The Coffee Company engages in the following transactions during the taxable year. Sells stock held for
Question:
• Sells stock held for three years as an investment for $30,000 (adjusted basis of $20,000).
• Sells land used in the business for $65,000. The land has been used as a parking lot and originally cost $40,000.
• Receives tax-exempt interest on municipal bonds of $5,000.
• Receives dividends on IBM stock of $80,000.
Describe the effect of these transactions on the entity and its owners if the entity is organized as:
a. A partnership.
b. A C corporation.
c. An S corporation.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
a The conduit concept applies for the partnership The effect of these transactions on partnership ta...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
Question Posted:
Related Video
In everyday life, it sometimes becomes a hassle to park a car in the mall’s parking lot. Usually, it’s difficult to find a convenient location where the car can easily be seen while leaving the mall after shopping.
Students also viewed these Business Law questions
-
A start-up company often engages in the following transactions in its first year of operations. Classify those transactions in one of the three major categories of an organizations business...
-
The Electric Company engaged in the following transactions during 2014. The beginning cash balance was $43,000 and ending cash balance was $48,600. 1. Sales on account were $274,000. The beginning...
-
The Electric Company engaged in the following transactions during 2017. The beginning cash balance was $43,000 and the ending cash balance was $48,600. 1. Sales on account were $274,000. The...
-
What does a SWOT analysis reveal about the overall attractiveness of lululemon's situation?
-
Daniel allocates his budget of $24 per week among three goods. Use the following table of the marginal utilities for Good A, Good B, and Good C to answer the questions below: a. If the price of A is...
-
ulation 07. 12%=0.048 9. Your client chooses to invest 40% in your portfolio (n) and 60% (f) in the risk-free asset. What is the Sharpe ratio of your client's portfolio? Risk -Champion risky...
-
10 Develop a privacy policy for database managers that provides a balance of consumer and seller perspectives. How would you encourage voluntary compliance with your policy? What methods of...
-
Valley Pizzas owner bought his current pizza oven two years ago for $9,000, and it has one more year of life remaining, lie is using straight-line depreciation for the oven. He could purchase a new...
-
Journal Entry Worksheet 1-33 The trial balance of Pacilio Security Services, Inc. as of January 1, Year 11. had the following normal balances. 100 210 Van 390 840 210 918 945 Cash $ 113, 718 Petty...
-
Police Corporation acquired 100 percent of Station Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Station's assets and...
-
Sea Green Enterprises reports the following assets and liabilities on its balance sheet. Sea Green has just lost a product liability suit with damages of $10 million being awarded to the plaintiff....
-
Swift Corporation distributes land (basis of $55,000 and fair market value of $120,000) to Sam and cash ($240,000) to Allison in exchange for part of their stock. Other shareholders do not redeem any...
-
At a point due east of the transmitter, how should a magnetic dipole antenna be oriented to serve as a receiver? An electric dipole antenna used to transmit radio waves is oriented horizontally...
-
Maintenance costs at Red Dot Manufacturing over the past six months are listed in the following table. ( Click the icon to view the maintenance costs. ) Using the high - low method, what is the total...
-
PURPOSE: Understand Markov chains as a means to model/predict probabilistic processes in a simple case. a. Toss a coin 32 times and record the outcome (as a string of H and T). b. Compute the...
-
2. 1. The following are considered Financial Statements as per the Generally Accepted Accounting Principles (GAAP), except: a.) Profit & Loss Statement b.) Cash Flow Statement c.) Statement of...
-
In what ways do you feel prepared to use your communication skill after completing the assignment? If you don't feel prepared, share why.
-
Budgeted Activity Activity Cost Activity Base Casting $238,560 Machine hours Assembly 158,620 Direct labor hours Inspecting 24,090 Number of inspections Setup 52,540 Number of setups 43,200 Number of...
-
A population has mean = 47.5 and standard deviation = 12.6. A sample of size 112 is drawn. a. Find the probability that x is between 45 and 48. b. Would it be unusual for x to be greater than 48?...
-
Consider the advantages and disadvantages of extending property rights so that everyone would have the right to prevent people imposing any costs on them whatsoever (or charging them to do so).
-
Find three commercial suppliers of dynamic signal analyzers for modal testing.
-
Daisy Taylor has developed a viable new business idea. Her idea is to design and manufacture cookware that remains cool to the touch when in use. She has had several friends try out her prototype...
-
Mackenzie is considering conducting her business, Mac561, as either a single member LLC or as an S corporation. Determine Mackenzies after-tax cash flow from the entitys business income and any...
-
After several years of profitable operations, Javell, the sole shareholder of JBD Inc., a C corporation, sold 22 percent of her JBD stock to ZNO Inc., a C corporation in a similar industry. uring the...
-
Suppose I have computed the cost of carbon per mile for my car at 0 . 0 1 2 per mile. Assume that the interest rate is 4 % and that I drive the car 2 8 , 0 0 0 miles per year. What is the present...
-
Imagine that in stable growth period, the firm earns ROIC of 10% and has after tax EBIT of 200 and reinvestment $ of 40. What is the steady state growth rate? 20% O 10% 2%
-
Tanner-UNF Corporation acquired as a long-term investment $160 million of 5.0% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until...
Study smarter with the SolutionInn App