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Strike441 [17]
3 years ago
10

Alexie transfers land valued at $250,000 (her basis = $220,000) to Sorenson Corp. in exchange for Sorenson common stock valued a

t $210,000 and cash of $40,000 in a Section 351 transaction. What is Alexie's recognized gain and her basis in Sorenson stock?
Business
1 answer:
r-ruslan [8.4K]3 years ago
7 0

Answer:

A. $30,000 gain recognized

$210,000 Basis

B.The gain which was recognized will be the lesser of the amount of the gain realized .

Explanation:

Alexie's recognized gain and her basis in Sorenson stock would be:

a)land valued $250,000 - Basis $220,000 =$30,000

This means that the $30,000 will be gain recognized and her basis will be $210,000

b)The gain which was recognized will be the lesser of the amount of gain realized which is

(Land value $250,000 - Basis $220,000 = $30,000)

Less FMV of the boot received which is $40,000 = $210,000

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Answer:

1) Suppose Ginger deposits $5,000 in cash into her checking account at the Bank of Skidoo. Show this transaction in a T-account for the Bank of Skidoo.

Reserves                                                  Checkable deposits

debit             credit                                  debit             credit  

5,000                                                                             5,000

2) The Bank of Skidoo has no excess reserves and is subject to a 6 percent required reserve ratio. Assume the Bank of Skidoo makes the maximum loan possible from Ginger's deposit to Thurston. Show this transaction in a new T-account for the Bank of Skidoo.

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debit             credit                                  debit             credit  

5,000                                                       4,700

<u>                      4,700</u>                            

300

3) Thurston decides to use the money he borrowed to purchase a sail boat. He writes a check for the entire loan amount to Gilligan's Seagoing Vessels, which deposits the check in its bank, the Paradise Bank of Kona, Hawaii. When the check clears, the Bank of Skidoo transfers the funds to the Paradise Bank. Show these transactions in a new T-account for the Bank of Skidoo.

Reserves                                                  Checkable deposits

debit             credit                                  debit             credit  

5,000                                                                             5,000

                     4,700                                  <u>4,700                      </u>

300                                                                                 300

<u>                      4,700 </u>

                     4,400

4) The maximum amounts of deposits that can be created from Ginger's initial deposit is $_____

Increase in checkable deposits = change in bank reserves / required reserves = $5,000 / 6% = $83,333.33

The maximum amounts of loans that can be created from Ginger's initial deposit is $_____

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[Today’s Date]

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Dear [Mr./Mrs./Ms.] [Name],  

Endless supply of your posting for a Finance Intern, I was anxious to present my resume for your survey. With my strong comprehension of money related arranging and examination picked up all through my instructive foundation—just as my complete capacities when all is said in done business organization and group joint effort—I feel sure that I would fundamentally profit your organization in a temporary position job.  

In getting ready to get my MBA Degree in Finance this spring from the University of XYZ I have gained an expansiveness of information and aptitudes in subjects including money related administration, speculation systems, statistical surveying and examination, business morals, bookkeeping, and operational oversight. My tender loving care and phenomenal relational aptitudes, alongside my synergistic and expert mien, position me prepared to make a considerable commitment to your association.  

My capabilities for this job incorporate the accompanying:  

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With my ongoing scholastic involvement with account, combined with my energy and commitment to making progress, I trust I will quickly outperform your desires for this job. I anticipate examining the situation in further detail.  

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