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Lina20 [59]
3 years ago
7

Lake City Corporation owns all the stock in Columbia Corporation. Pursuant to a plan of complete​ liquidation, Columbia distribu

tes land having a​ $500,000 FMV and a​ $200,000 basis to Lake City.​ Columbia's gain with respect to the distribution will be
Business
1 answer:
sladkih [1.3K]3 years ago
3 0

Answer:

Since on distribution on complete liquidation to shareholder will taxable on both hand (company and shareholdeR) .shareholder will pay tax on FMVless adjusted basis and corporate will pay tax on gain (FMV-adjusted basis of asset ).

since taxability in both hands will result in double taxation ,any gain/loss will be taxed in shareholders hand and corporate tax liability will be minimal'

so correct option is "D" -no gain recognised.

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In the cycle of complete strategic planning, taking corrective action is a part of ________. A. implementation B. controlling C.
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Answer:

The correct answer is letter "B": controlling.

Explanation:

In strategic planning, controlling is the step in which the project is being carried out but monitoring is needed to track the progress of work. Controlling will allow the company to find out if it is ahead or behind the scheduled plan and if there are corrections to be made or simple adjustments.

8 0
3 years ago
In January of 2018, the Phillips Company purchased a patent at a cost of $100,000. In addition, $10,000 in legal fees were paid
soldi70 [24.7K]

Answer:

The answer is: $113,000

Explanation:

By 2020, Phillips Company had already amortized $22,000 of the patent expenses (2 years x [10% x ($100,000 + $10,000)]). Since it lost its patent defense in 2020, it will now have to write off $113,000 ($88,000 pending amortization + $25,000 in legal fees) for the adjustment of its 2018 income.

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3 years ago
Which stage in project management involves team members working on the assigned tasks as described in the project plan?
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Answer:

C.  execution

Explanation:

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3 0
3 years ago
Martinez Manufacturing applies overhead based on direct labor hours. The company estimates that their overhead for the year will
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Answer:

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Explanation:

Giving the following information:

Martinez Manufacturing applies overhead based on direct labor hours.

The company estimates that their overhead for the year will be $180,000 and that they will use 72,000 direct labor hours.

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7 0
3 years ago
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