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Hank inherited tangible personal property in 2012. The property was depreciated by the deceased (Hank’s father), and Hank will also depreciate it. At the date of the deceased’s death, the property was worth $500,000. The deceased had purchased it for $900,000 and taken $600,000 of depreciation on the property. Hank takes $200,000 of depreciation on the property before selling it for $400,000 in 2014. What is the nature of the recognized gain/loss when Hank sells the property?
a. $100,000 ordinary income.
b. $100,000 capital gain.
c. $100,000 capital loss.
d. $100,000 ordinary loss.
Video Planet ("VP") sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have the TV interface with other parts of the customer’..
Prepare an interpretation of the ratio trends for the 3 years computed below; while each of the 14 ratios should be interpreted, an integrated holistic analysis is preferred to a list.
You find short time lags between deposits and withdrawals and large deposits made on Fridays. What should you suspect? List out the things that should not be done in a fraud investigation.
Rachael shock, assistant accountant for Bunbury Instruments Ltd, was finalising the balance sheet of the company as at 30 june 2013 with the accountant of the business, Olle Twist.
A U.S. manufacturer wants to conduct business through a foreign subsidiary organized in a low tax jurisdiction. Explain how might it do so without being currently taxed on the subsidiary’s foreign earnings?
diversified industries is a large conglomerate and is continually in the market for new acquisitions.nbsp the company
Calculate the carrying amount and the tax base for plant and computers as at 30th June 2015 and calculate the total temporary
When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken in during the night and stolen the entire inventory. Accounting records showed that inventory costing $50,000 on January ..
An example of an activity cost pool is
Alpha Company had current assets of $120, and current liabilities of $100. This gives them working capital of $20, and a current ratio of 1.2. What will be the effect of paying off $30 of accounts payable?
Outline the facts of the Centro (ASIC v. Healy) case and explain why ASIC took action against the six Centro non-executive directors. In your answer briefly discuss the role and responsibilities of nonexecutive directors. (1000 word maximum)
frederic chopin corporation is preparing its december 31 2008 balance sheet. the following items may be reported as
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