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David organizes White Corporation with a transfer of land (basis of $200,000, fair market value of $600,000) that is subject to a mortgage of $150,000. A month before the incorporation, David borrowed $100,000 for personal purposes and gave the bank a lien on the land. White Corporation issues stock worth $350,000 to David and assumes the mortgage of $150,000 and the personal loan of $100,000. What are the tax consequences of the incorporation to David and to White Corporation?
Put Company paid $220,000 for an 80% interest in Sel Company on July 1, 2011, when Sel Company had total equity of $110,000. Sel Company reported earnings of $10,000 for 2011 and declared dividends of $8,000 on November 1, 2011.
What initial promotional plan directed to consumers in the target market did Callaway use? (b) Why did this make sense to Callaway and her team when Warm Delights was launched?
Your client Crimson Corp. (CC) is being audited by the Department of Revenue for the State of New York for the calendar year 2010. CC had been audited by the Internal Revenue Service (IRS) for 2010 and agreed with CC's tax position that the sale o..
What is the underlying rationale for Alimony Rules:
Assume you're bearish on Stock Y and decide to sell short 100 shares at the current market price of $30 per share. You earn no interest on the funds in your margin account and the cost of borrowing shares is 0.25%.
Kushman Combines, Inc. has $20,000 of ending finished goods inventory as of December 31, 2010. If beginning finished goods inventory was $10,000 and cost of goods sold was $40,000, how much would Kushman report for cost of goods manufactured?
Select and explain ONLY the ratios that tell something important about Facebook either unusually strong or critically weak this should include the industry comparison or other basis for your evaluation and explain why you believe these ratios are ..
How do companies balance the need to maintain control over their payroll systems with the costs to implement controls to mitigate risks?
Give an example of one accrual-based ratio and one cashbased ratio to measure these characteristics of a company:(a) liquidity, (b) solvency, and (c) profitability.
If the company plans to sell 270,000 units during the year, compute the number of units it would have to manufacture during the year.
Concerning the government-wide statement of net assets, describe what information is included in the governmental activites column, the business type activities column, and the column for the total primary government.
on june 8, alton co. issued an 80,000, 6%, 120 day note payable to seller co. assume that the fiscal year seller co ends june 30. using the 360 day year in your calculations, what is the amount of interest revenue recognized by seller in following..
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