Parking space inc distributed 18000 to speedways inc a 15

Assignment Help Accounting Basics
Reference no: EM13373301

Parking Space Inc. distributed $18,000 to Speedways Inc., a 15 percent shareholder. Parking Space's E&P applicable to Speedways' distribution is $5,000 and Speedways had a basis in its stock of $7,000.

a. How much dividend income does Speedways have?
b. How much and what kind of taxable income does Speedways have because of the distribution?
c. What is Speedways's basis in its stock immediately after the distribution?

Reference no: EM13373301

Questions Cloud

On august 1 2010 dambro co acquired 200 1000 9 bonds at 97 : on august 1 2010 dambro co acquired 200 1000 9 bonds at 97 plus accrued interest. the bonds will be added to dambros
Garcia company began 2010 with net assets of 80000 net : garcia company began 2010 with net assets of 80000. net income calculated by using the capital maintenance concept was
The pricing objective of maximizing : the pricing objective of maximizing profitsnbspnbspnbspnbspnbspnbsp 1 has not been affected by other more socially
Question- milner frosted flakes company offers its : question- milner frosted flakes company offers its customers a pottery cereal bowl if they send in 3 box tops from
Parking space inc distributed 18000 to speedways inc a 15 : parking space inc. distributed 18000 to speedways inc. a 15 percent shareholder. parking spaces eampp applicable to
Supply and demand conceptsyou have been hired by a new firm : supply and demand conceptsyou have been hired by a new firm selling electronic dog feeders. your client has asked you
Question-agee corp acquired a 25 interest in trent co on : question-agee corp. acquired a 25 interest in trent co. on january 1 2010 for 500000. at that time trent had 1000000
Question-on april 1 2007 sas corp purchased and placed in : question-on april 1 2007 sas corp. purchased and placed in service a plant asset. the following information is
Question the following calendar year information about the : question. the following calendar year information about the tahoma corporation is available on december 31advertising

Reviews

Write a Review

Accounting Basics Questions & Answers

  Request pose an ethical dilemma for the controller

(a) Who are the stakeholders in this case? (b) Does the president's request pose an ethical dilemma for the controller? (c) Should the controller be concerned with Ruiz Co.'s growth rate? Explain your answer.

  Percentage-of-completion method in accounting for long-term

UMUC contracted to build a new hotel for $800,000 that will take 3 years to complete. The following information pertains to the contract. UMUC uses the percentage-of-completion method in accounting for long-term contracts.

  An election to have the net capital gain taxed

1. On January 1 of the current year, Scott borrows $80,000, pledging the assets of his business as collateral. He immediately deposits the money in an interest-bearing checking account.

  Realized gain on transaction

Alvin owned a building located in Kansas that he rented to a local business-Alvin built a new building at a cost of $400,000. What is Alvin’s realized gain (loss) on this transaction?

  Determine the cost recovery deductions for the streetlights

Submit a tax file memorandum with proper citations of all sources: I want to see citations of the court case, a revenue procedure, and a specific section of the IRC.

  Advantages and disadvantages of ideal versus normal standard

The comparative advantages and disadvantages of ideal versus normal standards.

  Prepare a cost of goods sold section for year ending

Sales Returns and Allowances $3,000; Freight-out $1,000; and Purchase Returns and Allowances $2,000.The ending merchandise inventory is $25,000. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).

  Rules of debit and credit

Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner?

  Compute the operating income for the olive oil

Better Food Company recently acquired an olive oil processing company that has an annual capacity of 2,000,000 liters and that processed and sold 1,400,000 liters last year at a market price of $4 per liter.

  Advertising supplies expense

Windsor advertising company's trial balance for december 31 shows advertising supplies $6700 and advertising supplies expense $0.on December 31,there are 2700 of supplies on hand. prepare the adjusting entry at December 31.

  Journal entry at date of bond purchase

On January 1, 2009, Roosevelt Company purchased 12% bonds, having a maturity value of $500,000, for $537,907.40. Prepare the journal entry at the date of the bond purchase.

  Prepare journal entries for ownership

Prepare the journal entries that Kramer Corporation should record for these transactions and events. Please show me the calculations.

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