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malfutka [58]
3 years ago
14

Jonas is a 60% owner of Ard, an S corporation. At the beginning of the year, his stock basis is zero. Jonas's basis in a $20,000

loan made to Ard and evidenced by Ard's note has been reduced to $0 by prior losses. During the year, Jonas's net share of Ard's taxable income is $10,000. At the end of the year, Ard makes a $15,000 cash distribution to Jonas. After these transactions, what is Jonas’s basis in his stock, and what is his basis in the debt? What is Jonas’s recognized capital gain?
Business
1 answer:
lana [24]3 years ago
8 0

Answer:

The correct answer is $0 , $0 and $5,000.

Explanation:

According to the scenario, computation of the given data are as follow:-

a) After these transactions, Jonas’s basis in his stock is decreased by the cash distribution and increased by the net income So, it's basis in his stock is $0.

b) Jonas basis in the debt is loan made to Ard and reduced to $0 by prior losses.

We can calculate the capital gain by using following formula:-

c) Jonas’s recognized capital gain= Cash Distribution–Taxable Income

= $15,000 - $10,000

=$5,000

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The broker is doing two different jobs; so it is okay to have two different licenses.

Explanation:

In this case, since the broker is doing two different jobs then it is okay for him to have two different licenses. In a hypothetical case that the individual Broker was doing the same job role for two different companies then that would be considered a form of conflict of interest and may cause problems with both firms in the future. Since this is not the case, then he should not have any problem.

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Explanation:

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The largest owner/operator of radio stations in the United States is iHeartMedia. In 2006, this company became a privately owned company.

<h3><u>What are radio stations?</u></h3>
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