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David organizes White Corporation with a transfer of land (basis of $200,000, fair market value of $600,000) that is subject to a mortgage of $150,000. A month before the incorporation, David borrowed $100,000 for personal purposes and gave the bank a lien on the land. White Corporation issues stock worth $350,000 to David and assumes the mortgage of $150,000 and the personal loan of $100,000. What are the tax consequences of the incorporation to David and to White Corporation?
Custom, canned, and modified canned software all have advantages and disadvantages. In this age of increasing computerization, which do you feel will become predominant? Will any of methods be phased out? Does your response vary depending on the t..
Prepare the appropriate journal entry to record the award of SARs on January 1, 2006.
Julie owns 100% and is an active participant in the rental real estate activity. What is Julies taxable income in 2010?
You have an an inventory of women's clothes and also inventory of Hi-Tech equipment like Ipods or cell phones. You are like Walmart. You are nervous in that noone is buying certain woman's clothing in your stock and also noone is buying some of yo..
Describe situations where you have effectively demonstrated each of the forms of communication mentioned. What did you do to help you communicate effectively?
Explain how acceptance of large, high risk audit clients for relatively high audit fees may threaten and audit firm's de facto and perceived independence. Under what circumstances should such prospective clients be avoided?
Determine the cost ratio (retail method) for T games and comics store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000
Prepare in journal form, without explanations, the end of month adjusting entries for Flop's Copy Shop for the month of September. Prepare a partial adjusted trial balance for the accounts provided.
What amount of the acquired net capital loss of $80,000 can be used to offset Gate Corp's net capital gain for 2010?
The Ness Company sells $5,000,000 of five-year, 10% bonds on January 1, 2011. The bonds have an effective yield of 9%.
Assume Mr. Cobb died after Mrs. Cobb and the land was worth $240,000 at this death. What amout was included in his gross estate?
Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale or not? Explain why.
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