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
Gre4nikov [31]
3 years ago
8

Harry forms the Nectarine Corporation during the 2019 tax year. To form the corporation, Harry transfers assets having a fair ma

rket value of $650,000 to Nectarine Corporation for 100 percent of the corporation's stock. Harry's adjusted basis in the assets transferred was $350,000 and Nectarine Corporation assume a $200,000 mortgage on the assets. If the fair market value of the stock received by Harry is $450,000, what is his basis in the stock received from the corporation
Business
1 answer:
Maksim231197 [3]3 years ago
5 0

Answer:

150000

Explanation:

The question says that Harry received a fair market value = 450000 dollars

Meanwhile he transferred 650000 dollars of assets

Fair value of assets = 650000 - 200000 = 450000

Harry's adjusted basis = 350000

Therefore the share received will be:

350,000 - 200,000

= 150,000 dollars.

Harry's basis in the stock received from the corporation is $150,000.

Thank you!

You might be interested in
Bobby is the plant manager of one of the three manufacturing plants of a paper manufacturing company. He is responsible for sync
Oduvanchick [21]

Answer:

a. middle manager.

Explanation:

In this scenario, Bobby is the plant manager of one of the three manufacturing plants of a paper manufacturing company. He is responsible for synching the processes of his plant with the standards set at the company's headquarters. He sends weekly updates of raw material requirements to the purchase division at the headquarters. He also connects the company's human resources department with the employees who work in his plant. In this scenario, Bobby is most likely a middle manager.

A middle manager refers to an individual who acts as an intermediary between the executive management and the employee working with the company.

5 0
3 years ago
Choosing cost drivers, activity-based costing, activity-based management. Pastel Bags (PB) is a designer of high-quality backpac
Andrej [43]

Answer:

vcvgbExplanation:

6 0
3 years ago
Straight Industries purchased a large piece of equipment from Curvy Company on January 1, 2019. Straight Industries signed a not
Damm [24]

Answer:

$30,604

Explanation:

The computation of the interest expense for the year 2020 is as follows:

2019 interest expense is

= Equipment amount × rate of interest

= $311,967 × 9%

= $28,077

The Dec 31 2019 liability of book value is

= $311,967 + $28,077

= $340,044

Now the interest expense for the year 2020 is

= $340,044 × 0.09

= $30,604

3 0
2 years ago
The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes the following account balanc
tino4ka555 [31]

Answer:

Explanation:

The adjusting entries are shown below:

1. Supplies expense A/c Dr $1,500

         To supplies A/c $1,500

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies balance - supplies on hand

= $2,800 - $1,300

= $1,500

2. Insurance expense A/c Dr $1,320                 ($6,600 ÷ 5 years)

                To Prepaid Insurance $1,320

(Being prepaid insurance is adjusted)

3. Depreciation Expense A/c Dr $1,900

            To Accumulated Depreciation - Equipment A/c $1,900

(Being depreciation expense is recorded for 2018)

4.  Deferred revenue A/c $4,750        ($9,500 × 50%)

          To Service revenue $4,750

(Being Deferred revenue is recorded)

5. Salaries and wages expense A/c Dr $2,900

          To Salaries and wages payable A/c $2,900

(Being accrued salaries and wages are recorded)

5 0
3 years ago
Without nonverbal cues, ____ and ____ are more important when you use an office phone
Butoxors [25]

When using an office phone or any phone for calling someone, the two most important things to make sure is the etiquette and the voice. This is because in the absence of visual actions or nonverbal clues when talking through the phone, the other person on the line might likely misinterpret what you are really trying to convey.

 

Answers:

<u>etiquette</u> and <u>voice</u>

7 0
3 years ago
Other questions:
  • When the Fed decreases the money supply, we expect
    14·1 answer
  • Swagelok Enterprises is a manufacturer of miniature fittings and valves. Over a 5-year period, the costs associated with one pro
    13·1 answer
  • Manufacturing overhead has an overallocated balance of​ $7,800; raw materials inventory balance is​ $62,900; work in process inv
    5·1 answer
  • Brian has just finished college. He wants to set up a small business to make and sell fireworks. He registers his company and ac
    5·2 answers
  • In the company's accounting system all fixed expenses of the company are fully allocated to products. Further investigation has
    9·1 answer
  • The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purcha
    12·1 answer
  • Prepare a cost estimate for the construction of a small, high quality, office building that contains 18,525 square feet of floor
    7·1 answer
  • When people believe that past behavior is the best predictor of future behavior, they have __________ expectationsa. rational
    5·1 answer
  • PLEASE HELP!!!!!!!!!!
    6·1 answer
  • If an economy moves into a recessionary period, examples of fiscal policies that act as automatic stabilizers include?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!