Sharon Bohnette owns 1,300 shares of Northern Chime Company. There are six seats on the board of directors up for election and Ms. Bohnette is one of the nominees. Under the traditional method of voting, how many votes may she cast for herself?
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Sharon Bohnette owns 1,300 shares of Northern Chime Company. There are six seats on the board of directors up for election and Ms. Bohnette is one of the nominees. Under the traditional method of voting, how many votes may she cast for herself? Round your answer to the nearest whole number.
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- Sharon Bohnette owns 900 shares of Northern Chime Company. There are four seats on the board of directors up for election and Ms. Bohnette is one of the nominees. Under the traditional method of voting, how many votes may she cast for herself? Round your answer to the nearest whole number. votes How many votes may she cast for herself under the cumulative method of voting? Round your answer to the nearest whole number. votesSharon Bohnette owns 900 shares of Northern Chime Company. There are six seats on the board of directors up for election and Ms. Bohnette is one of the nominees. Under the traditional method of voting, how many votes may she cast for herself? How many votes may she cast for herself under the cumulative method of voting?Your supervisor has asked you to research his client’s stock transaction to ensure it is treated correctly on their tax return. She has outlined two major issues she would like you to find answers for. Using the Internal Revenue Code and other valid sources, write a short memo to answer her questions. To: CPA Boss From: CPA Candidate Re: XYZ Stock Fiasco Date: April 10, 2022 Facts: Jack and Sally own 1,000 shares of XYZ stock. They originally purchased the stock on August 7, 2008, for $20/share. On March 12th they sold all 1,000 shares of XYZ for $10/share. On April 1, 2021, Jack heard that XYZ’s stock price was going to skyrocket and purchased 1,000 new shares of XYZ for $13/share. 1. Can the taxpayers claim a capital loss on the XYZ stock they sold? If so, how much may they deduct on their 2021 return? 2. What is their basis and holding period of the stock purchased?
- Four unrelated shareholders own Benton Corporation's 400 shares of outstanding stock. As indicated below, Benton redeems a total of 100 shares for $500 per share from three of its shareholders. Each shareholder has a $230 per share basis in his or her stock. Benton's current and accumulated earnings and profits (E&P) at the end of the tax year is $150,000. View the shareholder data. Read the requirements. to Ethel, Fran, and Georgia? Ethel Fran Georgia Amount of income, gain, or loss Ethel Fran Georgia Character of income, gain, or loss Amount of income, gain, or loss 50,000 0 50,000 capital gain capital gain capital gain Requirement b. How would your answer to Part a change if Ethel were Georgia's mother? Character of income, gain, or loss dividend income return of capital Basis of remaining shares dividend income Basis of remaining shares Shareholder Data Shareholder Ethel Fran Georgia Henry Total Shares Held Before the Redemption Print 200 100 50 50 400 Done Shares Redeemed 40 30 30…Required information [The following information applies to the questions displayed below.] On January 1, year 1, Dave received 1,100 shares of restricted stock from his employer, RRK Corporation. On that date, the stock price was $26 per share. On receiving the restricted stock, Dave made the 83(b) election. Dave's restricted shares will vest at the end of year 2. He intends to hold the shares until the end of year 4 when he intends to sell them to help fund the purchase of a new home Dave predicts the share price of RRK will be $46 per share when his shares vest and will be $49 per share when he sells them. Assume that Dave's price predictions are correct and answer the following questions: (Leave no answers blank. Enter zero if applicable. Round your final answer to the nearest whole dollar value. Enter all amounts as positive values.) a. What are Dave's taxes due if his ordinary marginal rate is 32 percent and his long-term capital gains rate is 15 percent? Taxes Due Grant date…On January 1, year 1, Dave received 2,200 restricted shares from his employer, RRK Corporation. On that date, the stock price was $18 per share. On receiving the stock, Dave made the 83(b) election. Dave's restricted shares will vest at the end of year 2. He intends to hold the shares until the end of year 4 when he intends to sell them to help fund the purchase of a new home. Dave predicts the share price of RRK will be $29 when his shares vest and will be $56 per share when he sells them. Assume that Dave's predictions are correct and answer the following question. What are the consequences of these transactions to RRK? Grant Date $ Vesting Date $ Sale Date $
- Answer it correctly and 100% correct. I will rate accordingly with multiple votes. Explain well. Typed answer only Padgett invests in Bryant Inc., a glass manufacturing company. As a stockholder, he owns a part of the company and he holds the right to vote on company issues. However, he is entitled to dividends only when the company's board of directors decides to do so. According to the company policies, if Bryant Inc. faces dissolution in the future, Padgett will receive his assets only after the company satisfies the claim of the preferred stockholders. Based on the given information, it can be concluded that Padgett is a _____. Group of answer choices convertible stockholder common stockholder cumulative stockholder participating stockholderIn the following case, identify all the violations of the rules of conduct of the Code of Professional Ethics, indicate the rule and explain why it was violated. Carmen and Carlos formed a corporation called CPA al servicio. 50% of all issued shares are divided between the two owner shareholders. Carmen in CPA and member of the AICPA Carlos is an appraiser. They announce themselves as members of the AICPA. They were hired to do an audit, the payment of which will be based on the findings of the CPA. Carmen commented with another CPA colleague on important aspects of the case to be audited. During the audit Carmen found deviations from the Generally Accepted Accounting Principles. Carmen gave an opinion in the report of her "unqualified without qualification."102 Integrity and objectivity } 201 General standards } 202 Compliance with standards } 203 Accounting Principles } 301 Confidential customer information } 302 Contingency expenses } 501 Acts of discredit } 502 Promotion or…On May 1, year 1, Anna received 7,300 shares of restricted stock from her employer, Jarbal Corporation. On that date, the stock price was $5 per share. On receiving the restricted stock, Anna made an 83(b) election. Anna’s restricted shares will all vest on May 1, year 3. After the shares vest, she intends to sell them immediately to purchase a condo. True to her plan, Anna sold the shares immediately after they were vested. What is Anna’s ordinary income in year 1? What is Anna’s gain or loss in year 3 if the stock is valued at $0.80 per share on the day the shares vest? What is Anna’s gain or loss in year 3 if the stock is valued at $9.20 per share on the day the shares vest?
- Prepare your answers using excel or clearly written computations. Show your work for maximum points. 4. Grady exchanges qualified property, basis of $12,000 and fair market value of $18,000, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five years ago. Calculate Grady’s current income, gain, or loss and the basis he takes in his shares of Eadie stock as a result of this transaction.Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit Corp. stock is owned one-third by Raisin and two-thirds by Prune. All shareholders are US resident citizen individuals. At the beginning of the current year, Raisin's basis in his shares was $99,000 and Prune's basis in her shares was $33,000. During the current year, Dried Fruit Corp. earned $594,000 of net income from operations. Raisin's share was $198,000; Prune's share was $396,000. On July 1st, Dried Fruit Corp. distributed $264,000 to Raisin and $528,000 to Prune. How much gain does Raisin recognize as a result of this transaction? O $66,000 $99,000 O $0 $33,000Deborah, who is employed by Rogers Public Co. Ltd., was granted an option in year one to purchase up to 10,000 common shares at $14 after completion of her fifth year of employment. The FMV of the common shares at the time of granting the right was $12. She does not have any other shares. During Deborah's seventh year of employment, she decided to exercise part of her right and purchased 5,000 shares with a FMV of $15 as at that date. Three years later, Deborah sold the shares for $25 per share. What are the tax implications of each of the above transactions on: a) The date of grant of the options b) The date the option is exercised c) The date the shares are sold