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LMN Inc. liquidated. As part of the liquidation, one shareholder, Larry, who owned 30 percent of the stock of LMN Inc., received as a distribution in exchange for all of his stock in the corporation, inventory worth $90,000 that had a basis to the corporation of $70,000. How much gain was recognized by LMN Inc. as a result of this liquidating distribution and what was the character of the gain?
Assuming the present value of an annuity due of 1 for 6 years at 10 percent is 4.7908 and the present value of an annuity due of 1 for 6 years at 12 percent is 4.6048, what is the lease liability that Stockton should report on the balance sheet at..
loreal-amerfcan corporation purchased several marketable securities during 2013. at december 31 2013 the company had
In the current year, Donna gives $50,000 cash and $30,000 of stock to Mike. She also gives $40,000 of tax-exempt bonds to Angela. Her husband, Andy, gives $200,000 of land to Angela. Assume the couple elects gift splitting for the current year.
What amount should Mateo Corporation report as inventory in its December 31, 2011, balance sheet?
A record shop gives its customers coupons redeemable for a poster plus a record album. One coupon i issued for each dollar of sales. On the surrender of 100 coupons and $3.00 cash, the poster and alsum are given to the customer.
classification of income statement and retained earnings statement items.the bad debt rate was increased from 1 to 2
natural hair company supplies wigs and hair care products to beauty salons throughout texas and the southwest. the
saba enterprises needs a cash budget for the month of june. the following information is availablethe cash balance on
suppose that you express your discomfort with a certain action or conduct because you consider it to be unethical. when
purchased a copyright for a design for 15000 with a life left on the copyright of 25 year. the estimated remaining
the production manager of rordan corporation has submitted the following forecast of units to be produced by quarter
the zenith manufacturing corporation sells a certain product at a price of 50 each. the variable costs involved in the
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