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Question - Tony owns 50% of an S corporation's stock with a basis in his stock of $50,000 on January 1. In addition, the S corporation owes Tony $40,000 on January 1. Tony's share of the S corporation's ordinary loss is $80,000 for the current year.
Tony's share of the S corporation's ordinary income next year is $20,000. On December 31 of this second year, the note is repaid.
Due to the repayment of the note, what must Tony report?
Compare the accounting systems in 2 countries with differing legal systems. Explain why each country's system is the way it is.
The Work in Process inventory account of Phelan Corporation increased $23,000 during November 2013. Costs incurred during November included $24,000 for direct material, $126,000 for direct labor, and $42,000 for overhead. What was the cost of good..
joan bought a business machine for 15000 on january 1 2010 and later sold the machine for 12800 when the total
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