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Penny, Miesha, and Sabrina transfer property to Owl Corporation for 75% of its stock. Nancy, their attorney, receives 25% of the stock in Owl for legal services rendered in incorporating the business. What are the tax consequences of these transactions? How should this be handled?
Also, owner withdrawals during 2009 totaled $48,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:
Depreciation is recorded on a straight-line basis at end of each fiscal year. The useful life of equipment is five years.
ABC Corp distributed land to its sole shareholder, DEF Corp, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and ABC Corp's adjusted basis in the land was $200,000.
If a plant assests of a manufacturing company are sold at a gain of $820,000 less related taxes of $250,000, and the gain is not considered unusual or infrequent, the income statement for the period would disclose these effects as:
In the same year Nectar sold land costing $50,000 to Lorikeet for $30,000. On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What will be the gain reported on the consolidated income statement for 2005?
Is a restaurant a manufacturing or a service business? Please support your opinion with concepts from our chapter and other sources, referring to variable and fixed costs and examples of items in the three manufacturing inventories. Also, include ..
A debt instrument with no ready market is exchanged for property whose fair market value is currently indeterminable. When such a transaction takes place:
Managers of Wheldon Manufacturing are analyzing variable overhead variances for the fiscal period just ended. The flexible budget called for $80,000 in variable overhead but actual variable overhead was $95,000.
A second-partner review of the audit documentation and financial statements is performed to ensure that the:
The subsidiary has a net operating loss carryover of $400,000 generated four years ago. The parent acquires the net operating loss carryover.
Draft a letter to Apollo Shoes that addresses the following key points; assume the role of an auditor at a local firm when composing the letter.
Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.
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