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When Gail dies, she owns 100% of the stock of an S corporation, with an adjusted basis of $10,000 and FMV of $100,000. The adjusted basis and FMV of the assets inside the S corporation are the same amounts as for Gail's stock. Gail's son Phil inherits all of the stock, but does not wish to continue the business. Therefore, the S corporation sells the assets, resulting in a $90,000 capital gain, and liquidates. Assuming that Phil is subject to a marginal tax rate of 30%, what taxes are due?
a) $0.
b) $25,000.
c) $27,000.
d) $30,000.
Yearly anutomobile inspections are required for residents of the state of Pennsylvania.Suppose that 18% of all inspected cars in Pennsylvania have problems that need to be corrected.
ynga is a software developer and is considering a project that requires an initial investment of $200,000-The Net Present Value of the project is approximately
Pirate, Inc. leased equipment from Shoreline Enterprises under a four-year lease requiring equal annual payments of $180,000, with the first payment due at lease inception.
Caroline and Clint are married, have no dependents, and file a joint return in 2005. Use the following selected data to calculate their Federal income tax liability. What is the AMTI? What is the regular income tax liability? What are the AMT tax ..
Obsolescence is an example of which cost category?
An auditor noted that client sales increased 10 percent for the year. At the same time, Cost of Goods Sold as a percentage of sales had decreased from 45 percent to 40 percent and year-end accounts receivable.
Antawn expects to sell 42,000 units of finished goods this period-How many units must he budget for production this period
What is the best way to explain accounting to a non-accountant? Analyze the importance of having a good understanding of accounting, and the implications of a lack of understanding have for business?
Daggar capitalizes the lease, whereas Bayshore records the lease as an operating lease. Both firms depreciate assets by the straight-line method, and both treat the lease as an operating lease for federal income tax purposes.
Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
Generally Accepted Accounting Principles (GAAP) is based on accrual accounting. Define and describe accrual accounting and provide examples
What are the advantages of acquiring the majority of the voting shares of another company rather than acquiring all of its voting stock?
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