1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Katarina [22]
3 years ago
5

Matulis, Inc., a calendar year C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000.

Matulis holds a positive E & P balance. The entity elects S corporation status for 2020 and then sells the asset. Compute the corporate-level bt1ilt-in gains tax that mt1st be paid by Matulis.
Business
1 answer:
Talja [164]3 years ago
3 0

Answer:

$99,750

Explanation:

Matulis's taxes are = (asset's fair market value - asset's basis) x corporate tax rate = ($800,000 - $325,000) x 21% = $475,000 x 21% = $99,750

Since the C corporation is turning into a S corporation it must recognize the gain on holding the asset. The Tax Cuts and Jobs Act set the corporate tax rate at 21%.

You might be interested in
Ihi ta 101 from the viewpoint of the world health organization, “health” is defined as:
Lyrx [107]
According to the World Health Organization (WHO), health is defined as a state of complete mental, physical, and social well-being. Being healthy is not simply the absence of disease or infirmity according to his organization. Being free from diseases is not enough to call yourself healthy, you have to be mentally healthy, physically healthy, and socially healthy.<span> </span>
4 0
3 years ago
Maria purchased 100 shares of JAX stock for $30 per share and sold this same stock one year later for $29 per share. She paid co
mihalych1998 [28]

Answer:

capital loss = ($195)

Explanation:

Maria's total investment = (100 x $30) + $50 = $3,050

Maria's return from selling the stocks = (100 x $29) - $45 = $2,855

capital loss = $2,855 - $3,050 = -$195

The revenue generated by the dividends is taxed as ordinary income (at a higher rate) and must be considered ordinary gains, not capital gains.

4 0
2 years ago
Coral Music manufactures harmonicas. Coral uses standard costs to judge performance.​ Recently, a clerk mistakenly threw away so
jeka57 [31]

Answer:

Explanation:

std rate  $9.00

actual rate  $8.50

standard hours 5,200

Total variance: 390 Favorable

Rate variance:

(standard\:rate-actual\:rate) \times actual \: hours = DL \: rate \: variance

Efficiency

(standard\:hours-actual\:hours) \times standard \: rate = DL \: efficiency \: variance

Total:

rate + efficiency

(standard\:rate-actual\:rate) \times actual \: hours + (standard\:hours-actual\:hours) \times standard \: rate = 390

We plug our know values and solve:

(9 - 8.5) \times actual \: hours + (5,200-actual\:hours) \times 9 = 390

0.5actual hours + 46,800 - 9actual hours = 390

46,800 - 390 = 8.5 actual hours

46,410/8.5 = actual hours = 5,460

now we calculate each variance:

rate: 2,730

(9-8.5) \times 5,460 = DL \: rate \: variance

efficiency (2,340)

(5,200-5,460) \times 9 = DL \: efficiency \: variance

8 0
3 years ago
The "swish" design for Nike is a _[blank]_.
Rina8888 [55]

brand mark, it is one of the most well known brand marks

4 0
3 years ago
Read 2 more answers
The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs while achieving the
Crazy boy [7]

Answer:

A. True

Explanation:

The statement marketing concept is a philosophy that a business organization should employ to satisfy customers' needs while achieving the overall goals of the organization is correct because The marketing concept relays on four foundations:  

  • Target market
  • Customer needs,
  • Integrated marketing
  • Profitability.

3 0
2 years ago
Other questions:
  • The economy of Elmendyn contains 3,000 $1 bills.
    15·1 answer
  • _____ give the job seeker the ability to search several different Internet career sources at the same time.
    13·1 answer
  • Holmes Company produces a product that can either be sold as is or processed further. Holmes has already spent $50,000 to produc
    14·1 answer
  • Radicals use the term political economy instead of _____ to describe their critique of capitalism and the inequitable distributi
    10·1 answer
  • Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2016. Accounts receivable $41,08
    5·1 answer
  • Lorenzo just graduated from college and is now in the market for a new car. He has saved up $4,000 for a down payment. He's deci
    11·1 answer
  • Net exports might be a negative amount if Americans
    14·1 answer
  • Which of these statements represent ideas that Peter Drucker introduced in his book The Practice of Management? (select all that
    15·1 answer
  • Suppose that an economy is currently experiencing a Contractionary Gap due to a recession. The government decides to help the ec
    5·1 answer
  • According to the path-goal theory, employees with an internal locus of control should prefer a leader who is __________.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!