FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Antoine transfers property with a tax basis of $570 and a fair market value of $615 to a corporation in exchange for stock with a fair market value of $598 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $17 on the property transferred. What is Antoine's tax basis in the stock received in the exchange? Multiple Choice $615 $598 $570 $553arrow_forwardPlease Do not Give image formatarrow_forward54. What are the 4 business structures when filing tax returns: A) Schedule C, Partnership form 1065, S Corporation 1120 s, Corporation 1120 B) Schedule K-1, 1040 Individual tax returns, Corporation 1120 C) 1065, K-1, 1120 and Schedule E 55. When can partnership/S corporation income can be used. Choose best answer : A) Rental income and loss shows profit B) Borrower has accessed the income via cash distributions C) Positive income trendsarrow_forward
- Please answer these questions , give me the right answers (choices) pleasearrow_forwardQuestion 3: Property tax Aamir owns property with an assessed value of $500,000. Khaled’s property has an assessed value of $1.5 million. Property tax has the following tax brackets:2% for value less than $1million and 1% for value in excess of $1 million. Calculate the amount of Property Tax payable to the government by Aamir and Khaled? Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?arrow_forwardA26.arrow_forward
- P1 is a one-third owner in ABC LLC. P1 sold his interest in ABC to B1 for $95,000 in cash (plus assumption of liabilities of ABC). Assume P1's inside and outside basis in ABC are equal. ABC's balance sheet at the dale of sale follows. Determine the amount and character of the gain or loss P1 will realize at the sale. ASSETS: Cash Receivables Inventory Land LIABILITIES AND CAPITAL: Liabilities Capital-P1 Capital-P2 Capital-P3 Tax Basis 60,000 60,000 120,000 120,000 70,000 130,000 50,000 55,000 300,000 365,000 30,000 90,000 90,000 90,000 FMV 300,000arrow_forward3. Brielle received $30,000 in cash and an automobile with an adjusted basis and market value of $20,000 in a proportionate liquidating distribution from the BD Partnership. Brielle's basis in the partntership interest was $60,000 before the distribution. What is Brielle's basis in the automobile received in the liquidation? A. $0 B. $10,000 C. $20,000 D. $30,000arrow_forwardQuestion 3: Mary transferred land with an adjusted basis to her of $ 21,000 and a fair market value of $ 57,000 to Wine Corporation in exchange for 100% of Wine Corporation's only class of stock. The land was subject to a liability of $ 28,000, which Wine assumed for legitimate business purposes. The fair market value of Wine's stock at the time of the transfer was. $31,000. What is the amount of Mary's recognized gain? a) $ 29,000 b) $ 7,000 c) $ 26,000 d) $ 10,000 1 of 2arrow_forward
- 4 Assume the following information just prior to the admission of new partner I: Assets Cash Accounts receivable Partner CH- $ 5,000 43,000 G H 7. New partner I contributes land with a fair value of $100,000. Relative ownership interests after this transaction are: Liabilities Accounts payable G, Capital H, Capital $48,000 Required: Prepare journal entries to record the following unrelated scenarios: 5. New partner I purchases partners G's partnership interest for $40,000. 6. New partner I receives a cash bonus of $2,000 and a one-tenth ownership share, allocated equally from the partnership interests of G and H. Ownership interest 20% 5% 75% 100% Partners' Capital $30,000 10,000 $ 8,000 40,000 $48,000arrow_forwardHaving trouble with B and Carrow_forward7arrow_forward
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