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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 $300,000 and a fair market value of $450,000 on the date of the transfer. In the current year, Blue Corporation (E & P of $600,000) redeems 200 shares from Eleanor for $190,000 in a transaction that qualifies for sale or exchange treatment. With respect to redemption, Eleanor will have a:
a. $130,000 dividend
b. $190,000 dividend
c. $130,000 capital gain
d. $190,000 capital gain
e. None of the above
If interest rates suddenly rise by 2 percent, what is the percentage change in the price of these bonds?
Actual litigation by the client against the auditor for an amount not material to the auditor or to the financial statements of the client arising out of disputes as to billings for tax services.
Determine how the costs in (a) and (b) should be presented on Erin's financial statements as of December 31, 2008. Also determine the amount of amortization of intangible assets that Erin should record in 2008 and 2009.
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
A violation of the profession's ethical standards most likely would have occurred when a CPA:
Devona's qualifying tuition expenses and fees total $4,000 for the fall semester, while Arethia's qualifying tuition expenses and fees total $6,200 for each semester during 2010. Full payment is made for the tuition and related expenses for both c..
Cooper Co. issued 5,000 shares of its $5 par value common stock in exchange for a tract of land owned by Wallowitz Inc. Wallowitz had originally listed the land for sale at $165,000. The stock price on the exchange date was $30 per share. How much..
for 2010, ford corporation reported net income of $15000, net sales $200000; and average share outstanding 6000. there were no preferred stock dividends. what was the 2010 earnings per share?
It is futher estimated that the home delivery use of the trucks would be allocated 45% of the existing $6,500 fixed vehicle costs. What is the differential delivery cost per month for expanding into the home delivery market?
If in preparing a worksheet a adjusted trial balance amount is sorted to the wrong work sheet column will balance on the completing worksheet, but with the wrong net income, if the amounts sorted in error is ?
A company bought a new machine for $27,000 on January 1. The Machine is expected to last 10 years and have a residual value of $4,000. If the company uses the double-declining balance method, accumulated depreciation at the end of year 2 will be:
Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.
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