subject
Business, 28.06.2020 01:01 jnsoccerboy7260

Three individuals form Skylark Corporation with the following contributions: Cliff, cash of $50,000 for 50 shares; Brad, land worth $20,000 (basis of $11,000) for 20 shares; and Ron, cattle worth $9,000 (basis of $6,000) for 9 shares and services worth $21,000 for 21 shares. A. These transfers are fully taxable and not exempt under IRC § 351 because Ron’s stock received for services does not count toward the 80% control test.
B. Ron’s basis in his stock is $30,000.
C. Ron’s basis in his stock is $21,000.
D. Ron has income on the transaction of $21,000.
E. Brad’s basis in his stock is $20,000.

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 21.06.2019 22:30, Gghbhgy4809
An annuity that goes on indefinitely is called a perpetuity. the payments of a perpetuity constitute a/an series. the equation is: a stock with no maturity is an example of a perpetuity. quantitative problem: you own a security that provides an annual dividend of $170 forever. the security’s annual return is 9%. what is the present value of this security? round your answer to the nearest cent. $
Answers: 2
image
Business, 22.06.2019 14:20, Champion9701
For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?
Answers: 3
image
Business, 22.06.2019 15:00, cheyfaye4173
Oerstman, inc. uses a standard costing system and develops its overhead rates from the current annual budget. the budget is based on an expected annual output of 120,000 units requiring 480,000 direct labor hours.(practical capacity is 500,000 hours)annual budgeted overhead costs total $772,800, of which $556,800 is fixed overhead. a total of 119,300 units, using 478,000 direct labor hours, were produced during the year. actual variable overhead costs for the year were $260,400 and actual fixed overhead costs were $555,450.required: 1. compute the fixed overhead spending variance and indicate if favorable or unfavorable.2. compute the fixed overhead volume variance and indicate if favorable or unfavorable.
Answers: 3
image
Business, 22.06.2019 23:10, erykaa
Mbo works by objectives moving through the organization; that is, top managers set general organizational objectives, which are translated into divisional objectives, which are translated into departmental objectives. the hierarchy ends in individual objectives set by each employee. this is an example of mbo working as objectives through the organization.
Answers: 1
You know the right answer?
Three individuals form Skylark Corporation with the following contributions: Cliff, cash of $50,000...

Questions in other subjects:

Konu
English, 12.01.2021 21:20
Konu
Mathematics, 12.01.2021 21:20
Konu
Mathematics, 12.01.2021 21:20