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Determine Amos Seagull's gross income in each ofthe following cases:
a. In the current year, Seagull Corporation purchased anautomobile for $25,000. The company was to receive a $1,500 rebatefrom the manufacturer. However, the corporation directed that therebate be paid to Amos, the corporation's soleshareholder.
b. Amos sold his corporation. In addition to the sellingprice of the stock, he received $50,000 for a covenant not tocompete- an agreement that he will not compete with his formerbusiness for five years.
c. Amos and his neighbor got into an argument overAmos's dog. The neighbor built a fence to keep the dog out ofhis yard. The fence added $1,500 to the value of Amos'sproperty.
a) Prepare journal entries to record the events above in the debt service fund. b) Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2008
XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker's gain?
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