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Problem - Tom incorporates his sole proprietorship as Total Corporation and transfers its assets to Total in exchange for all 100 shares of Total stock and four $10,000 interest-bearing notes. The stock has a $125,000 FMV. The notes mature consecutively on the first four anniversaries of the incorporation date. The assets transferred are as follows:
Cash $ 5,000 $ 5,000
Equipment $130,000
Minus: Accumulated depreciation ($70,000) 60,000 90,000
Building $100,000
Minus: Accumulated depreciation ($49,000) 51,000 40,000
Land 24,000 30,000
Total 140,000 165,000
a. What are the amounts and character of Tom's recognized gains or losses?
b. What is Tom's basis in the Total stock and notes?
c. What is Total's basis in the property received from Tom?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
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