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Question - Assume Short time Corporation (the "corporation") has been in existence for a short time and a minority shareholder who holds both voting and nonvoting common stock of the corporation tells you that she transferred to the corporation two shares of voting common stock in exchange for four shares of nonvoting common stock. You should assume that the total fair market value of the four shares of nonvoting common stock received by the shareholder (which is the same as the total fair market value of the two shares of voting common stock transferred to the corporation) is greater than the shareholder's basis in the voting common stock transferred to the corporation. The exchange was not pursuant to a plan of reorganization.
a. Was the gain realized by the shareholder on the exchange recognized by the shareholder? Yes or no, and why or why not?
b. Did the corporation recognize any gain as a result of the transaction?
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows:
Compute the revenue to be recognized in fiscal year 2014 for each of the three operating divisions of Van Hatten Industries in accordance with generally accepted accounting principles.
At the time Silver is acquired by Gold, the accumulated earnings and profits of Silver are $100,000 and Gold s are $50,000. How does Alluvia treat this transaction for tax purposes?
General Motors Corp. is the world's largest automaker and has led the auto industry worldwide in sales since 1938. GM employs over 324,000 people worldwide, with manufacturing operations in 32 countries and sales operations in 200 countries.
If NSC has a required rate of return of 12%, what is the net present value of the proposed investment? What is the payback period
a total of 30000 units were sold last year. the contribution margin per unit was 2 and fixed expenses totaled 20000 for
at the end of 2009 tatum co has accounts receivable of 700000 and an allowance for doubtful accounts of 28000. on
which types of business transactions would result in cash from operating activities? give three examples of
Let's assume that inventory is overstated by 3000 and the end of 2015. Assuming no other errors how will this affect the income statements for 2015, 2016, and 2017?
for a recent year the balance sheet for the company includes accrued expenses of 102200000. the income before taxes for
Prepare journal entries for the transactions listed above and the adjusting entries.
Hamilton Company s beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:
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