How much capital gain does jd recognize related to clampett

Assignment Help Financial Accounting
Reference no: EM132882918

Problem 1: Clampett, Inc. has been an S corporation since its inception. On July 15, 2019, Clampett, Inc. distributed $59,500 to J. D. His basis in his Clampett, Inc. stock on January 1, 2019, was $31,900. For 2019, J. D. was allocated $10,950 of ordinary income from Clampett, Inc. and no separately stated items. How much capital gain does J. D. recognize related to Clampett, Inc. in 2019?

Multiple Choice

Option 1: $70,450.
Option 2: $59,500.
Option 3: $20,950.
Option 4: $16,650.
Option 5: None of the choices are correct.

Reference no: EM132882918

Questions Cloud

What is each partner share in partnership profit : What is each partner's share in partnership profit for 20x20? On January 1, 20x20, A, B and C formed ABC Partnership with original capital contribution
Discuss the free cash flow system : Discuss the free cash flow system and share your thoughts stating its importance; then corelate its importance to leveraged buyouts.
How much did willow plc raise from the bond issue : If the bonds was issued at a fair price and the yield to maturity on the bonds was 8%, how much did Willow Plc raise from the bond issue?
What grounded theory is in qualitative research : Discuss what grounded theory is in qualitative research and provide a hypothetical research example that can be used.
How much capital gain does jd recognize related to clampett : How much capital gain does J. D. recognize related to Clampett, Inc. in 2019? Clampett, Inc. has been an S corporation since its inception.
What would be the monthly payment for a seven?-year : What is the? risk-free monthly lease rate for a 7?-year lease in a perfect? market? Suppose an H1200 supercomputer has a cost of $100,000.
Vision statement of organization : Locate the vision statement of an organization of your choice, and explain the vision statement's importance.
Rapid environmental changes on organizations : What is the impact of rapid environmental changes on organizations?
Calculate the expected return for equity holder in maple plc : Calculate the expected return (i.e. cost of capital) for equity holders in Maple Plc. Maple Plc has never paid a dividend, however it has just announced

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd