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Question - Individual A owns 50 common shares of X Corp. with an adjusted basis of 80,000. Individual B owns 50 X common shares with an adjusted basis of 120,000. X has accumulated earnings and profits of 50,000 and no results from operations for the current year. Before the transaction below, X has two assets, cash of 100,000 and land with an adjusted basis of 70,000 and a fair market value of 150,000.
X liquidates distributing its assets evenly between A and B. Assume that X pays any taxes it owes from the available cash and distributes the remaining cash.
Required - What are all of the US tax consequences to all of the parties?
You are given the following facts about a one-shareholder S corporation, and you are asked to prepare the shareholder's ending stock basis.
Explain why statements of cash flows are important when assessing the financial strength of an organization
Foster's Repair Shop has a monthly target operating income of $10,500. Compute the monthly margin of safety in dollars if the shop achieves its income goal
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a company uses activity-based costing to determine the costs of its three products a b and c. the activity rates and
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Prepare adjusting/eliminating entries for the consolidation worksheet at December 31, 2019. Panda Corporation has an 80% ownership stake in Smile Inc.
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