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Amber has a 20% ownership interest in an entity for which she initially contributed $100,000. She is one of the original owners of the business. None of the owners are related. During the life of the business, the following have occurred:
*Cumulative losses of $200,000 during the first three years.
*Profits of $150,000 in the next year.
*Distributions to owners of $75,000 at the end of year 3.
*Distribution to Amber of $60,000 that redeems 25% of her ownership interest at the end of year 4. No other owners redeem any of their ownership interest.
Determine the tax consequences to Amber if the entity is:
a. A partnership
b. An S corporation
c. A C corporation
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Demarcus is a 50% partner in the DJ partner. DJ has taxable income for the year of $200,000. Demarcus received a $75,000 distribution from the partnership. What amount of income related to DJ must Demarcus recognize?
Net loss is $130,000 and the partners have no written partnership agreement.
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What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance and are directly related to audit committees?
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DAN had $2000 beginning balance in utilities payable. he had an ending balance of $4000. Over the course of the period ABC received a bill for utilities for $5000. How much cash did they apy for utilities over the course of teh period?
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