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1) Bob forms a corporation for his shoe cobbling business "Shoes R Us" ("SR Corp"). SR Corp in its first year has $100k earnings and profits (who thought cobbling could do this???). Bob owns all 1,000 shares of SR Corp. Bob has a basis in his shares of $50k. SR Corp distributes to Bob $200k at the end of year 1. -What are the tax ramifications to Bob? -What are the tax ramifications to SR Corp? 2) Jill forms T corporation and it has -$500k of accumulated E and P, but $50k of current E and P. T corp distributes $100k to Jill in the current year. Jill has $25k basis in the stock. -What are the tax ramifications to Jill? -What are the tax ramifications to T corp? 3) Z corp has one class of shares, and good old Billy owns all 1,000 of them. He has a stock basis of $10,000 ($10/share) that he acquired on January 1, 2012. On January 20, 2014 Z does a 2/1 stock split, thus distributing 1,000 new shares to Billy. -What are the tax ramifications to Billy? -What are the tax ramifications to Z corp?
research the history of process costing in the united states. when did it begin to be used in manufacturing companies?
Determine the total bond interest expense to be recognized over the bonds' life.
1. discuss the importance of each financial statement including the balance sheet income statement and statement of
nancy company has budgeted sales of 750000 with the following budgeted costsnbspnbspnbspnbspnbspnbspnbsp direct
Firm has forecasted sales of $3,000 in April, $4,500 in May and $6,500 in June. All sales are on credit. 30% is collected the month of sale and the remainder the following month. What will be balance in accounts receivable at the beginning of J..
XYZ Corporation distributed land to its sole shareholder in a liquidating distribution. At the time of the distribution, the land had a fair market value of $120,000.
Write off a further sum of Rs 200 as bad debts from the debtors - Salaries Rs 600 and taxes Rs 400 are outstanding - you are required to prepare a Trading and Profit and Loss Account for the year ended
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
the manufacturing overhead budget of inch corporation is based on budgeted direct labor hours. the september direct
What is Graysons net short-term capital gain or loss from these transactions and what is Graysons net long-term gain or loss from these transactions?
The old machine has an adjusted basis of $36,000 and the new machine has a fair market value of $80,000. What is the recognized gain or loss and the basis of the new machine?
If a company uses the balance sheet approach to estimate bad debt expense, bad debt expense for a period can be determined by:
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