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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
review these sentences and correct if you see any mistakes.
given that, for H2C2O4(aq), Ka1 = 6.5 x 10-2 and Ka2 = 6.1 x 10-5. Don't forget that Kw = 1 x 10-14.
The flotation costs associated with the new issue were 6 percent and diggin tools marginal tax rate is 30 percent. Illustrate what is diggin tools cost of preferred stock r ps?
a) Journalize the transaction, events, and closing entries b) Enter the beginning balances in the accounts, and post to the stockholders' equity accounts c) Prepare a retained earnings statement for the year d) Prepare a stockholders' equity section ..
For the reaction 2HCl + Na2CO3 to 2NaCl + H2O + CO2 what volume of 0.45 M HCl solution would be needed to produce 2.5 L of CO2 at STP?
Students fascinated with your explanation and eager to learn more, ask about the shape of the demand and supply curve in each industry. Provide a demand and supply graph for each industry to explain. Label equilibrium price and quantity.
Describe an instance when you sent an electronic message without thoroughly reviewing it before hitting "send". What could you have done differently
Patient does not have disease occurs 1% of the time. If a randomly selected individual is positive what is the probability that the individual has the disease?
Consider the statement by Mayor Jerry Abramson about the Louisville Checkbook: With a few clicks, Louisville, KY residents can now see exactly how city government is spending their tax dollars Do you agree or disagree with this statement? Defend y..
evaluate the opportunity costs for Damien Chrysler for failure to accept a proposal from within to manufacture a vehicle for the Indian market and suggest ways that opportunity cost can be minimized.
What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?
Analyze the tax implications of capital gains and/or losses based on the following case study. Apply the IRS codes to calculate adjusted gross income for individuals. Support your conclusions with reference to specific IRS codes and regulations.
Torrid Romance Publishers has total receivables of $2,820, which represents 20 days' sales. Total assets are $70,500. The firm's operating profit margin is 6.0%. Find the firm's asset turnover ratio and ROA. (Use 365 days in a year. Do not round i..
What is the basic relationship between interest rates and bond prices, and why does the relationship exist?
During the year, Xero, Inc., experienced increase in net fixed assets of $300,000 and had depreciation of $200,000. If operating cash flow (OCF) for the year was $700,000, compute firm's free cash flow (FCF) for the year.
A certain airplane has two independent alternators to provide electrical power.The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the othe..
How does activity-based costing differ from other forms of costing? What about activity-based management? Are activity-based costing and management suitable to all companies? Why or why not?
The break even or cost volume profit (CVP) model is based on a number of assumptions. Discuss these assumptions and whether or not they are correct in the real world. Finally, discuss how CVP analysis can be useful in planning. Describe the advant..
What are the primary securities market and the secondary securities market? Identify two securities exchanges and how they influence trading and the investor.
Trent paid cash dividends of $160,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Trent's net income for 2010 was $360,000. What is the balance in Agee's investment account at the end of 2010?
State law requires the depreciation be charged to principal. What part of the depreciation deduction will be allocated to Mark?
Discuss the four elements of the budgeting cycle. What are the human aspects of budgeting? Do you have a budget for personal expenses? Does it work?
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