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grin007 [14]
3 years ago
11

Fact Pattern: Conner purchased 300 shares of Zinco stock for $30,000 in 1994. On May 23, 2013, Conner sold all the stock to his

daughter Alice for $20,000, its fair market value at the time. Conner realized no other gain or loss during 2013. On July 26, 2013, Alice sold the 300 shares of Zinco for $25,000.What amount of the loss from the sale of Zinco stock can Conner deduct in 2013?
Business
1 answer:
Paul [167]3 years ago
8 0

Answer: Loss from sale of Zinco stock = $10,000

Explanation:

Given that,

Conner purchased 300 shares of Zinco stock for $30,000 in 1994

On may 23, 2013 conner sold all the shares to his daughter for $20,000

This clearly shows that conner incurred a loss of $10,000 from selling it to his daughter.

Hence,

Loss of $10,000 should be deducted from sale of zinco stock in 2013.

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An effect of the Sarbanes-Oxley Act of 2002 was to reduce the accounting profession’s level of self-regulation.

<h3>What did the Sarbanes-Oxley Act of 2002 do?</h3>

The Sarbanes-Oxley Act of 2002 was passed in the wake of the Enron and WorldCom financial sagas in order to reduce the incidence of companies misleading their stockholders.

The Sarbanes-Oxley Act of 2002 led to more regulation over the accounting profession and a reduction in their self-regulation because large accounting companies had been implicated in the saga.

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1 year ago
On February 1, 2019, the balance of the retained earnings account of Blue Power Corporation was $315,000. Revenues for February
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Answer:

The retained earnings balance on February 28, 2019 is $305.000.

Explanation:

Balance of the retained earnings account on February 1, 2019 = $315,000

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3 years ago
22. Which one of the following is correct regarding the utilization of a good without an alternative use?
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Answer:

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8 0
1 year ago
A group of sellers who agree to restrict their collective output in order to drive up prices above marginal costs is a:
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A group of sellers who agree to restrict their collective output in order to drive up prices above marginal costs is known as a:

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According to the given question, we are asked to show the term which can be best used to <em>describe </em>a group of sellers who make an agreement to <em>reduce their collective output</em> so that price of goods would increase above their marginal costs.

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2 years ago
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The quantity that would be produced by a firm that shuts down in the short run is zero units.

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