Answer:
A. No gain or loss
B. Carryover; $2,338,000
Explanation:
A. Based on the information given the Corporation’s RECOGNIZED NO GAIN OR LOSS on the liquidation reason been that under SECTION 332 GOOSE'S BASIS IN THE SWIFT STOCK OF THE AMOUNT OF $3,340,000 IS REDUCED TO ZERO AMOUNT.
B. Based on the information given the Corporation’s BASIS IN THE ASSETS RECEIVED IN LIQUIDATION will be CARRYOVER BASIS of the amount of $2,338,000.
Answer: $0
Explanation:
Life insurance proceeds are generally considered to be tax exempt in order to ease the burden on the bereaved which means that Jason does not have to report any gross income from receiving this insurance proceeds.
If Jason does not collect all the proceeds at once however, and leaves some or all of it with the insurance company to accumulate interest, he will have to pay taxes on that interest.
<span>High paid workers are reluctant to shrink because the unemployment rate is very high so if you leave your position you may not find another that is equally as good or better. That is why high paid workers do not shrink.</span>
It is a case of an ethical dilemma. These are circumstances in which there is a decision to be made between two choices, neither of which settle the circumstance in a morally satisfactory manner. In such cases, societal and individual moral rules can give no tasteful result to the chooser.
Answer:
The total amount of dividends paid over these three years is $8,600
Explanation:
The computation of the total amount of dividend for three years is shown below:
= Net income for first-year - net loss for the second year + net loss for the third year - ending retained earning balance
= $6,700 - $1,200 + $3,800 - $700
= $8,600
As we know,
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
So, we apply the same formula to compute the dividend amount
