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Dean and Robin owned a family business, each holding the shares as community property. When they were divorced in 2011, the court did not force them to split the shares, citing damage to the business that could occur if the public learned that ownership of the enterprise was changing. Now it is 2014, and Robin wants to remarry. She and her new husband want to have the business retitle one-half of the shares in Robin’s name only. The original divorce court agrees in 2014. Is this transfer subject to income tax? Is it subject to gift tax? Support your answer.
information that a listed company has incurred exceptionally high losses during a financial year has been disclosed.
contributions of fixed assets may affect more than one type of fund. discovery barn a not-for-profit science center for
Most of Grinkov's sales are made on a 2-year installment basis. Indicate how these accounts would be reported in Grinkov's December 31, 2010, balance sheet. The 2009 accounts are collectible in 2011, and the 2010 accounts are collectible in 2012.
Santana Rey expects second quarter 2012 sales of her new line of computer furniture to be the same as the first quarter sales (reported below) without any changes in strategy. Monthly sales averaged 40 desk units (sales price of $1,250) and 20..
At the beginning of July, CD City has a balance in inventory of $2,925. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,860, terms 3/10, n/30. July 4 Pay freight charges related t..
Prepare a memorandum setting out, with full supporting reasons and reference to relevant provisions of the Income Tax Act, the potential taxation consequences arising from the proposed transaction from the perspectives of both ART (Pty) Ltd and RK..
Net sales for the period was $45,000 and cost of sales was $28,000. Compute the gross profit percentage for the current year. What does this ratio measure?
Determine amount of the amortization or depletion expense for the current year for each of the foregoing items.
on january 1 2012 tiggy company purchased the following two machines for use in its production process.nbspmachine a
Determine how the disclosure should be treated in this instance. Examine what effect this would have on the financial statements.
To write-off an AR account between afilliates, the journal entry, before consolidating, in the books of the company carrying the accounts receivable, would be debit to retained earnings as well as credit to accounts receivable? If not, what would ..
question in verifying investing cycle balances a cpa identify that the subsequent misstatements may occur or exist1. a
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