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Question - Pearlie, a sole shareholder, has a $15,000 stock basis and a $7,000 basis in a loan that she made to Lexus, a calendar year S Corporation with no AEP. At the beginning of the tax year, the corporation's AAA and OAA balances are zero. Ordinary income for the year is $20,000. Lexus also received $5,000 of tax-exempt interest income during the year. Cash of $50,000 is distributed to Pearlie on November 15. What are the tax implications of this distribution?
Assume that MTM manufacturing estimates it will spend $1 million on overhead expenses. What is the formula to calculate MTM's predetermined overhead rate
what are yancy's realized and recognized gain or loss?C) what are yancy's realized and recognized gain or loss in (a) if the house was rental property?
On April 1, 2010, it was determined that Cable's inventory had a fair value of $460,000, What is the amount of goodwill resulting from the business combination
For the week in question, Marcia actually produced 1,050 units. In doing so, she purchased 4,000 pounds of material at a cost of $41,000 and used 4,100 pounds of materials. Direct laborers worked 3,000 hours and were paid $16,950. Variable overhea..
Maria Alvarez is investing $217,140 in a fund that earns 10% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 21 years?
jerry graves and bonnie moss decided to form a partnership. graves will contribute 300000 to the partnership while moss
use the information in exercise 2-4 to prepare an august 31 trial balance for pose-for-pics. open these t-accounts cash
Borat Company gives annual bonuses after the end of the year.
Prepare the journal entry to record the payment of interest on October 1, 2017. Prepare the journal entry to record the issuance of the bonds.
moore company began operations on jan. 1st year 1. at the beginning of year 3 moore switched from lifo to fifo for both
Polychromasia, Inc. had a number of receivables from subsidiaries at the balance sheet date, as well as several payables to subsidiaries.
Which of the following statements is true? I. The entire amount of realized gains and losses from the sale of assets are recognized for tax purposes.
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