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A.) Identify the steps in evaluating the taxable income of a trust or estate.
B.) Show the uses and implication of distributable net income.
C.) Last year, Henry sold real estate (basis of $450,000) to Bill (an unrelated party) for $1.8 million, receiving $300,000 in cash and notes for the balance. The notes carry an 8.5 percent rate of interest and mature annually at $500,000 each over three years. Henry did not elect out of the installment method of reporting gain. Before any of the notes mature and when they have a fair market value of $1.3 million, Henry provides them to Jean.
A.) Disregarding interest element, find the tax consequences of the gift?
B.) Consider that instead of making the gift, Henry died. The notes passed to his estate and were later sold by the executor. Evaluate the tax result?
Calculate the total amount of dividends declared by March for 20X7 and calculate March's profit for 20X8.
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Prepare a cash disbursement budget for March - May only.
Assuming John can earn an 8% rate of returns (compounded annually) on any money invested during this period, which pay-out option should he choose? Please explain your reasoning.
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Preparation of Balance sheet and computation of Retained Earnings - Capital stock was issued in exchange for $175,000 cash and business purchased equipment for $380,000, paying $180,000 cash and issuing a note payable for $200,000.
From this information, calculate the cost of goods transferred to the Finished Goods Inventory account, the cost remaining in the Work in Process Inventory account, and the total costs to be accounted for. Use the FIFO costing method.
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a bakery plans to sell 200000 units of baked goods to grocery stores nationally in july. it anticipates a growth rate
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Suppose the use of a two-way breakdown (decomposition) of the total overhead variance, Find the factory overhead efficiency variance for December?
Compute partnership’s ordinary income and separately stated items. Compute Mark’s and Pamela’s ending basis in their partnership interests assuming their beginning balances are $150,000 each.
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