Answer:
Beaver's total taxable income and federal income text paid as result of distribution is $500,000 and $105,000 respectively.
Explanation:
The computation of the taxable income and the federal income is shown below:
Taxable income = Taxable income + loss
= $500,000 + $0
= $500,000
Since the fair value is $20,000 is less than the mortgage on land i.e $25,000 so it would be a loss of $5,000 which would not be considered so we put the value zero.
And, the federal income equal to
= Taxable income × income tax rate
= $500,000 × 21%
= $105,000
Answer:
Visual Arts??
Explanation:
When they work on every visual art project, the artists want to be isolated and away from anyone. Few examples of visual artwork are architecture, craft, painting, and photography, and a lot more can be applied to this category. In any situation, though the artist likes solitude and being alone since it means that they are closer to nature, and can therefore rely more on their work that can be ruined by even the slightest flaw.
Answer:
$180,000
Explanation:
Goodwill = Purchase Price - Net Assets Taken over at Fair Value
where,
Purchase Price = $635,000
Net Assets Taken over at Fair Value = $ 500,000 - $45,000 = $455,000
therefore,
Goodwill = $635,000 - $455,000 = $180,000
Answer:
The correct answer is $20,772.92.
Explanation:
According to the scenario, the given data are as follows:
Payment (pmt) = $12,000
Rate of interest = 5.50%
Rate of interest per month (r) = 5.50 / 12 months = 0.46%
Time = 10 years (n) = 120 months
So, the future value can be calculated by using following formula:
Future value = PMT ×(1+r)^n
= $12,000 × ( 1 + 0.46% )^120
= $20,772.92
Hence, the future value at the end of 10 years will be $20,772.92.
