Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorporated (BLI). As part of their discussions with the sole shareholder of the corporation, Ernesto Young, they examined the company's tax accounting balance sheet. The relevant information is summarized as follows: Note: Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign. Cash Receivables Building Land Total Payables FMV $ 18,000 26,000 105,000 229,000 $ 378,000 Adjusted Tax Basis $ 18,000 26,000 52,500 98,000 Appreciation $ 194,500 52,500 131,000 $ 183,500 $ 29,000 124,000 $ 153,000 Mortgage Total $ 29,000 124,000 $ 153,000 The mortgage is attached to the building and land. Ernesto was asking for $549,000 for the company. His tax basis in the BLI stock was $180,000. Included in the sales price was an unrecognized customer list valued at $180,000. The unallocated portion of the purchase price ($144,000) will be recorded as goodwill. Assume Ernesto agrees to sell his stock in BLI to Amy and Brian for $549,000. a. What amount of gain or loss does BLI recognize if the transaction is structured as a stock sale to Amy and Brian? What amount of corporate-level tax does BLI pay because of the transaction? Gain or loss recognized Corporate-level tax

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Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Inc. (BLI). As part of their discussions with the sole shareholder of the corporation, Ernesto Young, they examined the company's tax accounting balance sheet. The relevant information is summarized as follows: Cash Receivables Building Land Total Payables Mortgage* Total FMV $ 14,000 21,000 94,000 204,000 $333,000 $ 25,000 $ 25,000 108,000 108,000 $133,000 $133,000 Adjusted Basis $ 14,000 Gain or loss recognized Corporate-level tax 21,000 47,000 74,000 $156,000 Show Transcribed Text The mortgage is attached to the building and land. Ernesto was asking for $470,000 for the company. His tax basis in the BLI stock was $150,000. Included in the sales price was an unrecognized customer list valued at $150,000. The unallocated portion of the purchase price ($120,000) will be recorded as goodwill. (Leave no answer blank. Enter zero if applicable.) Assume Ernesto agrees to sell his stock in BLI to Amy…

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Which of these businesses would NOT be required to file a balance sheet with the tax return? ORB, a C corporation, with $245,000 in gross receipts and $50,000 in assets. DBS, a partnership, with $275,000 in gross receipts and $150,000 in assets. JAS, an S corporation, with $175,000 in gross receipts and $260,000 in assets. BLA, a C corporation, with $240,000 in gross receipts and $290,000 in assets.

Question 1 Nana John is a self-employed as a hairdresser and lives in the UK. She has the following information available for the year ended 2021/22 Trading profit for the year ended 30 June 2021 Nana's statement of profit or loss for the year ended 30th June 2021 is as follows: Income Expenses Depreciation Motor Vehicle Professional fees Property expenses Purchases Other expenses Net profit Note 1 2 3 4 5 £ 2,635 2,200 1,650 12,900 4,700 16,550 £ 63,635 (40,635) 23,000 1. Nana John charges all the running expenses for her motor car to the business. During the year ended 30 June 2021 Nana drove a total of 8,000 miles of which 7,000 were for private journeys. 2. The figure for professional fees includes £1,260 for legal fees in connection with the grant of a new five-year lease of parking spaces for customers' motor cars. 3. Nana lives in a flat that is situated above her hairdressing studio and one-third of the total property expenses of £12,900 relate to this flat. 4. During the year…