These facts will be used for questions 1 - 10. A, an individual, transfers land with anadjusted basis of 40 and fair market value of 100, to Newco in exchange for 50Newco shares, fair market value of 100. B, an individual, transfers equipment withan adjusted basis of 70 and fair market value of 110 to Newco in exchange for 50Newco shares, fair market value 100, plus GM (General Motors) stock with a fairmarket value of 10.1. What is A's realized gain or loss?a loss1030O 60none of the aboveWhat is A's recognized gain or loss?Oa loss1030O 60none of the aboveWhat is B's realized gain or loss?a loss10O 3060none of the above

When the assets are exchanged then the same will be recorded at fair value of asset given up on the…

Answered: These facts will be used for questions…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Subject:- finance
Sam just started work with Caprese Co. Sam will work at their offices from Mondayto Friday, 9-5pm. Caprese will provide Sam with all the equipment she needs tocomplete her job. Sam's business card says "Sam Sparks - Caprese Co".1) Explain one rule and 2) the case fact that supports that rule, as well as 3) whetherit indicates Sam is an employee or a contractor (3 parts to the response).
Subject :- Economy
Lou-anne is a member of her employer's registered pension plan. Her employer contributed $5,000 to the plan; Lou-anne contributed $2,500. What statement is true? O a) Lou-anne can deduct her contribution from her taxable income; she must include her employer's contribution in her income. O b) Lou-anne can deduct her contribution from her taxable income; her employer's contribution is not considered a taxable benefit. Oc) Lou-anne cannot deduct her contribution from her taxable income; her employer's contribution is not considered a taxable benefit. Od) Lou-anne cannot deduct her contribution from her taxable income; her employer's contribution is considered a taxable benefit.
Crane Ltd issued $1,200,000 of 10years, 5% bonds on January 1,2024,when the market interest rate was 6%. crane received $1,110,740 when it issued these bonds. Interest is payable semi-annually on July 1 and January 1. crane has a December 31 year end. Assume that Crane has a December 31 year end. Calculate how much of the bond discount was amortized in 2024
4
PT. Jaya Service Indonesia, a company engaged in car servicing located in Radio Dalam, South Jakarta, during the month of February 2024 had the following transactions: 1-Feb-24 Received payment for car servicing from Mr. Budi amounting to Rp. 7,500,000 6-Feb-24 Paid cash for the repair of office AC service fee worth Rp. 300,000 7-Feb-24 Company paid cash for advertising expenses in a local magazine amounting to Rp. 9,000,000 12-Feb-24 Completed servicing of 25 Daihatsu Xenia office vehicles belonging to PT. Bumi Indonesia Indah, with a service price per unit of Rp. 12,000,000, for which PT. Bumi Indonesia Indah has not yet made payment 15-Feb-24 Purchased Aqua gallon, sugar, tea, coffee for office logistical needs, totaling Rp. 1,350,000 21-Feb-24 Paid electricity, water, and telephone bills for the previous month amounting to Rp. 10,500,000 22-Feb-24 Paid long-term bank loan installment of Rp. 9,000,000 27-Feb-24 Received payment for servicing from PT. Bumi Indonesia Indah dated…
The company uses the allowance method to account for uncollectible receivables. Allowance for doubtful account had 1.500 TL credit balance and account receivable account had 12.000 TL debit balance at the beginning of year. During the year bad debt expense was recorded for 2.000 TL and wrote off bad receivables for 2.500. a. what is the balance of allowance for doubtful account at the year - end? b. what is the net realizable value of account receivable at the vear - end?
Which of the following assets is classified as Trading Stock? Select one:Property acquired by an employee who plans to rent it outShares acquired by an investor who hopes to hold the shares for at least 12 monthsTelevisions acquired by a hotel owner who plans to install it in hotel roomsLand acquired by a property developer for the purpose of resale
16.) Insurers may be insured by; A reinsurers B Risk retention groups D the FDIC
Alpesh
27. William has a bakery with total assets of P4,000,000 inclusive of a lot with a book value of P1,200,000. Gross income from sales of bread P300,000 Interest on promissory notes of retail store clients 12,000 Royalties on sale of recipe books 36,000 Dividend income from domestic stocks 10,000 Note that William's total asset i s P2,800,000, excluding the lot. Hence, William's business qualifies as a BMBE. If William obtained a certificate of authority to operate as a BMBE, the following items of operating income are exempt from income tax а. Р 300,000 О Б.Р346,000 О с. Р312,000 O d. P 358,000

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