you are a management consultant and a client asks you the advantages and disadvantages of using standard costs
erlanger company uses a job order cost accounting system. on november 1 15000 of direct materials and 3500of indirect
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