Homework Answers
The statement,
One month after Sally incorporates her sole proprietorship, she gives 25% of the stock to her children, Section 351 cannot apply to Sally because she hasn't satisfied the 80% control requirement is, a false statement
Answer is False
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One month after Sally incorporates her sole proprietorship, she gives 25% of the stock to her...
Two months after Justin incorporates his sole proprietorship (becoming) a 100% owner of the new corporation,...
Two months after Justin incorporates his sole proprietorship (becoming) a 100% owner of the new corporation, he decides to give 30% of his stock in the corporation to his children. Section 351 cannot apply to Justin's incorporation because he has not satisfied the 80% control requirement. O a. True O b. False
Sadie incorporates her sole proprietorship with assets having a fair market value of $80,000 and an...
Sadie incorporates her sole proprietorship with assets having a fair market value of $80,000 and an adjusted basis of $100,000. Even though § 351 applies, Sadie may recognize her realized loss of $20,000. True or False
In order to retain the services of Emily, a key employee in Fred’s sole proprietorship, Fred...
In order to retain the services of Emily, a key employee in Fred’s sole proprietorship, Fred contracts Emily to make her a 30% owner. Fred incorporates the business receiving in return 100% of the stock. Three days later, Fred transfers 30% of the stock to Emily. Under these circumstances, § 351 will not apply to the incorporation of Fred’s business. True/false?
Jen, an accountant, is a sole proprietor working in Queens, NY. Jen decides that she wants...
Jen, an accountant, is a sole proprietor working in Queens, NY. Jen decides that she wants to incorporate her business and that such business would be taxed as a C-corporation. When Jen incorporates, she contributes various property and cash including her accounts receivable from her sole proprietor business. Several days after incorporating, Jen decides to bring another accountant, Sam, into her team and 8 entices him with a shareholder interest in the newly incorporated company. Which of the following statements...
QUESTION 1 In a bailment for the sole benefit of the bailee, the bailor does not...
QUESTION 1 In a bailment for the sole benefit of the bailee, the bailor does not need to notify the bailee of hidden defects in the bailed property that the bailor knows of. True False 2 points QUESTION 2 Greenway Freight is transporting a load of furniture for Levitz from Chicago to Portland. Greenway’s truck is damaged by a tornado. Much of the furniture is damaged as a result. Will Greenway be held liable to Levitz for damages? a....
Daria sold 25 shares of Schulz Corporation stock she owned to her father on September 2nd...
Daria sold 25 shares of Schulz Corporation stock she owned to her father on September 2nd for $1,700. She purchased the stock in 2015 for $3,200. No stockbroker commissions were paid on either the sale or purchase of the stock. In addition to this sale, she reported a net short-term capital gain of $4,500. She also has a ($5,000) long-term capital loss carryforward available from last year. The amount of income/loss included in her adjusted gross income from these transactions...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship,...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship, for more than seven years. Among the services she offers is tax return filing and personal investment advising. Which of the following is true of Manuela’s business? A. Manuela has little control over the management and operations of her business. B. Manuela has unlimited liability. C. Outside funding for the business has been easy for Manuela to obtain. D. Manuela had varied and complicated...
Ally Pivone recently opened her own law office on March 1, which she operates as a sole proprietorship. The name of the...
Ally Pivone recently opened her own law office on March 1, which
she operates as a sole proprietorship. The name of the new entity
is Ally Pivone, Attorney. Pivone experienced the following events
during the organizing phase of the new business and its first month
of operation,
March 2018.Some of the events were personal and did not affect
the law practice. Others were business transactions and should be
accounted for by the business.
Mar. 1 Sold personal investment in Amazon.com...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Latasha is her time. As she gives more haircuts, Latasha must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Two months after Justin incorporates his sole proprietorship (becoming) a 100% owner of the new corporation, he decides to give 30% of his stock in the corporation to his children. Section 351 cannot apply to Justin's incorporation because he has not satisfied the 80% control requirement. O a. True O b. False
Ally Pivone recently opened her own law office on March 1, which
she operates as a sole proprietorship. The name of the new entity
is Ally Pivone, Attorney. Pivone experienced the following events
during the organizing phase of the new business and its first month
of operation,
March 2018.Some of the events were personal and did not affect
the law practice. Others were business transactions and should be
accounted for by the business.
Mar. 1 Sold personal investment in Amazon.com...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Latasha is her time. As she gives more haircuts, Latasha must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
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