User Account

All Pages

How much income does Abe recognize

Assignment Help Accounting Basics
Reference no: EM132549940

Question - ACE is an S corporation whose sole shareholder is Abe. After considering the current year's income Abe has a basis is his stock of $120,000 and ACE has $200,000 in its accumulated adjustments account. ACE distributes property to Abe on the last day of the tax year with an adjusted basis of $80,000 and fair market value of $40,000. How much income does Abe recognize from this distribution?

a. $0.

b. $40,000.

c. $80,000.

d. $200,000.

Reference no: EM132549940

Questions Cloud

Placement of a tool crib in plant : Compose an email to your manager, Betty Davis-Brown, comparing the costs and benefits of two options being considered
Describe products or services firm will offer for sale : Describe briefly the products or services your firm will offer for sale. Would you extend trade credit to your customer? why or why not?
What source of power is most aligned with empathy : What Source of Power is most aligned with empathy? Why?
State whether safe boards ltd can classify the teleco bonds : State whether Safe Boards Ltd can classify the Teleco bonds as being measured at amortised cost. If measured at amortised cost
How much income does Abe recognize : ACE is an S corporation whose sole shareholder is Abe. How much income does Abe recognize from this distribution
Why is data security important now more than ever : When a business/firm grows and has their data in different places and on different documents/spreadsheets
What is the impact of the transaction on the profit account : Irwin Company obtained a five-year, €100,000 bank,What is the impact of the transaction on the profit and loss account of the year x1?
Stakeholders than do for-profit managers : Do you think non-profit managers have to pay more attention to stakeholders than do for-profit managers? Explain.
Define organizational control-balanced score card approach : Please define "organizational control", explain briefly the balanced score card approach, and provide exemplar measures for each dimension

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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