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Problem 1: Redfern Corporation, a calendar year taxpayer, has been an S corporation for several years. Rod and Kurt each own 50% of Redfern's stock. On July 1 of the current year (assume a non-leap year), Redfern issues additional common stock to Blackfoot Corporation for cash. Rod, Kurt, and Blackfoot each end up owning one-third of Redfern's stock. Redfern reports ordinary income of $125,000 and a short-term capital loss of $15,000 in the current year. Eighty percent of the ordinary income and all the capital loss accrue after Blackfoot purchases its stock. Redfern makes no distributions to its shareholders in the current year. What income and losses do Redfern, Blackfoot, Rod, and Kurt report as a result of the current year's activities?
a machine distributor sells two models basic and deluxe. the following information relates to its master
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Respond to the following independent issues concerning the capital stock of corporations in your initial post:
Stellar Packaging Products is considering diversifying its product line offerings into candy and other food bag packaging. This would require a major investment outlay for machinery and equipment.
On January 1, 2019, the asset was sold for $180,000. Calculate the gain or loss on the sale of the asset for that year
Johnstone needs to accumulate sufficient funds to pay a $480,000 debt that comes due on December 31, 2026. Determine the required annual deposit
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Dec 31 Investor corporation sold all of its shares on investee company for $ 178,000 cash Required: Cost method:
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Niles and Marsha adopted a little boy. They paid $16,250 in 2015 for adoption-related expenses. What amount of adoption credit is permitted in 2016?
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