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Kira Wahlgren acquired 100 shares of stock by gift from her father. Her father paid $1,000 in gift tax on the gift. At the time of the gift, the shares had a fair market value of $60 per share. Her father's adjusted basis in the shares was $90 per share. In 2011 Kira sold the stock for $70 per share. What are the tax consequences of the sale?
A) Kira does not have to recognize any gain.
B) Kira has to recognize a $1,000 capital gain.
C) Kira has to recognize a $2,000 capital loss.
D) Kira has to recognize a $3,000 capital loss.
What role does GAAP play in how firms determine transfer prices?
Matching principle because the cash was paid in 2010 and should be expensed in 2010. Matching principle because depreciation expense should be $8,000.
Actual production required an overhead cost of $560,000, $1,100,000 in materials used, and $440,000 in labor. All of the goods were completed. What amount was transferred to Finished Goods?
The issuance price of a bond does not depend on the-Which of the following is true of a premium on bonds payable?
Dixie Corporation distributes $31,000 to its sole shareholder, Sally. At the time of the distribution, Dixie's E&P is $25,000 and Sally's basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock after the distribution is ??
Which of the following will be disclosed in the reconciliation of retained earnings?
At the end of the period, the factory overhead control account for Department A had a debit balance of $260,000; actual direct labor hours were 63,000. What was the under- or over applied factory overhead for the period
what is the 2011 AMT adjustment requiered as a result of the sale of the assets?
Maggie is single and supports her 85-year-old parents who live in a home rented for them by Maggie and who have no income. What is Maggie's filing status and why?
Prepare journal entries necessary for Crane during 2007 and 2008 to account for the transactions described above.
The company keeps no work-in-process inventory. What amount of sales revenue will be reported on the 20X4 budgeted income statement?
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and $475,000 for May. Cost of goods sold is expected to be 60% of sales.
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