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Sylva transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine has a $40,000 adjusted basis and a $55,000 FMV on the transfer date. $10,000 in depreciation was claimed by Silvia prior to the transfer. Silvia receives all 1,000 shares of Leaf Corporation stock worth $55,000 and a two-year note with a $5,000 FMV. What is the amount and character of the recognized gain or loss?
A) $15,000 ordinary incomeB) $15,000 capital gainC) $5,000 ordinary incomeD) $5,000 capital gain
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
Modern Mother Magazine has received cash subscriptions on April 1, 2009 in the amount of $3,600,000 for the next three years. Their year-end is December 31, 2009.
How much should she invest in the money market account each year for the next 8 years to achieve her objective? How much would she need as a lump sum payment to compound to $20,000 in 8 years at 6.35% annual rate?
Perform an Internet search using the term, flexible budgets, and locate an article (from 2012) from the results of your search.
The budgeted unit sales of Haerve Company for the upcoming fiscal year are provided below: Prepare the company's selling and administrative expense budget for the upcoming fiscal year.
For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?
Because of Wyatt's loyalty, Julie would like him to have shares in the corporation. What are the relevant tax issues?
Jimmy owns a trucking business. During the current year he incurred the following:
Pick a country of your choice that is experiencing population growth.(I picked Mexico City,Mexico;18,131,000 in 2007, r is 1.7% expected to double in 40 years (0.69/0.017=40.6) pop. growth rate 1.142%(2008 est) find the most recent population coun..
Imagine you are the Director of Internal Audit and executive management has asked you to work with the Chief Information Officer to evaluate the security over Information Technology.
At the end of its first year, the trial balance of Wooster Company shows Equipment $32,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense.
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