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Tina and Randy formed the TR Partnership four years ago. Because they decided the company needed some expertise in multimedia presentations, they offered Susan a 1/3 interest in partnership capital and profits if she would come to work for the partnership. On July 1 of the current year, the unrestricted partnership interest (fair market value of $25,000) was transferred to Susan. How should Susan treat the receipt of the partnership interest in the current year?
a. Nontaxable.
b. $25,000 short-term capital gain.
c. $25,000 long-term capital gain.
d. $25,000 ordinary income.
e. None of the above.
Tyson Chandler Company purchased equipment for $10,000. Sales tax on the purchase was $500. Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the ..
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The stockholder's equity accounts of Lawrence Company have the folowing balance on December 31, 2010. Common stock, $10 par, 274,000 shares issued and outstanding $2,740,000, Paid-in capital in excess of par $1,200,000, Retained Earnings $5,600,00..
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The return on MBS is independent of the default rate on the underlying mortgages. True or false and why?
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The market rate of interest for these bonds was 12%. On the first interest date, using the effective-interest method, the debit entry to Bond Interest Expense is for:
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