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There were no other transactions that might affect ABC Inc.'s earnings and profits for the year. What was the amount of ABC Inc.'s earning and profits at the end of the year?
In exchange for the assets transferred, Larry received 100 percent of the stock of the corporation. Which of the following statements regarding the tax consequences of the transaction is accurate?
Based on the value of the automobile, the inclusion amounts for years 1 through 3 are $313, $590, and $602, respectively. If the taxpayer uses the car 60% of the time for business, what amount shoul
Production records indicate that 18,000 units were transferred out, and 2,000 units in ending work in process were 50% complete as to conversion cost and 100% complete to materials. Prepare a cost r
Ted's basis in his partnership interest immediately before the distribution is $33,000: What amount of gain will the partnership recognize on the distribution, and what is Ted's basis in the land he
Evergreen Corp. has two divisions, Fern and Bark. Fern produces a widget that Bark could use in the production of units that cost $175 in variable costs, plus the cost of the widget, to manufacture.
Which one of the following is not a deductible expense in computing partnership ordinary income?
A taxpayer whose fi ling status is married fi ling separately recognizes a $5,000 net short-term capital loss and a $1,000 net long-term capital gain during the year. If the taxpayer's only other it
These are Rick's only property transactions during the year. Once the netting process is complete, on his tax return Rick's gains and losses will be treated as:
Which of the following is not an example of carryover basis property? a. Stock acquired in a wash sale b. Property inherited from a decendent dying in 2013 c. A nontaxable stock dividend
An individual purchased an apartment building for use in a business for $300,000 in 2005. Th e building was sold for $350,000 in October 2013. Depreciation taken was $84,000. If there is no other Se
A single taxpayer sells 3,000 shares of Section 1244 stock ("small business corporation" stock) at a loss of $125,000. How will this loss be treated on the tax return?
Which of the following properties is a capital asset? a. Artwork displayed in the taxpayer's home b. Inventory
Prepare journal entries to record Ming's 2010 and 2011 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. Round your
Batista Corporation acquired new computer equipment on March 13, 2013, for $40,000. Batista did not elect immediate expensing under Section 179. Batista also elects not to take the additional first-
Iris was a professional basketball player before a career-ending injury caused by a grossly negligent driver. Iris sued the driver and collected $4 million as compensation for lost estimated future
Sherika and her daughter (Xiomara) attended the concert. How much gross income should Sherika report as a result of the tickets?
Assume the facts stated in the prior two questions. Assume further that for 2013 Satsuki will offset his wages (with any deduction related to the debt) to the maximum extent permitted by law. What i
On January 1, 2014, Alicia Masingale established Leopard Realty, which completed the following transactions during the month: Alicia Masingale transferred cash from a personal bank account to an accou
How should Satsuki treat the loss relating to this debt (assume that the debt is a nonbusiness debt that is a bona fide debt that arose from a debtor-creditor relationship)?
On the date of the contribution, Sascha's basis in the common stock was $12,000 and the fair market value was $5,000. What is the amount of charitable contribution allowed (before considering any po
Sandy and Teddy formed a partnership. Sand received a 50% interest in partnership capital and profits in exchange for contributing land with a basis of $180,000 and a FMV of $300,000 of cash.
Ovidiu incurred the following expenses during 2013. Which expense is Ovidiu LEAST likely to deduct as a medical expense (assume Ovidiu itemizes and that Ovidiu's medical expenses will exceed 10.0% o
Jackel, Inc. has the following information for the current tax year. Gross sales $350,000 Cost of goods sold 50,000 Dividends received(10%)40,000 Operating expenses 30,000 Charitable contributions
What was Shala's 2013 Net Operating Loss amount assuming that she had the following items listed on her income tax return?