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Arnold and Barbara Cane were divorced in June 2011. Pursuant to the divorce decree, Arnold is obliged to perform as follows:
• a.Transfer title of their personal home to Barbara. They purchased the house in 1998 and their basis today is $400,000. The fair market value of the house is $500,000. The house is subject to a 25-year, $250,000 mortgage.
• b.Arnold is to continue making payments on the house until it is fully paid off. In 2011, Arnold made payments totaling $18,000.
• c.Arnold is to make $3,000 per month payments to Barbara. Of this amount one-half is for child support. The divorce decree further states that alimony is to cease upon the death of the wife. In 2011, he made six payments.
How do the transactions in the divorce agreement affect Arnold's and Barbara's taxable income.
Risk aversion implies which some securities will go unpurchased in market even if a large risk premium is paid to investors.
What is a steering committee and what role can they play in planning for the acquisition of new computers. What initial actions should this new committee take?
Part 1 On July 1, 2010, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer.
Soldan Corporation purchased a computer on December 31,2011, paying 30,000 down and a further payment due on December 31,2014.An interest rate of 10% is implicit in the purchase price. Soldan uses the Effective method and has December the 31 as y..
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If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
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During 2010, Vaughn Corporation sold merchandise costing $1,500,000 on an installment basis for $2,000,000. The cash receipts related to these sales were collected as follows: 2010, $800,000; 2011, $700,000; 2012, $500,000.
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