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1. Katrina owns 100% of Money Corporation's stock. Katrina's basis in the stock is $8,000. Money Corporation has E&P of $40,000. If Money Corporation redeems 60% of Katrina's stock for $50,000, Katrina must report dividend income of
A. $8,000
B. $40,000
C. $50,000
D. $0
E. None of the above
2. Dodge Inc., has taxable income of $10 million this year. Which is the maximum DPAD tax savings for this C Corporation?
A. $0
B. $204,000
C. $210,000
D. $306,000
E. $900,000
3. Puzzle Corporation has average gross receipts of $5.6 million, $4.6 million, and $4.7 million in 2012, 2013, and 2014, respectively. Puzzle is
A. not subject to the corporate income tax
B. a small corporation with respect to the AMT
C. subject to the AMT
D. not a small corporation with respect to the AMT
E. None of the above.
In no more than one page, discuss the pros and cons of each possible revenue recognition point and provide a conclusion as to when you believe a company, like Sony in this example, should recognize revenue.
Bob Martin, P.A., collected cash on account from a client for whom the business had provided delivery services one month earlier.
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Price consists of land $10,000; building $22,000; and equipment $6,000. (Make one compound entry.) 5 Advertised the opening of the driving range and miniature
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question 1. the actual costs and standard costs for direct materials for the manufacture of 2500 actual units of
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What is the appropriate number of shares to be used in the basic earnings-per-share computation for 2011?
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