User Account

All Pages

How much gain does Calvin recognize

Assignment Help Accounting Basics
Reference no: EM132949992

Problem - Amanda and Calvin form Quail Corporation. Amanda transfers equipment with an adjusted basis of $30,000, fair market value of $60,000, for 50% of the stock, worth $60,000. Calvin transfers fixture and furniture with an adjusted basis of $30,000, fair market value of $60,000, and equipment with an adjusted basis of $30,000, fair market value of $60,000, for the remaining 50% of the stock. Please note that the equipment Calvin contributed had a liability of $61,000 which the corporation assumes. How much gain does Calvin recognize, if any, and what is his basis in the stock of Quail Corporation based on the facts above?

Reference no: EM132949992

Questions Cloud

Actual globalization of companies : Why are global managers' perceptions of globalization, as reported by Ghemawat's surveys, so different than the actual globalization of companies? Discuss.
What principle associated with the recording of accounting : Company X sold its land for 10 million cash. Based on the conceptual framework, what principle associated with the recording of the accounting manager?
Determine the Sawyers taxable income : Determine the Sawyers' taxable income for 2019. Disregard self-employment taxes and the qualified business income deduction
Analyse different financial documents : Analyse different financial documents and information and formulate conclusions about financial performance levels and needs of stakeholders.
How much gain does Calvin recognize : Please note that the equipment Calvin contributed had a liability of $61,000 which the corporation assumes. How much gain does Calvin recognize
Create a budget that shows : Create a budget that shows and discusses what it would cost in terms of time and resources to bring it to market and make it available to the public
Andrews corporation common stock : Midyear on July 31st, the Andrews Corporation's balance sheet reported: Total Liabilities of $188.119 million Cash of $10.050 million Total Assets of $215.782 m
How a budget can be produced taking into account financial : Identify how a budget can be produced taking into account financial constraints and achievement of targets and accounting conventions.
Explain terms of business practices : In what ways do you think James Duke (Tabaco industry) and John D. Rockefeller (Oil industry) are similar, in terms of business practices (and describe them)?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd