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
olga_2 [115]
3 years ago
13

Darryl, a cash basis taxpayer, gave 1,000 shares of Copper Company common stock to his daughter on September 29, 2019. Copper Co

mpany is a publicly held company that has declared a $2.00 per share dividend on September 30th every year for the last 20 years. Just as Darryl had expected, Copper Company declared a $2.00 per share dividend on September 30th, payable on October 15th, to stockholders of record as of October 10th. The daughter received the $2,000 dividend on October 18, 2019. a. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $2,000. b. Darryl must recognize the $2,000 dividend as his income because he constructively received the dividend. c. Darryl must recognize $1,500 of the dividend because he owned the stock for three-fourths of the year. d. Darryl must recognize the income of $2,000 because the purpose of the gift was to avoid taxes. e. None of these choices are correct.
Business
1 answer:
KiRa [710]3 years ago
8 0

Answer:

Correct option :a. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $2,000.

Explanation:

Based on the information given we were told Darryl gave 1,000 shares of stock to his daughter in the month of September 29, 2019 in which Darryl daughter also received the amount of $2,000 dividend on October 18 of the same year which means that Darryl daughter have to recognize the income reason been that the daughter owned the common stock when the dividend was been declared and she as well received the amount of $2,000.

You might be interested in
Suppose touchtech, a hand-held computing firm, is selling bonds to raise money for a new lab—a practice known as finance. buying
lbvjy [14]
Just think here itll come to you eventually
 <span />
7 0
3 years ago
Lenox Company has the following financial data: 2020 2019 Assets Current Assets: Cash and Cash Equivalents $ 2,000 $ 1,900 Accou
Kobotan [32]

Answer:

25.55 days

Explanation:

Days Sales in Receivable = Accounts Receivable ÷ (Sales / 365)

therefore

2020 = $2,800 ÷ ($ 40,000 / 365) = 25.55 days

4 0
3 years ago
A natural monopoly exists when a single seller experiences ____________ average total costs than any potential competitor.
vlabodo [156]

Answer:

lower

Explanation:

A natural monopoly appears when there are high entry costs like large infrastructure costs or economies of scale where a company can provide the products at a lower costs than others which provides a big advantage to the firm in the market and makes it difficult for any potential competitor to be able to compete. According to that, the answer is that a natural monopoly exists when a single seller experiences lower average total costs than any potential competitor as this represents a barrier for the competitor to be able to enter the market.

3 0
3 years ago
PLZ HELP GIVEING BRAINLIST 1. Jamal volunteers his time after school to walk the dogs at a local animal shelter. Jamal does not
Jlenok [28]

Answer:

1. One way it could benefit Jamal in the future is that he will have gained practical skills and experience if a job hires him or something. One way he is benefiting the community is helping out the shelter so that they don't have to walk all the dogs and he’s doing a good deed.

2. Her guidance counselor will be the best option. Getting reference from her brother that knows her very well has nothing to do with her needing a reference for her resume. Her counselor knows about her educational background , so I personally think her counselor should be the reference.

3. She could look at jobs that require a resume, like a restaurant. Amber should be on lookout for a phone call or email and she should be prepared. She should also wear a white button up shirt with a black long skirt or a pair of black pants.

4.I would say no but I'm a quick learner and I can learn how to use it very fast. I wouldn’t tell a story and say I have because when i get ready to use it i may not know how, so it is important to be honest about it.

5.I would choose Cara because she listens to others' opinion about the task. Putting in others' opinions really matters, especially when it comes to working with a partner or two. I would rather work with Cara even though Grant is quick, he doesn't put in and listen to others’ opinions.

5 0
3 years ago
Milo Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $ 150
Juliette [100K]

Answer:

Revised balance = $8000

Explanation:

Milo Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $ 150 comma 000​, and management estimates 4​% will be uncollectible.

Milo ​Company's balance of Allowance for Uncollectible Accounts after​ adjustments, was $ 5 comma 000.

The following​ year, Milo Company wrote off $ 3 comma 000 of old receivables as uncollectible.

The Allowance account​ balance now will be:

Amount of Uncollectible Accounts for the year = 4% x $150,000 = $6000

Previous balance is $5,000 less amount written off $3000 = $2000

Revised balance = $6,000 + $2000 which is $8000

5 0
3 years ago
Other questions:
  • PPG Industries, the Pittsburgh-based manufacturer of paints, coatings, optical products, specialty materials, chemicals, glass,
    5·1 answer
  • What is the change in quantity supplied when price increases from $0.75 to $1.50?
    7·1 answer
  • Which of the following is NOT a requirement for becoming a police officer?
    12·2 answers
  • A coal company invests $12 million in a mine estimated to have 20 million tons of coal and no salvage value. it is expected that
    14·1 answer
  • Currently the U.S. Olympic Committee (USOC) pays Olympic athletes $25,000 for each gold medal, $15,000 for a silver medal, and $
    7·1 answer
  • It costs Sheridan Company $28 of variable costs and $17 of allocated fixed costs to produce an industrial trash can that sells f
    12·1 answer
  • A goal of monetary policy and fiscal policy is to
    13·1 answer
  • A company purchases inventory on account for $45,000 with terms 2/10, n/30. Under the net method of accounting for purchases, th
    11·1 answer
  • Bob manages a grocery store in a country experiencing a high rate of inflation. To keep up with inflation, he spends a lot of ti
    12·1 answer
  • Olivia is a partner in Pacific Trade. In the majority of states, with respect to any partnership obligations that Olivia does no
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!