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Leon owns all six hundred (600) shares of the outstanding stock of Crane Corporation (Earnings And Profits (E&P) of $1,000,000). Leon had acquired the stock ten (10) years ago for $450,000. Crane Corporation, which has several trades or businesses that it has developed and operated for more than five (5) years, sells one (1) of those trades or businesses and, in a transaction qualifying as a partial liquidation [under Section 302(b)(4)], redeems two hundred (200) shares of Leon's stock for $500,000. As a result of this transaction, Leon must recognize:
(a) $500,000 Long-Term Capital Gain.
(b) $500,000 Dividend Income.
(c) $350,000 Long-Term Capital Gain.
(d) $350,000 Dividend Income.
Johnson alarm systems had $800,000 of retained earnings on December 31, 2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003.
On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
Assume that the brand manager forecasts upcoming sales of SUSI to be 150,000 units, and that there are 35,000 units of SUSI in inventory
Stock Options, Prepare the necessary entries from 1/1/10-2/1/12 for the following events using the fair value method. If no entry is needed, write "No Entry Necessary."
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%.
What is meant by the net realizable value for accounts receivable? What is aging of accounts receivable, and how is it used to account for uncollectible accounts? How is the accounts receivable turnover computed? What information does this ratio prov..
The Malbim Company uses a process costing system and adds materials at the beginning. July 1st has 400 units in the beginning inventory (100% materials). The units in beginning inventory (July 1) are only 75% complete on conversion costs-Calculate..
First assume that all of the deferred money and accumulated interest is paid out along with the final salary payment at the end of 2012. Use 5.5% as the discount rate. What is the present value (as of the signing date) of Ichiro's contract under t..
The quantity demanded falls to 300 units per week. Use the formula for arc elasticity to compute elasticity along this portion of the curve.
The quantity purchased is used in computing the direct materials price variance because you are looking for the difference in the price of materials for the job
Prepare the journal entries that should be made to record the expenditure of $100,000 on activities related to the legal assistance program. Prepare the journal entries that should be made upon receipt of the $100,000 check, assuming that it was r..
The ability to add ghost employees to a company's payroll system is often the result of a breakdown in internal controls. What internal controls prevent an individual from adding fictitious employees to payroll records?
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