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11111nata11111 [884]
3 years ago
14

Mrs. Beld sold marketable securities with a $79,600 tax basis to her daughter for $60,000 cash. Two years later, the daughter so

ld the securities through her broker for $93,000. Compute the daughter's gain recognized on sale.
Business
1 answer:
Ksenya-84 [330]3 years ago
8 0

Answer:

$13,400

Explanation:

Data provided in the question:

Tax basis of marketable securities = $79,600

Amount for which securities sold to daughter = $60,000

Amount for which daughter sold the  securities = $93,000

Now,

Mrs. Beld disallowed loss on the related party sale to her daughter

= Tax basis of marketable securities - Amount for which securities sold to daughter

= $79,600 - $60,000

= $19,600

Realized gain by her daughter = $93,000 - $60,000

= $33,000

Therefore,

The daughter's gain recognized on sale

= Realized gain by her daughter - Mrs. Beld disallowed loss

= $33,000 - $19,600

= $13,400

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Blossom Company purchased equipment for $303,200 on October 1, 2020. It is estimated that the equipment will have a useful life
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Explanation:

[ find attachments for complete solutions]

Note: Complete question is attached to the attachment section

5 0
3 years ago
On June 1, 2015, Ivanhoe Company and Shamrock Company merged to form Bridgeport Inc. A total of 752,000 shares were issued to co
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Solution:

a-1) Calculation of the number of shares used for calculating Basic Earning per share    

No. of shares                         period        

752000                                    3/12                           188000    

1314000                                    9/12                           985500    

Weighted average No of shares outstanding   1173500

a-2) Calculation of the number of shares used for calculating Diluted Earning per share    

                        No. of shares                 period        

                          752000                   3/12                 188000                                     1314000                    3/12                  328500      with Bonds       1340400                    6/12                670200      

Weighted average No of shares outstanding           1186700   

Each bonds to per converted into 44 common stock

i.e. 600 Bonds *44 common=26400 Potential equity shares

b-1) Calculation of earning figures to be used for calculating Basic Earning per share    

After Tax net Income will be earnings = $1614000      

b-2) Calculation of earning figures to be used for calculating Diluted Earning per share    

After tax net Income                                                   1614000      

Interest for the 2017 =600000*7*6/12   21000      

Tax effect on Interest @40%                     8400      12600                                                                                                 1626600

Earnings = 1626600      

7 0
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