User Account

All Pages

What amount is taxable to charles

Assignment Help Accounting Basics
Reference no: EM132010733

Question - Charles, an individual, owned 100% of the Alpha, an S corporation. At the first of the year, Charles' basis in Alpha was $25,000. In the current year, Alpha realized ordinary income of $1,000; and a long term capital gain of $3,000. Alpha distributed $25,000 to Charles at the end of the year. What amount of the $25,000 is taxable to Charles?

A) $0

B) $7,000

C) $25,000

D) $1,000

Reference no: EM132010733

Questions Cloud

Write a research paper presenting both sides of the issue : Herbert Packer's crime-control model of criminal justice is more needed today than the due process model - Plea bargaining provides a fair and necessary form
What amount is the S Corporation ordinary taxable income : Dividends of $10,000; Supplies Expense of $3,000; and Utilities Expense of $1,500. What amount is the S Corporation's ordinary taxable income
Describe what students should know about degree : Program Student Learning Outcomes are broad statements that describe what students should know and be able to do upon completion of their degree.
Estimate the number of pickpockets in a certain city : A statistician is collecting data to help her estimate the number of pickpockets in a certain city. She needs 150 pieces of data and is 34 percent done.
What amount is taxable to charles : Charles, an individual, owned 100% of the Alpha, an S corporation. Alpha distributed $25,000 to Charles, What amount of the $25,000 is taxable to Charles
Calculate the maximum depreciation deduction : In March of 2017 Frederick acquired a passenger automobile for $45,000. The maximum depreciation deduction for 2017 is
Why is the given method best for your market : Read the article - 9 Creative Ways To Get PR On Small Business Week And Beyond (By Cheryl Conner). Choose one method that you would use to market your business.
Discuss about the pre-employment testing : HR400 :There are a variety of pre-employment tests that can be used to obtain additional information about applicants.
Find maximum and minimum data entries : You must find maximum and minimum data entries, number of classes, class width, lower class limits, and upper class limits using only the following:

Reviews

Write a Review

Accounting Basics Questions & Answers

  Financial statements related to cash and cash equivalents

Write a 700- to 1,050-word paper analyzing the disclosures contained within the notes to the financial statements related to cash and cash equivalents, receivables, and inventories. Include a list identifying the components of the organization's c..

  Share of stock after the stock split

On February 15, Company A declares a 1 for 4 reverse stock split effective on March 1. The stock price on February 15 is $50 and the stock price on March 1 is $20. What is the amount of the each share of stock after the stock split?

  Where hundreds or thousands of parts

where hundreds or thousands of parts must be purchased to manufacture cars. Briefly describe how EDI would be beneficial in this industry.

  What are the equivalent units of production for materials

massey corporation uses a process cost system and the weighted-average cost flow assumption. production begins in the

  Determine the upper control limit

Determine the upper control limit (UCL) for an X-bar chart if the mean of the sample averages is 4.7 and the mean of the sample ranges is 0.35

  List the three main divisions of any manufacturing business

List the three main divisions of any manufacturing business and who would take charge of each division.

  What would the portfolio new beta be

Suppose you hold a diversified portfolio consisting of $10,000 invested equally in each of 10 different common stocks. The portfolio's beta is 1.120.

  Prepare the appropriate entry when the options are awarded

lci cable company grants 1.4 million performance stock options to key executives at january 1 2013. the options entitle

  Yucatan mexican cafe had sales of 880000 all received in

yucatan mexican cafe had sales of 880000 all received in cash. total operating expenses were 570000. all except

  Prepare a contextual DFD for Sawicki Music Supply sales

Using a program such as Visio or Powerpoint, prepare a contextual DFD for Sawicki Music Supply's sales order/inventory process

  Discuss all earnings to be distributed to stockholders

Assume you expect a company's net income to remain stable at $1,200 for all future years, and you expect all earnings to be distributed to stockholders

  When the project concludes in four years the working

oakmont company has an opportunity to manufacture and sell a new product for a four-year period. the companys discount

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd