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1) Bob forms a corporation for his shoe cobbling business "Shoes R Us" ("SR Corp"). SR Corp in its first year has $100k earnings and profits (who thought cobbling could do this???). Bob owns all 1,000 shares of SR Corp. Bob has a basis in his shares of $50k. SR Corp distributes to Bob $200k at the end of year 1. -What are the tax ramifications to Bob? -What are the tax ramifications to SR Corp? 2) Jill forms T corporation and it has -$500k of accumulated E and P, but $50k of current E and P. T corp distributes $100k to Jill in the current year. Jill has $25k basis in the stock. -What are the tax ramifications to Jill? -What are the tax ramifications to T corp? 3) Z corp has one class of shares, and good old Billy owns all 1,000 of them. He has a stock basis of $10,000 ($10/share) that he acquired on January 1, 2012. On January 20, 2014 Z does a 2/1 stock split, thus distributing 1,000 new shares to Billy. -What are the tax ramifications to Billy? -What are the tax ramifications to Z corp?
The unassembled bikes are sold to retailers at $400 each. Prepare an incremental analysis for n the sell-or-process further decision
the income statement line item that shows the performance of operating activities without consideration of financing is
On April 3, 2008, Mark filed his 2007 income tax return, which showed a tax due of $80000. On June 1, 2010, he filed an amended return for 2007 that showed an additional tax of $10000. Mark paid the additional amount. On May 18, 2011, Mark filed a..
(1) In September 2010, HP completed its $2.35 billion merger with 3Par, just weeks after thwarting rival Dell in a bidding war for the storage vendor. 3Par's StoreServ Storage Platform has been HP's flagship product and a growth driver of HP's ..
how would you describe the entries to record the allowance methods for accounts receivables? what is their function?
When purchases of merchandise are made for cash, the transaction:
Which of the following is not a typical cash flow under operating activities?
John's car was completely destroyed by a fire in 2010. Its cost and fair market value were $8,000. John's claim against insurance was $3,000 and was NOT made until 2011. The following year, 2011, John settled with the insurance company for $2,000. Wh..
What is the Securities and Exchange Commission? How does it affect financial decision-making? What constraints might it put on the company?
what is the cost of goods sold cogs? how is it computed? what two financial reports does it impact and how?championship
refer to the balance sheet and statement of shareholders equity of the company youve selected to analyze. research and
In its income statement for the year ended June 30, 2011, what amount should Blue report as gain before income taxes on disposal of the stock?
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