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The stock of Kenny Corp. is owned equally by two brothers. During 2008, they transferred land (which had a basis of $300,000 and a fair market value of $320,000) as a contribution to capital to Kenny Corp. During September, 2014, Kenny Corp. adopted a plan of complete liquidation and in December 2014 made a pro rata distribution of land back to the brothers. At the time of the liquidating distribution, the land had a fair market value of $180,000. What amount of loss can be recognized by Kenny Corp. on the distribution of land?
A. $0. B. $20,000. C. $120,000. D. $140,000.
On October 1, 2017, Vaughn, Inc. assigns $1,197,900 of its accounts receivable to Bramble National Bank as collateral for a $747,700 note. The bank assesses a finance charge of 4% of the receivables assigned and interest on the note of 9%. Prepare th..
Determine the Simon's net unearned income. - Determine the Simon's allocable parental tax.- Determine the Simon's total Federal income tax liability.
question 1why is needs assessment information critical to the development and delivery of an effective hrd
On September 26, 2013, Vu Industries announced a 3-for-1 common stock split. Which of the following items would be increased by the stock split?
If you put $75 in a bank account today o§ering a 4% annual yield that is compounded quarterly, how much money will you have after 100 years?
Brad's Breads can produce and sell only one of the following two products: Oven Hours Required Contribution Margin per Unit Classic Bread 0.3 $4 Premium Bread 0.4 $5 The company has oven capacity of 600 hours. How much will the total contribution mar..
The Cheesecake Shoppe is a national bakery that is known for its strawberry cheesecake. It makes 12 different kinds of cheesecake as well as many other types of bakery items.
Discussion of the ratio analysis results, including rationale for the ratios chosen. Discussion of all horizontal and vertical analysis from above.
Kirtland Corporation uses a periodic inventory system. Compute the dollar amount of ending inventory and cost of goods sold at December 31, 2015 under Average cost, First-in, first-out, Last-in, first-out, Specific identification of the inventory cos..
Calculate the total bid if you base your calculations on the September 15, 2005, invoice assuming a cost plus 15% government contract and what are the main discrepancies between the bids you calculated in #1 and #2?
The B.S. Law Firm purchased new computers on January 1, 2011 for a total cost of $30,000. The computers have a useful life of 3 years and no salvage value. The straight line depreciation method is used. If on January 1, 2013 it is determined that the..
Illustrate what is the normal journal entry for recording bad expense under the allowance method? a)Debit allowance for doubtful accounts, credit accounts receivable.
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