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1) Ethyl owns an undeveloped parcel of investment parcel of investment real estate, Blackacre, with a value of $100,000 and a tax basis of $10,000. Fred owns Greenacre, which has the same character, value and basis. Both parcels have been owned for years. Ethyl and Fred form a partnership, contributing their respective parcels. The partnership holds the parcels for investment.a) How are Ethyl, Fred, and the partnership taxed on the formation of the partnership?b) If Ethyl were to sell her interest six months later for $150,000, how much would she be taxed?c) If the partnership were to sell Blackacre six months after the formation of the partnership for $150,000, how would the partnership measure and characterize any recognized gain or loss?d) How should the gain be allocated between Ethyl and Fred?
In November and December 2007, ABC Company received $75,000 for 1,000 three-year subscriptions at $25 per year starting with the January 2008 issue. What amount should ABC report in its 2007 income statement for Subscriptions Revenue
Prepare the general journal entries to record the share issue and the purchase of the land and building on January 1 and the amortization expense on December 31, 20B.
Quest Tech, Inc. manufactures and sells specialized data storage equipment and services to entertainment and media companies.
For the Cook County Company, the average age of accounts receivable is 60 days, the average age of accounts payable is 45 days, and the average age of inventory is 72 days. Assuming a 365-day year, what is the length of the firm's cash conversion ..
Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. What is the controlling interest in consolidated net income for 2010?
Using the appropriate interest table, answer each of the following questions.
Blocker, Inc. had $10,000 of notes coming due on January 10, 2011- how much of the $10,000 note should be shown as current?
Espinosa Co. has a loss contingency to accrue. The loss amount can only be reasonably estimated within a range of outcomes. No single amount within the range is a better estimate than any other amount. The amount of loss accrual should be:
On December 15, 2009, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance..
A trial balance prepared by an inexperienced accountant showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error?
Sales taxes amount to $400 and the company paid an extra $300 to have a special horn installed. What should be the recorded cost of the van?
On January 1, Gull Corporation (a calendar year taxpayer) has accumulated E & P of $200,000. During the year, Gull incurs a net loss of $280,000 from operations that accrues ratably. On June 30, Gull distributes $120,000 to Sharon, its sole shareh..
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