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
skelet666 [1.2K]
3 years ago
14

Husker Corporation reports current E&P of negative $200,000 in 20X3 and accumulated E&P at the beginning of the year of

$300,000. Husker distributed $200,000 to its sole shareholder on December 31, 20X3. The shareholder's tax basis in her stock in Husker is $50,000. How is the distribution treated by the shareholder in 20X3?
Business
1 answer:
liubo4ka [24]3 years ago
3 0

Answer:

Given that,

Current E&P = (-$200,000)

Accumulated E&P at the beginning of the year = $300,000

Distributed to his sole shareholders = $200,000

shareholder's tax basis = $50,000

As the ending accumulated E&P = $300,000 - $200,000                

                                                      = $100,000

So, $100,000 would be treated as Dividend.

$50,000 would be treated as Tax free return of basis  and the Balance $50,000 would be the capital gain for shareholder of Husker.

You might be interested in
When a contractor seeking external projects prepares to submit a proposal, it is really conducting a small project with the prim
irina [24]

Answer: True

Explanation: By conducting a small project as a proposal, a contractor is actually showing in a small scale that he is both capable, is the right man for the job (external project) and is able to ensure the external project is completed with its goals and objectives accomplished. It is these goals that drive the project, and all the planning and implementation . As such, the project has to be compelling and complete.

True gives the answer to the question.

3 0
3 years ago
Read 2 more answers
¿Que es un mapa estratégico?
Anna007 [38]

Answer: Sí

Explanation: Sí

5 0
2 years ago
Complete Part 1 of the assignment by giving three examples of your workplace strengths and explaining each with one or two parag
lawyer [7]

Answer:

Some examples of strengths you might mention include:

Enthusiasm.

Trustworthiness.

Creativity.

Discipline.

Patience.

Respectfulness.

Determination.

Dedication.

Explanation:

8 0
2 years ago
Packer Corporation’s year 8 income statement reported $130,000 in income before provisions for income taxes. To compute the prov
romanna [79]

Answer:

$127,000

Explanation:

Calculation for the amount to be reported as taxable income

Using formula

Taxable income=[Year 8 Income Statement + Rent received in advance -Income from exempt municipal bonds -(Depreciation deducted for income tax purposes-Depreciation deducted for financial reporting)]

Let plug in the formula

Taxable income=[$130,000+$ 22,000 -$ 17,000 -( $ 18,000 -$ 10,000 )]

Taxable income=$130,000+$ 22,000 -$ 17,000 -$8,000

Taxable income=$127,000

Therefore the amount that Packer should report as taxable income will be $127,000

5 0
3 years ago
Joan sells new cars at a local dealership. she receives 15% commission on profit each car is sold for . last week she sold 9 car
Serggg [28]

Calculation of Commission earned:


We are given that Joan sells new cars at a local dealership and she receives a 15% commission on profit.

So we can say that :

Commission earned = 15% * Total profit  

Last week she sold 9 cars for the total of $10,870 dealer profit

Hence Commission earned shall be calculated as follows:

Commission earned = 15% * Total profit  


Commission earned = 15% * 10870 = $1,630.50


Hence, the Commission earned by Joan is <u>$1,630.50</u>



3 0
2 years ago
Other questions:
  • For each of the following transactions, identify the net asset classification (without donor restrictions, with donor restrictio
    14·1 answer
  • Joann Hayes is currently working on a project to tackle climate change. During the project, she needs to find different options
    12·1 answer
  • Wesley's grandfather was a sharecropper, farming someone else's land. wesley's father was a farmer who farmed his own land. wesl
    6·1 answer
  • Pavelko Corporation has provided the following data for its two most recent years of operation: Manufacturing costs: Variable ma
    6·1 answer
  • Mitchell wants a notation in his credit report indicating that he has been victimized by an identity thief. Identify what he nee
    10·2 answers
  • ABC Company is unloading coal from a barge on the Mississippi River. The barge contains 1,760 tons of coal. The coal is shoveled
    13·1 answer
  • When a company increases its growth rate by taking goods or services developed at home and selling them internationally it is?
    8·1 answer
  • For Bonita Industries, the predetermined overhead rate is 70% of direct labor cost. During the month, $800000 of factory labor c
    13·1 answer
  • The principle of exceptions allows managers to focus on correcting variances between apetitor's costs and actual costs bpetitor'
    10·1 answer
  • the initial impact of an increase in an investment tax credit is to shift aggregate a. demand left. b. supply left. c. supply ri
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!