On Feb. 1, 2018, the board of directors of X Corp. declares a dividend of $2...
On Feb. 1, 2018, the board of directors of X Corp. declares a dividend of $2 per share to shareholders of record as of March 1, 2018, payable as of April 1, 2018. Taxpayer-A transfers 200 shares to Taxpayer-B by gift on Jan. 1, 2018 and sells another 200 shares to Taxpayer-B on Feb. 15, 2018. According to the United States District Court, as discussed in class, how much, if any, dividend income must Taxpayer-B realize in 2018 (both Taxpayer-A and Taxpayer-B are cash basis)?
a.$400
b. $0
c. $800
d. none of the choices are correct
e. $200
Homework Answers
Total shares received by Taxpayer B are 400 number of shares, 200 shares via gift and 200 shares from Taxpayer A through sale.
dividend declared by X corp. is $2 per share.
total dividend to be received by Taxpayer B as on April 1, 2018 = 400 shares * $2 = $800.
Add Answer to:
On Feb. 1, 2018, the board of directors of X Corp. declares a
dividend of $2...
On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.10, to...
On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.10, to be paid on March 18, 2018, to the shareholders of record as of the close of business on March 9, 2018. Cinch has 3,500,000 shares of $0.01 par-value common stock authorized with 1,300,000 shares issued and outstanding. The company has no preferred stock. Record the declaration of the dividend and the payment of the dividend. Include the proper dates with each journal entry. (Record...
In March 2018, thel Board of Directors of Token Limited declared a cash dividend, payable the...
In March 2018, thel Board of Directors of Token Limited declared a cash dividend, payable the first of April. Required: Prepare a residual analysis for the dividend declaration in March In your analysis, include a discussion of the accounts debited and credited.
On September 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on...
On September 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on its 22,000, $13 par, common shares. The market price of the common stock is $42 on this date. Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View...
On September 15, 2018, the Scottie Company board of directors declared a 10% stock dividend on...
On September 15, 2018, the Scottie Company board of directors declared a 10% stock dividend on common shares. The shares are to be distributed on October 10, 2018, to shareholders of record on October 1, 2018. The market price per share on the date of declaration was $26 while the market price on the date of distribution was $28. The common stock has a par value of $5 per share and there were 1,000,000 shares outstanding prior to the declaration...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash divid...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
On February 1, 2018, Happy Inc. declares a $1.50 per share cash dividend to shareholders of...
On February 1, 2018, Happy Inc. declares a $1.50 per share cash dividend to shareholders of record on February 15, 2018 that will be paid on March 1, 2018. Happy Inc. has 40,000 common shares authorized with 30,000 shares issued and outstanding. a) Prepare the journal entry, if any, for February 1, 2018 b) Prepare the journal entry, if any, for February 15, 2018 c) Prepare the journal entry, if any, for March 1, 2018
On September 15, 2018, the Scottie Company board of directors declared a 12% stock dividend on...
On September 15, 2018, the Scottie Company board of directors declared a 12% stock dividend on common shares. The shares are to be distributed on October 10, 2018, to shareholders of record on October 1, 2018. The market price per share on the date of declaration was $23.8 while the market price on the date of distribution was $25.8. The common stock has a par of $5 per share and there were 1,600,000 shares outstanding prior to the declaration of...
On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on...
On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 26,000, $1 par, common shares. The market price of Sandals common stock is $31 on June 30. Record the stock dividend. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the stock dividend. Note: Enter debits before credits. General Journal Debit Credit Transaction June 30 Nathan's...
12-6 anding on March ch 1.10, and 31 rch 1, the board of directors declared a...
12-6
anding on March ch 1.10, and 31 rch 1, the board of directors declared a cash dividend of Exercise 12-4 Cash dividend L04 On March 1, the board of direct 127.000 shares issued and outstandi record on March 10, pavable March 31. There were 141 scord the entries for March 1. 10. 2 tional shares had been issued during the month. Record the er Exercise 12-5 Issuing shares LO3, 4 Mainland Resources Inc. began operat occurred during the first...
National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A...
National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5—National Chocolate Corp. today announced that its Board of Directors has declared a special “one-time” cash dividend of $1 per share on its 100,000 outstanding common shares. The dividend will be paid on April 29 to shareholders of record at the close of business on March 26. The Company's fiscal year will end April 30. Required: 1....
On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.10, to be paid on March 18, 2018, to the shareholders of record as of the close of business on March 9, 2018. Cinch has 3,500,000 shares of $0.01 par-value common stock authorized with 1,300,000 shares issued and outstanding. The company has no preferred stock. Record the declaration of the dividend and the payment of the dividend. Include the proper dates with each journal entry. (Record...
In March 2018, thel Board of Directors of Token Limited declared a cash dividend, payable the first of April. Required: Prepare a residual analysis for the dividend declaration in March In your analysis, include a discussion of the accounts debited and credited.
On September 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on its 22,000, $13 par, common shares. The market price of the common stock is $42 on this date. Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
On September 15, 2018, the Scottie Company board of directors declared a 12% stock dividend on common shares. The shares are to be distributed on October 10, 2018, to shareholders of record on October 1, 2018. The market price per share on the date of declaration was $23.8 while the market price on the date of distribution was $25.8. The common stock has a par of $5 per share and there were 1,600,000 shares outstanding prior to the declaration of...
On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 26,000, $1 par, common shares. The market price of Sandals common stock is $31 on June 30. Record the stock dividend. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the stock dividend. Note: Enter debits before credits. General Journal Debit Credit Transaction June 30 Nathan's...
12-6
anding on March ch 1.10, and 31 rch 1, the board of directors declared a cash dividend of Exercise 12-4 Cash dividend L04 On March 1, the board of direct 127.000 shares issued and outstandi record on March 10, pavable March 31. There were 141 scord the entries for March 1. 10. 2 tional shares had been issued during the month. Record the er Exercise 12-5 Issuing shares LO3, 4 Mainland Resources Inc. began operat occurred during the first...
Most questions answered within 3 hours.
-
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 28 minutes ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 51 minutes ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 1 hour ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 1 hour ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 1 hour ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 1 hour ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 5 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 6 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 6 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 6 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 6 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 6 hours ago