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Five years ago, Eleanor transferred property she had used in her sole proprietorship to Blue Corporation for 1,000 shares of Blue Corporation in a transaction that qualified under § 351. The assets had a tax basis to her of $400,000 and a fair market value of $550,000 on the date of the transfer. In the current year, Blue Corporation (E & P of $1 million) redeems 100 shares from Eleanor for $290,000 in a transaction that does not qualify for sale or exchange treatment. With respect to the redemption, Eleanor will have a:
a. $250,000 dividend.
b. $290,000 dividend.
c. $250,000 capital gain.
d. $290,000 capital gain.
e. None of the above.
How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with being a separate entity?
Turner Corporation produces overdrive transmission parts for several small specialty automobile companies. Prior to founding the firm, Benson Turner, the company's president, had an illustrious stock-car-racing career.
April--55K May--45K June--65K Production: 65K 55K 55K Cash-related production cost are budgeted at 7 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling..
A private citizen makes an unrestricted pledge of $5 million to a city's museum. The city is confident that the donor will fulfill her pledge. However, the cash will not be received for at least two years. How will the amount of revenue reported i..
Many reasons exist to conduct a fraud investigation, but the specific objectives usually involve obtaining evidence for one or more of the following purposes:
Using the activity base info in (a), determine the annual amount of payroll and purchasing costs charged back to the Residential, COmmercial, and Government contract divisions from payroll and purchasing services.
The retail value of each computer is $3,000. Assuming that the District maintains its books and records in a manner that facilitates the preparation of the fund financial statements, what is the appropriate entry in the General Fund to record this..
Deviney Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.86 direct labor-hours. The direct labor rate is $8.20 per direct labor-hour.
How much total cash did Markus raise through the January 15, 2011, stock issuance? How are these journal entries recorded?
Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows:
Change of mind gives gallery a $1m surprise' and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured?
Is the WACC an average concept or a marginal concept in your opinion? Should we use the historical WACC or the marginal WACC as the appropriate rate to use in capital budgeting analyses?
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