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dangina [55]
3 years ago
6

One consequence of a property distribution by a corporation to a shareholder is thatA.the holding period of the distributed prop

erty includes the holding period of the distributing corporation.B.the shareholder's basis in the distributed property is the same as the distributing corporation's basis.C.any liabilities assumed by the shareholder do not reduce the shareholder's basis.D.the amount of the distribution is increased by any liability assumed by the shareholder.
Business
1 answer:
slamgirl [31]3 years ago
7 0

Answer:

C.

Explanation:

Any liabilities assumed by the shareholder do not reduce the shareholder's basis.

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Who os responsible for paying income taxes​
Vedmedyk [2.9K]

The correct answer is; businesses and anyone who works and pays taxes.

Further Explanation:

Any one who is working in the United States has to pay income taxes. Businesses must also pay income taxes. Income taxes are due each year, generally from January 1st until April 20th.

People can do their own taxes or hire an accountant to do them. There are numerous websites where it is free to file taxes such as Turbotax and H&R Block. If a person has overpaid they are due a refund.

Both businesses and individuals can file for an extension on their taxes.

Learn more about IRS at brainly.com/question/12498230

#LearnwithBrainly

8 0
3 years ago
After nearly 20 years with his company, Mike's job was outsourced. He wants his new job to offer not only a good wage but also j
olga55 [171]

Answer:

intrinsic rewards

Explanation:

In this scenario, it seems that Mike is focused on the intrinsic rewards of his job. These are rewards that come from within the employee themselves. For example, an employee who is motivated is working for his/her own satisfaction and finds meaning in their challenging work, which in term is the intrinsic reward. In this case, the job satisfaction and sense of accomplishment are the intrinsic rewards that Mike wants from his job.

8 0
3 years ago
Amazon creates many utilities for its customers, but perhaps the most valuable utility for consumers is ________, the utility cr
OlgaM077 [116]

Answer:

The correct answer is Place Utility

Explanation:

Place Utility is the utility that a good has because of the place where it is located. A product that has high place utility is a product that is near customers, or that can change locations in order to be even nearer to the customers.

This is a fancy way to say that delivered products are useful because they are available at your doorstep, which is the most convenient place possible. This is the principle from which Amazon has built. Amazon depends on the place utility of the products it offers.

3 0
3 years ago
On March 31, 2018, Easy Rental Agency Inc.'s trial balance included the following selected unadjusted account balances. The comp
AVprozaik [17]

Answer:

1)

Dr Depreciation expense 1,226

    Cr Accumulated depreciation 1,226

2)

Dr Unearned revenue 6,487

    Cr Rent revenue 6,487

3)

Dr Interest expense 600

    Cr Accrued interest 600

4)

Dr Supplies expense 1,960

    Cr Supplies 1,960

5)

Dr Insurance expense 3,618

    Cr Prepaid insurance 3,618

6)

Dr Income tax expense 2,600

    Cr Income tax payable 2,600

Explanation:

March 31, 2018

Prepaid insurance $14,740  - 3,618

Supplies 2,900  - 1,960

Equipment 22,100

Accumulated depreciation-equipment 5,680  + 1,226

Unearned revenue 9,730  - 6,487

interest payable 600

Income tax payable 2,600

Loan payable, due 2020 20,000

Rent revenue 30,900  + 6,487

Salaries expense 14,500

depreciation expense 1,226

interest expense 600

Supplies expense 1,960

Insurance expense 3,618

Income tax expense 2,600

1. The equipment, which was purchased on January 1, 2017, is estimated to have a useful life of four years. The company uses straight-line depreciation.

depreciation per year = $22,100 / 4 = $5,525

depreciation expense up to March 31, 2018:

$5,525 x 1.25 = $6,906.25 ≈ $6,906

adjustment entry = $6,906 - $5,680 = $1,226

Dr Depreciation expense 1,226

    Cr Accumulated depreciation 1,226

2. One third of the unearned revenue related to rent is still unearned at the end of the quarter.

adjusting entry = 9,730  - (9,730  x 1/3) = $6,486.67 ≈ $6,487

Dr Unearned revenue 6,487

    Cr Rent revenue 6,487

3. The loan payable has an interest rate of 6%. Interest is paid on the first day of each following month and was last paid March 1, 2018.

interest per month = $20,000 x 6% x 1/12 = $600

Dr Interest expense 600

    Cr Accrued interest 600

4. Supplies on hand total $940 at March 31.

adjusting entry = $2,900 - $940 = $1,960

Dr Supplies expense 1,960

    Cr Supplies 1,960

5. The one-year insurance policy was purchased for $14,740 on January 1.

insurance expense per quarter = $14,470 x 3/12 = $3,617.50 ≈ $3,618

Dr Insurance expense 3,618

    Cr Prepaid insurance 3,618

6. Income tax is estimated to be $2,600 for the quarter.

Prepare the quarterly adjusting entries required at March 31.

Dr Income tax expense 2,600

    Cr Income tax payable 2,600

8 0
3 years ago
When Padgett Properties LLC was formed, Nova contributed land (value of $340,500 and basis of $85,125) and $170,250 cash, and Os
max2010maxim [7]

Answer:

See the explanation below:

Explanation:

a. How is the land recorded for § 704(b) book capital account purposes? For § 704

Debit cash with $170,250

Debit land with $340,500

Credit Nova's Capital account with $510,750

b. What is Padgett's tax basis in the land?

Padgett's tax basis in the land is $85,125 that is carried over.

c. If Padgett sells the land several years later for $510,750, how much tax gain will Nova and Oscar report?

Built in gain = $340,500 - $85,125 = $255,375

Gain from sale = $510,750 - $340,500 = $170,250

Share of gain from sale = $170,250 * 50% = $85,125

Gain to report by Nova = Built in gain + Share of gain from sale = $255,375 + $85,125 = $340,500

Gain to report by Oscar = Share of gain from sale = $170,250 * 50% = $85,125

7 0
3 years ago
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