Accounting Information Systems
9th Edition
ISBN: 9781133934400
Author: James A. Hall
Publisher: Cengage Learning
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Chapter 13, Problem 14RQ
Discuss the various feasibility measures that should be considered. Give an example of each.
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JH, Inc., is a calendar year, accrual basis corporation with Joe as its sole shareholder (basis in his stock is $90,000). On January 1 of the current year, JH Corporation has accumulated E & P of $200,000. Before considering the effect of the distribution described below, the corporation’s current E & P is $50,000. On November 1, JH distributes an office building to Joe. The office building has an adjusted basis of $80,000 (fair market value of $100,000) and is subject to a mortgage of $110,000. Assume that the building has been depreciated using the ADS method for both income tax and E & P purposes. What are the tax consequences of the distribution to JH and to Joe? (In your answer, be sure to describe the effects on taxable income for both JH and Joe, the impact of the distribution on JH’s E & P, and Joe’s basis in the building.)
Joe is the sole shareholder of JH Corporation. Joe sold his stock to Ethan on October 31 for $150,000. Joe’s basis in JH stock was $50,000 at the start of the year. JH distributed land to Joe immediately before the sale. JH’s basis in the land was $20,000 (fair market value of $25,000). On December 31, Ethan received a $75,000 cash distribution from JH. During the year, JH has $20,000 of current E & P and its accumulated E & P balance on January 1 is $10,000. Which of the following statements is true?
a. Joe recognizes a $110,000 gain on the sale of his stock. b. Joe recognizes a $100,000 gain on the sale of his stock. c. Ethan receives $5,000 of dividend income.d. Joe receives $20,000 of dividend income. e. None of the above.
Chapter 13 Solutions
Accounting Information Systems
Ch. 13 - Prob. 1RQCh. 13 - Prob. 2RQCh. 13 - What is the role of the accountant in the SDLC?...Ch. 13 - Prob. 4RQCh. 13 - Prob. 5RQCh. 13 - Prob. 6RQCh. 13 - Prob. 7RQCh. 13 - Prob. 8RQCh. 13 - Prob. 9RQCh. 13 - Prob. 10RQ
Ch. 13 - Contrast proactive and reactive management styles....Ch. 13 - Prob. 12RQCh. 13 - Prob. 13RQCh. 13 - Discuss the various feasibility measures that...Ch. 13 - What are the broad classes of facts that need to...Ch. 13 - Prob. 16RQCh. 13 - Prob. 17RQCh. 13 - Prob. 18RQCh. 13 - How much design detail is needed in the conceptual...Ch. 13 - Prob. 20RQCh. 13 - Prob. 21RQCh. 13 - What makes the cost-benefit analysis more...Ch. 13 - Prob. 23RQCh. 13 - Prob. 24RQCh. 13 - Prob. 25RQCh. 13 - Prob. 26RQCh. 13 - Prob. 27RQCh. 13 - Prob. 28RQCh. 13 - Accounting educators are discussing ways to...Ch. 13 - Comment on the following statement: The...Ch. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - Why are customer-perspective measures important...Ch. 13 - Prob. 7DQCh. 13 - Is a good strategic plan detail oriented?Ch. 13 - Distinguish between a problem and a symptom. Give...Ch. 13 - What purposes does the systems project proposal...Ch. 13 - Most firms underestimate the cost and time...Ch. 13 - A lack of top management support has led to the...Ch. 13 - Many new systems projects grossly underestimate...Ch. 13 - Prob. 14DQCh. 13 - Prob. 1MCQCh. 13 - Prob. 2MCQCh. 13 - Prob. 3MCQCh. 13 - Prob. 4MCQCh. 13 - Prob. 5MCQCh. 13 - Prob. 6MCQCh. 13 - A systems development approach that starts with...Ch. 13 - Prob. 8MCQCh. 13 - Prob. 9MCQCh. 13 - Prob. 10MCQCh. 13 - Prob. 11MCQCh. 13 - Prob. 12MCQCh. 13 - Which of the following individuals would not...Ch. 13 - ANNOUNCING A NEW INFORMATION SYSTEM The AJAX...Ch. 13 - Prob. 2PCh. 13 - SYSTEMS DEVELOPMENT AND IMPLEMENTATION Kruger...Ch. 13 - SYSTEMS ANALYSIS Consider the following dialogue...Ch. 13 - FACT-GATHERING TECHNIQUES Your company. Tractors...Ch. 13 - SYSTEMS SELECTION Your company. Kitchen Works, is...Ch. 13 - Prob. 7PCh. 13 - Prob. 8P
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