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Two years ago, Corporation Z, a 10 percent partner in XYZ Partnership, borrowed $150,000 from the partnership in an arm's length transaction. Corporation Z gave the partnership a properly executed note stipulating that it would repay the loan at the end of three years and that it would pay the partnership 9 percent interest each year on the outstanding principal balance. During the current year, Corporation Z decided to withdraw from the partnership. Both Z and the other partners agreed that the fair market value of Z's capital account was $150,000 and that the partnership would liquidate this interest by distributing Z's own note back to the corporation. On the date of the liquidating distribution, Z's outside basis in its 10% interest in XYZ was $116,000.
Issue: What are the consequences of this transaction to Corporation Z and the XYZ Partnership? What are the Law implications in this analysis? Which conclusions did you arrive at?
Bonita places a coupon in each box of its product. Customers may send in five coupons and $3-A total of 400,000 boxes of product were sold in 2010. It was estimated that 6% of the coupons would be redeemed.
Ajak Corporation owns 85% of the single class of Utech Corporation stock. Utech Corporation owns 35% of Tech Corporation. Ajak Corporation also owns 50% of Tech Corporation, and Tech Corporation owns 75% of Baxter Corporation.
Raymond provides the following information related to assets used in a trade or business which have been sold in 2011. All assets have been held for over one year.
What is goal incongruence? How can using the metric "return on investment" for performance evaluation lead to goal incongruence?
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
Investigation of a tax problem that involves a closed-fact situation means that:
Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $12,000 and a fair market value of $15,000. The asset given up by Armstrong Co. has a book value of $20,000 and a fair m..
Dan and Patrick have asked you, their accountant, to determine how their repayments should be treated for tax purposes. Dan is still working as a highly compensated executive for Osprey while Patrick is retired and living off his savings.
How are bond ratings determined?
-All sales are on credit. -Customer amounts on account are collected 50% in the month sale and 50% in the following month. -Cost of goods sold is 35% of sales. -Farley purchases and pays for merchandise 60% in the month of acquisition and 40% in th..
Which of the following is not a required consideration regarding due professional care when choosing to perform an internal auditing consulting engagement?
The new equipment is expected to generate cost savings of $20,000 per year in each of the 6 years. Kumanu's discount rate is 16%. What is the net present value of this equipment?
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