Sing, Inc., is a taxable domestic C corporation. On January 1, 2017, of its 2,000 issued and outstanding shares, 1,575 were owned by Snap, while the remaining 425 shares were owned by unrelated parties. On April 30, 2017, Snap received from Sing an additional 200 shares of Sing stock and $25,000 in cash in exchange for land worth $500,000 (subject to a $250,000 mortgage). The exchange was for a valid business purpose and not to avoid taxes. Sing had redeemed the 200 shares of stock from an unrelated party on October 31, 2015, for $200,000, and its FMV on April 30, 2017, was $1,125 per share. The stock has a $100-per-share par value. Snap purchased the land for $2p0,000 on October 31, 2007, as an investment and has made no improvements to it. Enter either the correct amount or holding period (in number of months) for each item, all of which are presented in reference to the April 30, 2017, transaction. Item Answer 1. Gain recognized by Snap on April 30,2017 2. Snap's basis in the stock 3. Snap's holding period for the stock on October 31, 2017 4. Gain recognized by Sing, Inc. 5. Sing, Inc.'s holding period for the land on October 31, 2017 6. Sing, Inc.:'s basis in the land
Answers: 3
Business, 22.06.2019 22:00, lionscoachjose
Most economists report the elasticity of demand asa. the absolute value of the actual number. b. a negative number, since price and quantity demanded move in opposite directions. c. a percentage, since both the numerator and denominator are percentages. d. a dollar amount, since we are measuring the change in price.
Answers: 2
Business, 22.06.2019 22:10, jakemendes1
Which of the following is usually not one of the top considerations in choosing a country for a facility location? a. availability of labor and labor productivityb. attitude of governmental unitsc. location of marketsd. zoning regulationse. exchange rates
Answers: 1
Business, 23.06.2019 01:50, snikergrace
The capital balances, prior to the liquidation of the benjamin, gaynor, megan partnership, were as follows: benjamin, capital $100,000gaynor, capital $120,000megan, capital $175,000benjamin, gaynor, and megan share profits and losses in the ratio of 25%, 40%, 35%. as a result of a loan, the partnership owes gaynor $80,000. using the information above, which partner has the highest loss absorption power (lap) prior to liquidation? a. gaynorb. meganc. benjamind. both gaynor and megan have the same lap
Answers: 2
Sing, Inc., is a taxable domestic C corporation. On January 1, 2017, of its 2,000 issued and outstan...
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