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Problem 1: Provide a justification for the case proposed tax treatment? Is it correct?
Point 1: Several years ago, Mr. John Wong transferred three sports cars, with a $195,000 total fair market value, to a corporation, in return for all of the shares of the company. The cars were used for display purposes only and were not expensed/written-off by the company. During the current year, all of the cars were destroyed in a fire on Mr. John Wong's estate. Unfortunately, Mr. John Wong did not insure the sports cars and, as a consequence, no compensation was available for the loss.
Point 2: The corporation had no assets other than the cars, therefore, there was no reason for Mr. John Wong to continue to hold the shares. Consequently, he sold the shares for $500 to a friend who needed a corporate shell for some business operations. Mr. John Wong used the allowable capital loss of $97,250 [1/2 × ($195,000 - $500)] to offset his taxable capital gains arising from real estate transactions.
Using the following information and assuming that all inventory is purchased on account, compute cash paid for inventory:
artistic woodcrafting inc. cabinet shop. the offer two grades of cabinet grade i and grade ii last year 850000 sales
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