Which of the following is NOT an adjustment to an S corporation shareholder's stock basis? Question 9 options: a) Decrease for shareholder's share of nondeductible items. b) Increase for shareholder's share of ordinary business income. c) Decrease for distributions during the year. d) Increase for shareholder's share of an increase in S Corporation liabilities. e) Increase for any contributions to the S corporation during the year

Identify which of the following statements is false. Select one: a. The 50% dividends-received deduction is limited to 50% of the taxable income of the corporation without regard to any NOL deduction, any capital loss carryback, and the dividends-received deduction itself unless the dividends-received deduction produces an NOL. b. Members of an affiliated group can claim a 90% dividends-received deduction for dividends received from other group members that is not subject to a taxable income limitation. c. A corporate dividends-received deduction is not allowed for dividends received on stock held for 40 days. d. All of the above are false.

6. Complete the table below for the 100% shareholder of the S-corporation. Schedule M-2 Accumulated Schedule M-2 Other Schedule M-2 Earnings and Tax basis in Adjustment Adjustments S-Corp event stock Account Account Profits account Capital gains Amounts on Jan. 1, 2024 30,000 10,000 3,000 20,000 What is the effect if the S-corporation has taxable profit of $50,000 in 2024? What is the effect if the S-corporation makes a $62,000 cash distribution in 2024? What is the effect if the S-corporation makes a $21,000 cash distribution in 2025, and there is no income or loss? What is the effect if the S-corporation makes a $20,000 cash distribution in 2026, and there is no income or loss? What are the balances at the end of 2026?

How much is the ending balance of the Accrued Salaries Payable that will show in the 2023 Statement of Financial Position? How much is the ending balance of the Share Options Outstanding that will show in the 2023 Statement of Financial Position?

If Friday, October 4, 2019, is the record date for ABC Corporation, when must an investor have purchased the stock in order to be entitled to receive a declared dividend? Select one: O a. Thursday, October 3rd Ob. Wednesday, October 2nd c. Tuesday, October 1st

On January 1, 2023, Pyxis Company issued share appreciation rights to its president exercisable for one year beginning January 1, 2025 provided that the president is still in the employ of the company at that date of exercise. Each right provides for a cash payment equal to the excess of the entity’s share price over P50. The equivalent number of shares for share appreciation rights will be based on the level of sales at the date of exercise. The number of equivalent shares is 20,000 if the level of sales is P4,000,000 to P6,000,000 and 30,000 shares if the level of sales is over P6,000,000. The actual sales achieved totaled P5,000,000 in 2023 and P7,000,000 in 2024. The share prices are P70 in 2023 and P65 in 2024. What is the compensation expense for 2023? ANSWER: 200,000 What is the compensation expense for 2024? ANSWER: 150,000 Show full solution

In 2020, Mr. Dale paid $40,700 for 3,700 shares of GKL Mutual Fund and elected to reinvest his year-end dividends in additional shares. In 2020 and 2021, he received Form 1099s reporting the following: 2020 2021 Dividends Reinvested $5,365 6,140 Shares Purchased Assume the taxable year is 2022. 393 385 Required A Required B Price per Total Shares Share $13.651 15.948 Required: a. If Mr. Dale sells his 4,478 shares for $15 per share, compute his recognized gain. b. If he sells only 1,250 shares for $15 per share and uses the FIFO method to determine basis, compute his recognized gain. c. If he sells only 1,250 shares for $15 per share and uses the average basis method, compute his recognized gain. Required C Owned Complete this question by entering your answers in the tabs below. 4,093 4,478 < Required B If he sells only 1,250 shares for $15 per share and uses the average basis method, compute his recognized gain. Note: Do not round intermediate calculations. Round your final answer to…

17. Under IFRS, what is recorded as compensation expense for all employee share-purchase plans? Par value of shares Amount paid by employees Amount of discount Amount transferred to share premium

For the purposes of equity accounting, it is presumed that tne investor has significant influence over the other entity where the investor holds: Select one: 0. 75% or more of the voting power of the investee. b. 205 or more of the voting power of the investee. C. between 5% and 105 of the voting power of the investee. d. 1005 of the voting power of tne investee.

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