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David organize white Corporation with a transfer of land (basis of $200,00, 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 purpose 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? Solve the problem.
Analyze how consolidations and business combination promulgations affect off-balance sheet manipulations. Include research on the development of consolidations and business combination promulgations.
Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014
The concept of operating leverage Signifies to which of the following?
Explain the impact of occupational fraud and abuse on the company. Explain the four potential corruption schemes to be aware of within the company?
What financial factors should management consider when deciding whether to sell a product at the split off point or process it further?
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
How much should Mr. Graff pay for a gold mine expected to yield an annual return of $20,000 and to have a life expectancy of 20 years, if he wants to have a 15% annual return on his investment and he can set up a sinking fund that earns 10% a year..
You're considering the S&P 500 futures contract. On the 1st November 2010, the S&P was trading at 1127,17 when futures contracts maturing on 1st March 2011 were priced at 1119,70. The annualised interest rate is 1,25% and the annualised dividend y..
Discuss the four elements of the budgeting cycle. What are the human aspects of budgeting? Do you have a budget for personal expenses? Does it work?
Assume that Smith & Smith CPAs audited Apollo shoes. Inc last year Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (HOW) to audit its annual financial statements.
Your firm has the following income statement items; sales of 50,250,000; income tax of 1,744,000.00; operating expenses of 10,115,000; cost of goods sold of 35,025000 and interest expense of 750,000. What is the amount of the firm's gross profit.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
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