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General Inertia Corporation made a pro rata distribution of $50,000 to Tiara, Inc. in partial liquidation of the company on December 31, 20X3. Tiara, Inc. owns 500 shares of General Inertia. The distribution was in exchange for 250 shares of Tiara's stock in the company. After the partial liquidation, Tiara continued to own 50% of the remaining stock in General Inertia. At the time of the distribution, the shares had a fair market value of $200 per share. Tiara's income tax basis in the shares was $100 per share. General Inertia had total E&P of $800,000 at the time of the distribution. What amount of dividend or capital gain does Tiara recognize as a result of the transaction? Tiara does not recognize any dividend income or capital gain. Tiara recognizes capital gain of $50,000. Tiara recognizes dividend income of $50,000. Tiara recognizes capital gain of $25,000.
Which of the following is a capital asset? a) The bicycle of a 10-year old child. The child purchased the bicycle with money inherited from an aunt. b) The tools used by a self-employed carpenter.
abc budgeted monthly sales are 4000. 40 of its customers pay in the first month and take the 3 discount. the remaining
regal flair enterprise has two product lines jewelry and womens apparel. cost and revenue data for each product line
the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
Penn accordingly accounted for this lease transaction as a capital lease. The lease payments were determined to have a present value of $671,008 at an effective interest rate of 8%. With respect to this capitalized lease, Penn should record for 20..
kenner company produces two products sr200 and tx500. budged sales for four months are as followssr200
The land had a cost of $350,000. The adjustment in the reconciliation, when moving from the governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statemen..
On January 1, 2011, Nana Company paid $100,000 for 8,000 shares of Papa Company common stock. These securities were classified as trading securities.
safe n bright inc. produces outside doors for installation on homes. the following information was gathered to prepare
An electing S corporation has a $30,000 ordinary loss for the non-leap year. On January 1, Beverly and Sonya own equally all of the S corporation stock. On the 146th day of the year, Beverly gives her one-half of the S corporation stock to her dau..
Mark typically works 40 hours/week at $15/hour regular pay and receives four weeks of vacation. This week he worked 50 hours as his employer asked him to work Saturday to take care of the Christmas backlog. Determine the following: 1. The amount o..
miller corporation began operations on january 1 2014 with a beginning inventory of 10600 at cost and 14000 at retail.
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