only need the answer, don't need the step. Please answer
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Homework Answers
Answer of question 1
Shareholder will recognise income of
$ 50,000
Last option is correct.
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only need the answer, don't need the step. Please answer
ASAP!
Question 1 5 pts Shareholder...
Question 2 10 pts During 2017, Sophia Roosevelt, the sole shareholder of a calendar year 5...
Question 2 10 pts During 2017, Sophia Roosevelt, the sole shareholder of a calendar year 5 corporation, received a distribution of $50,000. On December 31, 2016, her stock basis was $33,000. The corporation earned $16,000 ordinary income during the year. It has no accumulated E&P Which statement is correct? None of the above. Roosevelt's ordinary income is $49.000 Roosevelt's return of capital is $16,000. Roosevelt's stock basis will be $17.000. Roosevelt recognizes a $1.000 LTCG.
Please write a letter to your client in your own words explaining the consequences to the...
Please write a letter to your client in your own words explaining the consequences to the Corporation AND to the shareholder. Sunergos Corporation wants to transfer cash of $150,000 or property of $150,000 to one of its main shareholders, Susan, in a redemption transaction that is a qualified stock redemption. Susan owns 1,000 shares of stock with a basis of $50,000 and FMV of $150,000. The company has two assets, each worth $150,000 that are no longer needed in the...
Demarcus is a 50% partner in the DJ partnership. DJ has taxable income for the year...
Demarcus is a 50% partner in the DJ partnership. DJ has taxable income for the year of $200,000. Dernarcus received a $75,000 distribution from the partnership. What amount of income related to DJ must Demarcus recognize? $75,000 $100,000 $37,500 $200,000 Question 21 Corporations are permitted to deduct $3,000 in net capital losses annually. True False Jermaine owns all 200 shares of Peach Corporation stock valued at $50,000. Kenya, a new shareholder, receives 200 newly issued shares from Peach Corporation in...
inwasted this question for a wrong answer can someone give me the correct answers please. updated...
inwasted this question for a wrong answer can someone give me the
correct answers please.
updated information
this is the only info provided on this exercise the chart is for
(a) and (b). nothing for (c) just show to resolve.
Exercise 17-26 (Algorithmic) (LO. 3) Compute the income tax liability for each of the following unrelated calendar year C corporations. Click here to access the tax table to use for part (a) and (b) of this problem. a. In 2017,...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the bu...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the business. As such, Ben and Allie agree that immediately after the incorporation of the company and the issuance of stock, Ben will sell Allie half of his shares in the company. Ben contributes inventory (FMV $60,000, Basis $30,000), and accounts receivable (FMV $40,000, Basis $40,000) to the corporation for 50% of the stock, and Jerry contributes equipment (FMV $60,000, Basis...
Need help in solving this problem. Can you please show me a step by step on...
Need help in solving this problem. Can you please show me a step
by step on how it's done. Thank you.
Common Stock Issuance Cary Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2016, the first year of the corporation's existence: • • Sold 5.000 shares of common stock for $18 per share Issued 5,000 shares of common stock in exchange for a patent valued at $100,000 At the end of the...
. NEED ANSWER ASAP / ANSWER NEVER USED BEFORE, COMPLETELY NEW ANSWER PLEASE The Wendt Corporation...
. NEED ANSWER ASAP / ANSWER NEVER USED BEFORE, COMPLETELY NEW ANSWER PLEASE The Wendt Corporation reported $35 million of taxable income. Its federal tax rate was 21% (ignore any possible state corporate taxes). What is the company's federal income tax bill for the year? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar. $ Assume the firm receives an additional $2 million of interest...
$95,000 capital gain is NOT the correct answer. Question 19 0/2 points 1. On January 1,...
$95,000 capital gain is NOT the correct answer.
Question 19 0/2 points 1. On January 1, 2002, Ashley Corporation distributed $1231 land with a market value of $300,000 and an adjusted basis of $205,000 pursuant to a plan qualifying for a complete redemption under the $302(b)(3). The distribution was made to individual shareholder C who had owned 40% of Ashley since it was founded. C's sister owns the remaining 60 percent. C's stock Interest redeemed had a basis of $140,000,...
please solve these two questions and show work as to how you got the answer step...
please solve these two questions and show work as to how you
got the answer step by step
6. + The accounting equation for Green Company is as follows: Assets Liabilities Stockholders' Equity $95,000 = $20,000 $75,000 If Green purchases a new truck on account for $30,000, the accounting equation will change to Assets Liabilties Stockholders' Equity a. $95,000 $20,000 + $75,000 b. $95,000 = $50,000 + $45,000 c. $125,000 = $50,000 + $75,000 d. $125,000 = $35,000 + $90,000...
Question 2 10 pts During 2017, Sophia Roosevelt, the sole shareholder of a calendar year 5 corporation, received a distribution of $50,000. On December 31, 2016, her stock basis was $33,000. The corporation earned $16,000 ordinary income during the year. It has no accumulated E&P Which statement is correct? None of the above. Roosevelt's ordinary income is $49.000 Roosevelt's return of capital is $16,000. Roosevelt's stock basis will be $17.000. Roosevelt recognizes a $1.000 LTCG.
Demarcus is a 50% partner in the DJ partnership. DJ has taxable income for the year of $200,000. Dernarcus received a $75,000 distribution from the partnership. What amount of income related to DJ must Demarcus recognize? $75,000 $100,000 $37,500 $200,000 Question 21 Corporations are permitted to deduct $3,000 in net capital losses annually. True False Jermaine owns all 200 shares of Peach Corporation stock valued at $50,000. Kenya, a new shareholder, receives 200 newly issued shares from Peach Corporation in...
inwasted this question for a wrong answer can someone give me the
correct answers please.
updated information
this is the only info provided on this exercise the chart is for
(a) and (b). nothing for (c) just show to resolve.
Exercise 17-26 (Algorithmic) (LO. 3) Compute the income tax liability for each of the following unrelated calendar year C corporations. Click here to access the tax table to use for part (a) and (b) of this problem. a. In 2017,...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the business. As such, Ben and Allie agree that immediately after the incorporation of the company and the issuance of stock, Ben will sell Allie half of his shares in the company. Ben contributes inventory (FMV $60,000, Basis $30,000), and accounts receivable (FMV $40,000, Basis $40,000) to the corporation for 50% of the stock, and Jerry contributes equipment (FMV $60,000, Basis...
Need help in solving this problem. Can you please show me a step
by step on how it's done. Thank you.
Common Stock Issuance Cary Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2016, the first year of the corporation's existence: • • Sold 5.000 shares of common stock for $18 per share Issued 5,000 shares of common stock in exchange for a patent valued at $100,000 At the end of the...
$95,000 capital gain is NOT the correct answer.
Question 19 0/2 points 1. On January 1, 2002, Ashley Corporation distributed $1231 land with a market value of $300,000 and an adjusted basis of $205,000 pursuant to a plan qualifying for a complete redemption under the $302(b)(3). The distribution was made to individual shareholder C who had owned 40% of Ashley since it was founded. C's sister owns the remaining 60 percent. C's stock Interest redeemed had a basis of $140,000,...
please solve these two questions and show work as to how you
got the answer step by step
6. + The accounting equation for Green Company is as follows: Assets Liabilities Stockholders' Equity $95,000 = $20,000 $75,000 If Green purchases a new truck on account for $30,000, the accounting equation will change to Assets Liabilties Stockholders' Equity a. $95,000 $20,000 + $75,000 b. $95,000 = $50,000 + $45,000 c. $125,000 = $50,000 + $75,000 d. $125,000 = $35,000 + $90,000...
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