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The stock of Kenny Corp. is owned equally by two brothers. During 2008, they transferred land (which had a basis of $300,000 and a fair market value of $320,000) as a contribution to capital to Kenny Corp. During September, 2014, Kenny Corp. adopted a plan of complete liquidation and in December 2014 made a pro rata distribution of land back to the brothers. At the time of the liquidating distribution, the land had a fair market value of $180,000. What amount of loss can be recognized by Kenny Corp. on the distribution of land?
A. $0. B. $20,000. C. $120,000. D. $140,000.
In no more than two typed pages, address the following questions related to your selected company: What is the company’s principal lime of business and major competitors? Calculate the 8 ratios for the current year. Investment decision: Provide a sta..
Gamison leased a fleet of trucks. The lease is for 5 years and commenced on 1st July 2013. The annual rentals are $62,000 and are made on 1st July each year with the first rental being paid on 1st July 2013. Assuming that as a finance lease calculate..
How many students are needed in order to achieve breakeven. - How many classes need to be taught in order to achieve breakeven.
Swasey, Inc. manufactures six models of leaf blowers and weed eaters. Prepare a sales budget by product and in total for Swasey, Inc. for the coming year.
Profits and losses were to be shared: Ralie three-fifths, Kadio two-fifths. It was agreed that each party would record his own transactions only.
The Tijama Manufacturing Company has determined the cost of manufacturing a unit of product to be as follows, based on normal production of 50,000 units per year: Direct materials $20.00 Direct labor 15.00 Variable factory overhead 10.00 $45.00 Fixed..
In mid- 2014 due to dramatic increases in profits, the stock reached a market value of $90 per share. The board of directors approved a 2- for -1 split. After the stock split, what will the balance sheet show as the par value of common stock?
What is the real future value of $10,000 which will sit in a savings account for 20 years, earning 4% interest compounded yearly during a period of 4% annual inflation?
Describe the major weakness of the performance report and describe clearly why all the variances for the variable expenses are unfavorable (U).
If we have complex contracting problems and rather cumbersome transactions costs, would we want contact for inputs, or vertically integrate?
Determine the indirect labor cost per unit allocated to cell phones and tablet PCs under a single plantwide factory overhead rate system using the direct labor hours as the allocation base.
the total amount of interest incurred by Clay during Year 8 was $102,000. Illustrate what amount should Clay report as capitalized interest at December 31, Year 8?
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