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Karen, in forming a new corporation, transfers land to the corporation in exchange for the 100 percent of the stock of the corporation. Karen's basis in the land is $275,000, and the corporation assumes a liability on the property in the amount of $300,00. The stock received by Karen has a fair market value of $550,000.
a) What is the amount of gain or loss that must be recognized by Karen on his transfer?
b) What is the amount of Karen's basis in the corporation's stock?
c) What is the amount of the corporation's basis in the land?
If the contribution margin ratio for Ernie Company is 40%, sales were $750,000, and fixed costs were 225,000, what was the income from operations?
What is return on equity capital and what aspect of bank performance is it supposed to measure? Suppose a bank reports that its net after-tax income for the current year is $51 million, its assets totally $1,144 million, and its liabilities amount..
Doug pays a county personal property tax on his automobile of $1,500. The $1,500 includes $800 based on the weight of the car and $700 based on the value of the car. How much of the tax can Doug deduct on his tax return?
-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..
Betty Products Inc. manufactures three products on two machines. In a typical week 40 hours are available on each machine. The profit contribution and production time in hours per unit follows:
Discuss whether the fact that the library building is in the historic part of town has any role in determining how to record and report the damage and repairs to the library.
Brimful Corp incurred the following manufacturing costs this period: dirct labor, $912000; direct materials, $782000; and factry overhead, $219000. Compute overhead costs as a percent of (1) dirct labor and (2) dirct materials.
What are the optional elements that are often included in an annual report? What are the elements of an annual report that are required by the SEC? Describe the contents of the Management Discussion.
why are the assets contributed by each partner recorded at their fair market values?
Several accounts receivable in the accounts receivable master file are not included in the aged trial balance.
For the ROA, break both of them down into their two component ratios and prove they equal the returns calculated above.
The firm's ability to accelerate or delay investment projects, A strong preference by most shareholders in the economy for current cash income versus capital gains, constraints imposed by the firm's bond indenture
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