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Sai Wing Mock and John Tuhi were partners in a 30 minute oil change business. One of their vendors gave them several state scratch-off lottery tickets as a gift. One of the tickets turned out to be a winning ticket worth $1 Million. State law limited the payment of the lottery proceeds to a single, individual person. Accordingly, Mock and Tuhi executed a separate ownership agreement in the ticket. The agreement provided that Mock and Tuhi owned the ticket in equal shares. Mock cashed in the ticket, and gave $500,000 to Tuhi. Who owes income tax on the winnings? Did Mock make a gift to Tuhi?
a corporation issues 1500 shares of common stock for 32000. the stock has a stated value of 10 per share. the journal
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $408,000 for April and $485,000 for May. Cost of goods sold is expected to be 64% of sales.
Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Kasi's basis in the partnership interest is:
american medical instruments produces a variety of medical products at its plant in minneapolis. the company has sales
What is data redundancy? We know that the normalization breaks up large tables into smaller more manageable tables.
What section of the annual report can you find explanation for increase/decrease in sales and earnings?
centennial tours is trying to decide which one of two tours it will introduce. the costs and revenues associated with
Jill Morris is presently leasing a small business computer from Eller Office Equipment Company. The lease requires 10 annual payments of $4,000 at the end of each year and provides the lessor (Eller) with an 8% return on its investment. You may us..
question original question the net income for the year ended december 31 2011 for tax consultants inc. was 720000.
varton corp. acquired all of the voting common stock of caleb co. on january 1 2011. varton owned some land with a book
Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?
a company is considering investing in an exercise machine that costs 5000 and would increase revenues by 1500 a year
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