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Sarah is the sole owner of Bluegrass Corporation. The basis and value of her stock investment in Bluegrass are approximately $100,000. In addition, she manages Bluegrass's operations on a full time basis and pays herself an annual salary of $40,000. Because of a recent downturn in business, she neefs to put an additional $80,000 into her corporation to help meet short-term cash-flow needs (e.g., inventory costs, salaries, and administrative expenses). Sarah believes that the $80,000 transfer can be structured in one of three ways: as a capital contribution, as a loan made to protect her stock investment, or as a loan intended to protect her job. From a tax perspective, which alternative would be preferable in the event that Bluegrass's economic slide worsens and bankruptcy results? Explain your answer.
Tony, a nonresident alien, owns and breeds race horses. Tony enters his star horse in the Kentucky Derby, the Preakness Stakes and the Belmont Stakes, where he wins some purses. While in the United States, Tony buys and sells 100 shares of Proctor & ..
Oliver Company issued $800,000 of 6%, 5-year bonds at 98. Assuming straight-line amortization and annual interest payments, how much bond interest expense is recorded on the next interest date?
a company authorizes its decentralized units to lease space to one another. uptown division has leased some of its idle
statement of stock holders equity.waller publications was organized early in 2004 with authorization to issue 30000
with L being contact length in months. What is the optimal length of a contract , L, which Weyer could make with steuben? Derive and explain your answer.
question the florina mining organization has constructed a town at jungilla near the site of a rich mineral discovery
What is the standard quantity of material and the standard labor time for Septembers production and compute the direct material and direct labor variances - how might the sales and production managers explain the direct material variances?
Misty's effective tax rate is 40% and there were 1,000 shares of common stock outstanding. What would be Misty's net income for the current year?
At Mark's death, Mark owed a debt of $40,000 plus $2,000 of accrued interest. Mark's funeral expenses were $5,000, and Mark's charge card had a balance due of $400. The expected administration costs for the estate are $2,000. Assume the estate will o..
Base on best buy 10-K form and other sourse to answer following question. List five groups that use a company's annual report and explain the reason for each group's interest in this report.
Preparation of Journal entries to record stock dividend and stock split - Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split
Explain the rules to deduce the portion of the house used for business purposes; uncollectible accounts, losses on hobbies activities, and educational expenses.
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