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Angie McMasters owes Village Community Bank $410,000. Angie is having a tough time meeting the payments on the loan this year, and therefore begins negotiating a plan to extinguish the debt. Angie transfers investment property with a value of $155,000 and common stock with a vale of $150,000 and a basis of $170,000 to Village. Angie also pays Village$15,000 cash. After these negotiations, Village forgives the remaining debt. Before Angie began arbitration with Village, her assets were $500,000 and her liabilities were $540,000. Angie would like to know the tax effects from the extinguishment of the debt. Please examine the related Code and Reg section and court cases and write a memo to the file discussing your findings. Your memo should not exceed 2 pages through the Support section.
texaco inc. has each of the subsequent items on its balance sheet at december 31 2011current asset prepaid expenses
amelie is an employee who uses her personal automobile in connection with her job. during 2013 amelie drove her car a
Should Wendy claim the income exclusion or tax credit and how much tax does she save by using the alternative selected?
She expects to eventually sell those automobiles but expects that they will sell for less than the real cost. Evaluate what tax issues should Judy consider?
question 1 greetings online disposed of a van that cost 22000 with accumulated depreciation of 15000.the journal entry
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How much total combined income tax do Black and George pay in the current year and how much is Sparrow's tax liability for 2011 and How much qualifies for the charitable contribution deduction
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