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Rosa owns 30% of Pine Corporation's stock (basis of $50,000) and the other 70% was recently purchased by Arvid (basis of $620,000). Pine enters into a reorganization with Lodgepole Corporation, in which Rosa will receive a 5% interest (value of $300,000) in Lodgepole and Arvid will receive a 10% interest (value of $600,000) plus assets worth $100,000. Lodgepole's basis in these assets is $60,000. At the time of reorganization, Pine's value is $1 million, and Lodgepole's value is $6 million.
a. What are Rosa's and Arvid's basis in their new Lodgepole stock?
b. What is the amount of gain (loss) recognized by Rosa, Arvid, Pine, and Lodgepole on the organization?
There are various steps that can be used to reconcile the use of different approaches between the buying and selling divisions
Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2010, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income is:
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If the price per unit differs from the standard price per unit for direct materials, the variance is:
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The office space is used equally by dye's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses in dye's multiple-step income statement?
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