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Problem
Joe Stephens formed Sigma Corporation on January 4 of Year 1, and the corporation immediately made an S election effective for that year. In forming the corporation, Joe contributed $50,000 cash in exchange for 100% of Sigma's stock. Shortly thereafter, the corporation obtained a $75,000 bank loan to assist with operations. Sigma's first two years did not go as well as expected, with Sigma incurring a $60,000 ordinary loss in Year 1 and a $12,000 ordinary loss in Year 2. Moreover, in Year 2, Joe and his wife Marsha divorced. As part of the divorce settlement, on March 31 of Year 2, Joe gave Marsha 50% of the Sigma stock. In Year 3, Sigma's performance improved, with the corporation earning $40,000 of ordinary income. Joe asks your help in determining the tax consequences of these events, particularly the usage of the S corporation losses. At a minimum, you should consider the following resources: IRC Sec. 1366 Reg. Sec. 1.1366-2.
a summary of cash flows for westward travel service for the year ended october 31 2014 is shown below. cash receipts
On 2/1/16, you issue one of the bonds when the market rate of interest has increased to 6%. Record the sale of the bond. On 2/15/2016, you received payment on account for the two pairs of headphones sold to distributors in January.
What is opportunity cost and why is it an important concept in the capital budgeting process. The opportunity cost concept applies to almost every financial
Enid Co., a women's clothing store, purchased $7,500 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Enid Co. returned $1,200.
Yancey Productions is a film studio that uses ajob-order costing system. Compute the predetermined overhead rate
At the end of the period, the balances of the account are as follows: Accounts Payable, $20,000; Taxes Payable, $15,000. What amounts will appear in the cash-flow statement? In what category of the statement will they appear?
Student A supports the introduction of full accounting for intangible assets including internally generated goodwill
Yore Corporation has provided the following data for the month of June. The beginning balance in the finished goods inventory account was $35,000 and the ending balance was $26,000. Sales totaled $220,000.
Amortization of prior service cost due to increase in benefits, Expected return on plan assets. What amount should be reported for pension expense?
a computer manufacturer recently shipped several laptops to a customer cost 25000 and billed the customer
Outline an anti-fraud program that you would implement at your company. Suggest the approach you would take to sell this program to your senior executives.
Briefly explain the difference between adjusting entries and entries that would be made to correct errors.
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