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When Gail dies, she owns 100% of the stock of an S corporation, with an adjusted basis of $10,000 and FMV of $100,000. The adjusted basis and FMV of the assets inside the S corporation are the same amounts as for Gail's stock. Gail's son Phil inherits all of the stock, but does not wish to continue the business. Therefore, the S corporation sells the assets, resulting in a $90,000 capital gain, and liquidates. Assuming that Phil is subject to a marginal tax rate of 30%, what taxes are due?
a) $0.
b) $25,000.
c) $27,000.
d) $30,000.
Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, accelerated depreciation is used and Orkin may deduct 14% for 2012.
Assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?
On January 1, 2010, Branson Designers issued $900 Million of its 8% bonds $836 million. The bonds were then prices to yield 10%. The interest will be payable on June 30 and December 31.
What are intangible assets? Can you provide a few examples? Why are these important, and how are they recorded?
Explain the differences between manual and system controls. Which type of control is preferable and why? Give an example of each of these controls that you encounter in your daily life.
Prepare a schedule translating the trial balance from Norwegian kroner into U.S. dollars. Assume the kroner is the functional currency.
Explain in detail a post-closing trial balance, how it relates to the practice of accounting and its uses in business?
The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.
On his deathbed, Chester gave his live-in caregiver $5,113,000 of listed bonds, incurring a gift tax liability of $35,000. After Chester died, the executor of his will filed a gift tax return and remitted the gift tax to the IRS. Assume Chester's ..
Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, t..
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