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Albert, a single taxpayer, has 2009 ordinary taxable income of $335,000 before considering the following items: $45,000 gain from disposition of depreciable real property (straightline depreciation taken on the building was $67,000), $14,000 loss on disposition of depreciable business equipment, and $32,000 gain from disposition of a stock investment. All assets disposed of had been held for more than 12 months. Albert has a §1231 lookback loss of $23,000. How much ordinary income does Albert have? Long-term capital gain? 25% gain?
Innova also incurs 5% sales commission ($0.35) on each disc sold. Mudd Corporation offers Innova $4.75 per disc for 5,000 discs. Mudd would sell the discs under its own brand name in foreign markets not yet served by Innova.
big bear company deals in distressed properties and makes high-risk sales. in 2012 the company sold for 250000 a piece
a company is evaluating a project requiring capital expenditure of 620000. estimated life of project is four years and
pine knoll wood products company prepared the following factory overhead cost budget for the press department for
It is important to properly classify and report current and long-term liabilities because they affect liquidity.
Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast ..
during fy 2014 the voters of surprise county approved construction of a 21 million police facility and an 11 million
Simona Amanar Industries has two operating divisions-Gina Construction Division and Chorkina Securities Division. Each division maintains its own accounting system and method of revenue recognition.
a company issues 1 million of new stock and pays 200000 in cash dividends during the year. in addition the company took
dubois inc loan money to john kruk corp in the amt of 800000.00 dubois accepts the 8 note due in 7 yrs with interest
hartman co. has fixed costs of 30000 and a contribution margin ratio of 25. if expected sales are 200000 what is the
pepe incorporated acquired 60 of devin company on january 1 2010. on that date devin sold equipment to pepe for 45000.
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