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Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land held for three years as an investment (adjust basis of $400,000, fair market value of $600,000). The land is subject to liability of $300,000.
a. What are the tax consequences to Oriole Corporation on the distribution of the land?
b. If the land is, instead, subject to liability of $700,000, what are the tax consequences to Oriole on the distribution?
The Austin Land Company sold land for $85,000 in cash. The land was originally purchased for $65,000, and at the time of the sale, $40,000 was still owed to Regions Bank on that purchase. After the sale, The Austin Land Company paid off the loan t..
Business combinations have become an important strategic move by corporations for various reasons. Discuss the various types of business combinations. Why may companies seek to engage in business combinations?
Prepare the journal entry at the date of the bond issuance. (Round answers to 0 decimal places, e.g. $38,548. Credit account titles are automatically indented when amount is entered. Do not indent manually.
The following documents are used in the revenue cycle: - Customer order - Sales order - Sales invoice - Credit memo
You just purchased a bond that matures in 4 years. The bond has a face value of $1,000 and has an 9% annual coupon. The bond has a current yield of 7.63%. What is the bond's yield to maturity? Round your answer to two decimal places.
In 2008, Wishbone Corporation had an operating profit of $750,000 and a residual income of $300,000. If Wishbone's cost of capital is 15%, what is the amount of the invested capital? (Ignore taxes)
Basically, the Estate tax and the Gift tax are a combined system, and are linked together. The question is why? Why does the tax law set up a "unified" system that combines gifts with the estate and has a combined tax that totals estate plus all l..
Presented below is information related to Greene Company. Compute the inventory by the conventional retail inventory method.
Orange has a $20,000 charitable contribution carryover to 2010 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
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..
kobe is a single dad with dependent children lizzie age 7 and leslie age 3 he has agi of 51,000 and paid 6,300 to a qualified day care center what amount of credit can kobe receive for the child and dependent care credit?
Calculate the company's break-even point in dollar sales. If sales are $1,800,000 above the break-even point, what will income be (i) pretax income and (ii) after-tax income?
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