Pursuant to a complete liquidation in the current year

Assignment Help Accounting Basics
Reference no: EM13597452

Pursuant to a complete liquidation in the current year, Oriole Corporation distributes to Samantha land held for four years as an investment (basis of $225,000), fair market balue of $480,000). The land is subject to a liability of $150,000. Samantha, who owned 20% of the Oriole shares outstanding had a basis of $90,000 in the stock. What are the tax consequences of the liquidating distribution to Oriole Corporation and to Samantha?

Reference no: EM13597452

Questions Cloud

Lyons company consists of two divisions a and b lyons : lyons company consists of two divisions a and b. lyons company reported a contribution margin of 50000 for division a
Division x of charter corporation makes and sells a single : division x of charter corporation makes and sells a single product thats used by manufacturers of forklift trucks.
Wat is the journal entry here on the dog companys books : what is the journal entry here on the dog companys books? sony pictures hires the dog company to design a dog park.
Hoi chong transport ltd operates a fleet of delivery trucks : hoi chong transport ltd. operates a fleet of delivery trucks in singapore. the company has determined that if a truck
Pursuant to a complete liquidation in the current year : pursuant to a complete liquidation in the current year oriole corporation distributes to samantha land held for four
The company had no beginning inventories of any kind on : cole laboratories makes and sells a lawn fertilizer called fastgro. the company has developed standard costs for one
Leeds architectural consultants uses a job-order costing : leeds architectural consultants uses a job-order costing system and applies studio overhead to jobs on the basis of
Using a plantwide allocation system with machine hours as : x company has two production departments a and b. at the start of the year the following budgeted information is
Current assets are 70000 noncurrent asset are 150000 : current assets are 70000 noncurrent asset are 150000 current liabilities are 40000 and long-term liabilities are

Reviews

Write a Review

Accounting Basics Questions & Answers

  Two divisions of a cmi are involved in a dispute division a

two divisions of a cmi are involved in a dispute. division a purchases part 101 and division b purchases part 201 from

  Purchases of merchandise problem

When purchases of merchandise are made for cash, the transaction:

  Chetek corp has an roi of 15 and a residual income of 10000

1 chetek corp. has an roi of 15 and a residual income of 10000. if operating income equals 30000 what is average

  Wilson company has 100000 in an investment paying 6

wilson company has 100000 in an investment paying 6 percent per annum. each year wilson incurs 1200 of expenses related

  Investigate the extent of auditor involvement in accounting

words at least 9000 ltbrgtintroduction ltbrgtgenerally when the accounting fraud was revealed finger would be pointed

  What happens to contribution margin per unit

Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect cont..

  The steps involved in the purchases cycle and the importance

The steps involved in the purchases cycle and the importance of each

  Create a time-line spreadsheet which will show the present

assume that a large copy machine is being purchased by your employer. the cost is 200.000. the manufacturer claims it

  Shepherd cycles sells a variety of bicycles

Shepherd Cycles sells a variety of bicycles. The business which uses the FIFO method, began the last quarter of 2013 (October 1 to December 31) with 20 "Iron Man 2" bicycles at a total cost of $122,000. During the quarter, the company complete..

  What is most unusual about the balance sheet

1. What is most unusual about the balance sheet? 2. Compute trend percentages for net sales and net income. Use 2003 as the base year. Which trend percentage looks strange? Explain your answer.

  Total cash received on the issue date

Farmer Company issues $10,000,000 of 10-year, 9% bonds on March 1, 2010 at 97 plus accrued interest. The bonds are dated January 1, 2010, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

  Gwynne supply co has the following transactions related to

gwynne supply co. has the following transactions related to notes receivable during the last 2 months of the year. 1.

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