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
schepotkina [342]
2 years ago
11

Clampett, Inc. converted to an S corporation on January 1, 2018. At that time, Clampett, Inc. had cash ($40,000), inventory (FMV

$60,000, Basis $30,000), accounts receivable (FMV $40,000, Basis $40,000), and equipment (FMV $60,000, Basis $80,000). In 2019, Clampett, Inc. sells its entire inventory for $60,000 (Basis $30,000). Assuming the corporate tax rate is 21% and that Clampett, Inc. had a $20,000 net operating loss carryover from its prior C corporation years. How much built-in gains tax does Clampett, Inc. pay in 2019?
a.$10,500.
b.$10,000.
c.$2,100.
d.$0.

Business
1 answer:
Lubov Fominskaja [6]2 years ago
7 0

Answer

The answer and procedures of the exercise are attached in image below.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

You might be interested in
With reference to the new products process, a firm adopts the ready—fire—aim approach when it:1. lacks senior management support
iris [78.8K]

Answer:

4. does not do the required homework before beginning development.

Explanation:

Ready Fire Aim approach is undertaken when the company is not prepared and has placed the product in the market with the aim that improvements will come later.

This approach is used to collect the responses of the customers and study the patterns of behavior. As we get the responses we improve the product accordingly.

This approach is used in product development processes.

4 0
3 years ago
Identify and describe the three steps that the team should follow in order to define project scope and create a project scope st
Fittoniya [83]

Answer:

3 steps are:

Planning

Controlling

Closing

Explanation:

Project scope is the term which is defined as the work that require to be achieved in order to deliver the product, result or service with the particular or specified functions as well as features.

The 3 steps which a team need to follow in defining the project scope and creating a statement of project scope is as:

1. Planning - It is that procedure where an effort is made in order to capture or apprehend and define the work which needs or required to be perform or done.

2. Controlling - The processes of monitoring and controlling focus on the scope creep, approving or disapproving the project changes, tracking and documenting tracking.

3. Closing -It is the final procedure of the project scope, it involves the audit of the assessment and the deliverables of the project against the original plan.

8 0
2 years ago
Supply-side economics stresses that:___________.
matrenka [14]

Answer:

changes in marginal tax rates exert important effects on real output and employment-4

Explanation:

Supply-side economic focuses on creating a better atmosphere or conditions for businesses and is majorly concerned with reduction of marginal taxtand deregulation.

According to the this policy, companies are able to hire more workers if the changes in the marginal tax are favourable ie reduced leading to a higher levels of production, and increased production capacity which results to job growth creating more demand which will further improve the economy.

3 0
2 years ago
Read 2 more answers
In order to satisfy as many wants as possible, it is necessary to achieve productive efficiency:
charle [14.2K]

Answer:

(i) since otherwise resources are idle.

(ii) since it would be impossible to produce more of one thing without producing less of another.

Explanation:

When an economy has reached productive efficiency, all resources are being fully utilized such that if the country wants to produce more of one good, they would have to produce less of another.

It is important that a country achieves this level because it would mean that no resource is being left idle and there is no under-performance in the economy.

8 0
3 years ago
A healthcare worker anonymously reports through his organization's Corporate hotline that coworkers are steeling supplies and ta
Lelechka [254]

Answer:

Whistle blowing

Explanation:

Whistle blowing is the way in which employees in a work place can anonymously report action of wrong doing by their colleagues.

The action reported can be illegal, wasteful, unsafe, fraud, or illicit.

The whistle blower's identity is protected by law so they feel safe coming forward to make these statements.

In the given scenario where a healthcare worker anonymously reports through his organization's Corporate hotline that coworkers are steeling supplies and taking them home for their own use, the worker is a whistle blower

7 0
3 years ago
Other questions:
  • Who controls the flow of information in the buying process?  A.The gatekeeper 
    5·1 answer
  • Automation of a process activity consists of moving work from the ________ of the symmetrical five-component framework.
    12·1 answer
  • Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The
    5·2 answers
  • Which spreadsheet function is used to conduct a logical test to see if the conditions of a given expression can be met? A. Round
    11·2 answers
  • Janitor Supply produces an industrial cleaning powder that requires 48 grams of material at $0.10 per gram and 0.15 direct labor
    11·1 answer
  • White Company owns 60% of Cody Company. Separate tax returns are required. For 2017, White's operating income (excluding taxes a
    14·1 answer
  • The following information is available for Barone Corporation: January 1, 2019 Shares outstanding 4,000,000 April 1. 2019 Shares
    10·1 answer
  • Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $28,000 with an adjusted basis
    9·2 answers
  • XYZ, Inc. just paid an annual per share dividend of $3.50. Dividends are expected to grow at a rate of 3% per year from here on
    11·1 answer
  • Which field deals with behavioral issues as well as technical issues surrounding the development, use, and impact of information
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!