Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Research Problem- Shelly Zumaya (2220 East Hennepin Avenue, Minneapolis, MN 55413) is the president and sole shareholder of Kiwi Corporation (stock basis of $400,000). Incorporated in 2004, Kiwi Corporation's sole business has consisted of the purchase and resale of used farming equipment. In December 2013, Kiwi trans- ferred its entire inventory (basis of $1.2 million) to Shelly in a transaction described by the parties as a sale. According to Shelly and collaborated by the minutes of the board of directors, the inventory was sold to her for the sum of $2 million, the fair market value of the inventory. The terms of the sale provided that Shelly would pay Kiwi Corporation the $2 million at some future date. This debt obligation was not evidenced by a promissory note, and to date, Shelly has made no payments (princi- pal or interest) on the obligation. The inventory transfer was not reported on Kiwi's 2013 tax return, either as a sale or a distribution. After the transfer of the inventory to Shelly, Kiwi Corporation had no remaining assets and ceased to conduct any business. Kiwi did not formally liquidate under state law. Upon an audit of Kiwi Corporation's 2013 tax return, the IRS asserted that the transfer of inventory consti- tuted a liquidation of Kiwi and, as such, that the corporation recognized a gain on the liquidating distribution in the amount of $800,000 [$2 million (fair market value) - $1.2 million (inventory basis)]. Further, because Kiwi Corporation is devoid of assets, the IRS assessed the entire tax liability against Shelly, based on transferee liability. Finally, the IRS assessed a tax due from Shelly for her gain recognized in the purported liquidating distribution. Shelly has contacted you regarding the IRS's determination. Prepare a letter to Shelly Zumaya and a memo for the file, documenting your research.
Prepare an IFE Matrix for McDonalds. Summarize your observations, including strategic implications as a result of the IFE and Financial Ratio analysis.
how can workplace culture affect women experiencing sexual harrassment.list some ways in which workplace culture can
Where were some legal aspects or issues to be considered by the employee and/or the organization
show stratagic management auto zoneplease help me understand how you would define auto zones industry? would you
The founders of Samanta Shoes use variable costing in their business decisions. If Samanta Shoes used absorption costing, would you expect the company's income to be more than, less than, or about the same as its income measured under variable co..
What is the agency's structure? What is the organization's effect on health care? What is an example of the agency carrying out its duties?
Using the project you created in Unit 1 Individual Assignment, put together a proposal for the customer that includes the following: Briefly Explain the first five points of the Project Scope Checklist in relation to your project:
Emerging Media Communications and Social Media in the Workplace - Explain the future implications of emerging and existing media for global communications.
Explain what are some definitions of change management and discuss how they can be applied in solving opportunities during change.
Determine the impact of the company's mission, vision, and primary stakeholders on its overall success.
What specific steps can organizations take to ensure that bilingual workers? skills are compensated when these skills are job relevant, in order to encourage bilingualism among employees and to reduce resistance to Spanish speakers?
what do you think the criteria should be for determining if a leader is indeed effective?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd