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Question - XYZ corporation (E & P $1,000,000) distributes machinery, adjusted basis $20,000 Fair Market Value of $150,000 to sole shareholder. The property is subject to Liability of $10,000 which shareholder assumes.
Required -
a) How much dividends Johnson report?
b) What is his basis in the machinery?
c) What is the effect on corporation's earning and E&P?
If White Corp. has an after-tax cost of capital of 10 percent and a marginal tax rate of 30 percent, what is the present value of the working capital cash flow
How much of Tammy's bonus might the IRS recharacterize as a dividend
Later on, during the year, $900 of the $6,900 of the debts previously written off were collected. What is the amount of the adjusting journal entry
Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function.
You are a CPA being paid to perpare a tax return for a client. Is your client right? What would you do in this case
Dicsuss and Compare how your company has done to the industry averages. Do you notice any trends that are positive or negative?
Explain the difference between inferior goods in normal goods. As a developing economy experiences increase in income (measured by GDP), what do you predict will happen to the demand for inferior goods?
Identify the deficiencies in the system of corporate governance and ethics of Wells Fargo. Detail the lessons to be learned from this case study
What ending Inventory is? Mary's Pie Company had a starting Inventory balance of $13,550 and the following transaction totals for the month
Rhode Corporation earned $228,000 during the period, when it had an average of 100,000 shares of common stock outstanding
Of what significance is (1) an unguaranteed and (2) a guaranteed residual value in the lessee's accounting for a capitalized-lease transaction?
Design a spreadsheet and prepare a set of financial statement forecasts for Walmart for Year +1 to Year +5 using the assumptions
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