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1- Larry has 100,000 shares outstanding that are worth $10 per share. It uses 32% of its stock, plus $80,000 to acquire Price Corporation in a Type A reorganization. Price's assets are valued at $400,000, and its accumulated earnings and profits are $25,000 at the time of the reorganization. The Larry shares and cash are distributed to the Price shareholders as follows. Jake (owning 62.5% of Price) receives 18,000 shares (value $180,000) and $70,000. Kara (owning 37.5% of Price) receives 14,000 shares (value $140,000) and $10,000. Jake and Kara each recognize gains to the extent of the cash they received. What is the character of Jake and Kara's gains? 2 - Fred is the sole shareholder of Ponce Corporation, having a basis of $90,000 in 1,000 shares of Ponce common stock. Last year, Ponce (E & P of $500,000) issued a dividend of 2,000 shares of preferred stock to Fred. On the date of distribution, the fair market values per share of the common and preferred stocks were $160 and $20, respectively. In the current year, Ponce (E & P of $720,000) redeems all of Fred's preferred stock for its fair market value of $40,000. (I) What are the tax consequences of the preferred stock dividend to Fred? (II) What are the tax consequences of the stock redemption to Fred? (III) What are the tax consequences of the stock redemption to Ponce?
What is your conclusion about the fairness of the recorded balance in accounts payable for pinnacle manufacturing as it affects the income statement and balance sheet?
requirement 1 in millions 2011 2012 2013contract price 340 340 340actual costs to date 70 150 200estimated costs to
Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.
The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the annual net income?
write a 750- to 1050-word paper in apa format including citations and references summarizing your ideas about internal
Determine the variable cost per order shipped - determine the fixed shipping costs per quarter.
the topic for your research is based on current literature and you are to identify the basic provisions of the
The parent company acquires all of a subsidary's common stock but only 70 percent of its preferred shares. This preferred stock pays a 7 percent annual cumulative dividend. No dividends are in arrears at the current time. How is the noncontrolling..
in the current year alice reports 150000 of salary income 20000 of income from activity x and 35000 and 15000 losses
Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October follows:
write a report on internal controls.include the following an introduction to internal controls explain the two primary
Globe uses a traditional costing system and assigns overhead based on direct labor hours. Each unit of B2 would be assigned overhead of:
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