Susan sweets is a 40 percent shareholder in acclaim inc a

Reference no: EM13588362

Susan Sweets is a 40 percent shareholder in Acclaim Inc., a theatrical supplies company. She transfers a fully depreciated car with a value of $2,000 to the corporation, but does not receive any consideration for it.

a.What are the tax consequences to Susan?
b.What are the tax consequences to the corporation?
c.What, if any, changes if Susan received another 10 percent stock interest for the car?

Reference no: EM13588362

Questions Cloud

What probability ratios can be drawn from thisif you are to : selected data from the carmen company at years end are presented below total sales

Nbspa juvenile elephant has a mass of 300kg he wishes to : question a juvenile elephant has a mass of 300kg. he wishes to fly using his very large ears. if the air speed on top

Prepare the journal entry to record the impairment loss if : on march 31 2014 roseo company paid 6000000 to acquire all of the common stock of drive incorporated which became a

The company had an accounts receivable balance of 60000 and : the company had an accounts receivable balance of 60000 and an allowance for uncollectible accounts balance of 550

Susan sweets is a 40 percent shareholder in acclaim inc a : susan sweets is a 40 percent shareholder in acclaim inc. a theatrical supplies company. she transfers a fully

A bat flying straight toward a wall at 11ms emits a pulse : a bat flying straight toward a wall at 11ms emits a pulse at 60khz. what is the frequency of the reflected ultrasonic

Calculate the incremental net operating : barker company has a single product called a zet. the company normally produces and sells 84000 zets each year at a

Why do you think liabilities had been recorded previously : why do you think liabilities had been recorded previously? is the proposal ethical? who would be affected if the

A wheel of radius 1m and mass of 20kg rotates at 100rpm if : question a wheel of radius .1m and mass of 20kg rotates at 100rpm. if we want the wheel to stop after 5 revolutions

User Account

All Pages