What was the tax status of this property for Tan

Assignment Help Accounting Basics
Reference no: EM132660343

Problem - Tan Corporation purchased depreciable tangible personal property for $100,000 in 2017 and immediately expensed the entire cost under § 179. In 2019, when the property was worth $80,000, Tan distributed it as a dividend to the corporation's sole shareholder. What was the tax status of this property for Tan? What is the nature of the recognized gain or loss from the distribution of the property?

Reference no: EM132660343

Questions Cloud

What is the investment worth to you today : If the interest rate is 8.47% and interest in compounded anually, then what is the investment worth to you today?
What is the present value of the installment payments : Assuming that the interest rate on the installment contract is 5%, what is the present value of the installment payments
Why are new employees more susceptible to influence : Why are new employees more ‘susceptible to influence'. How did the managers rationalize taking company inventory for personal use?
Calculate the expected return on ben portfolio : a) Calculate the expected return on Ben's portfolio. Show full working.
What was the tax status of this property for Tan : What was the tax status of this property for Tan? What is the nature of the recognized gain or loss from the distribution of the property
Determine the tapdance wacc : What will be TapDance's WACC? (Round your answer to 2 decimal places.)
What are the tax status of the property to the corporation : What are the tax status of the property to the corporation and the nature of the recognized gain or loss when the corporation sells the property
Forecasting the needs for capital budgets : What are successful approaches to forecasting the needs for capital budgets? Is it ethical for agencies to utilize social media to bolster a capital funding pro
Reliability-validity in conjunction with employee selection : Discuss both reliability and validity in conjunction with employee selection.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

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

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

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.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd