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On September 3, 2009, Able purchased S 1244 stock in Red Corporation for $6,000. On December 31, 2009 the stock was worth $8,500. On August 15,2010 Able was notified that the stock was worthless. How should able report this item on his 2009 and 2010 tax returns?
a) 2009-$0; 2010-$6,000 ordinary loss
b) 2009-$0; 2010-$6,000 long term capital loss
c) 2009-$2,500 short-term capital loss; 2010-$8,500 short-term capital loss
d) 2009-$2,500 short-term capital gain; 2010-$3,800 orinary loss
e) none of the above
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Which of the following is not a retrospective-type accounting change?
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Is the proposed change in asset life unethical, or is it simply a good business practice by an astute president?
A company allows its customers to use bank credit cards to charge purchases. When customers use the credit cards, the net amount is deposited in the company's checking account.
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Security A has an expected return of 12.4% with a standard deviation of 15%, and a correlation with the market of 0.85. Security B has an expected return of 0.73% with a standard deviation of 20%, and a correlation with the market of 0.67. The sta..
Aceton Corporation owns 80 percent of the outstanding stock of Voctax, Inc. During the current year, Voctax made $140,000 in sales to Aceton. How does this transfer affect the consolidated statement of cash flows?
What is the latest date Kelley may reinvest in qualifying replacement property to defer recognition of gain as a result of the involuntary conversion?
On April 1, Quality Corporation, a U.S. company, expects to sell merchandise to a French customer in three months, denominating the transaction in euros. On April 1, the spot rate is $1.41 per euro.
If a division is reporting losses, does that necessarily mean that it must be closed? Was the reallocation of the fixed costs across divisions unethical?
H2O Innovations: Identify a new capital project. Describe the project and problems you are going to have in estimating the cash flow that might be emanating from the initial investment and problems in getting it funded. Issues might be:
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