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maks197457 [2]
3 years ago
14

Jacob Corcoran bought 10,000 shares of Grebe Corporation stock two years ago for $24,000. Last year, Jacob received a nontaxable

stock dividend of 2,000 shares in Grebe Corporation. In the current tax year, Jacob sold all of the stock received as a dividend for $18,000.
Required:

a. Complete the letter to Jacob describing the tax consequences of the stock sale.

b. Prepare a memo for the tax research file describing the tax consequences of the stock sale.

c.
Business
1 answer:
dezoksy [38]3 years ago
8 0

Answer:

Jacob purchased 10000 shares form Grebe corporation two years ago for $24000

last year Jacob received a non taxable stock dividend of 2000 shares from Grebe corporation

In the current year tax year Jacob sold all stock received as dividend that's 2000 shares for $18000

The gain of the sale of 2000 shares can be calculated by subtracting the basis in the shares from the cost price. the cost of shares = ( $24000 / 12000 ) = $2 per share

profit made from the sales of 2000 shares is calculated as follows ; selling price ( $18000 ) - cost price of 2000 shares ( $2 * 2000) , the profit is $14000 and it is in the long term because the original shares bought has been held for at least 1 year

Explanation:

Jacob purchased 10000 shares form Grebe corporation two years ago for $24000

last year Jacob received a non taxable stock dividend of 2000 shares from Grebe corporation

In the current year tax year Jacob sold all stock received as dividend that's 2000 shares for $18000

The gain of the sale of 2000 shares can be calculated by subtracting the basis in the shares from the cost price. the cost of shares = ( $24000 / 12000 ) = $2 per share

profit made from the sales of 2000 shares is calculated as follows ; selling price ( $18000 ) - cost price of 2000 shares ( $2 * 2000) , the profit is $14000 and it is in the long term because the original shares bought has been held for at least 1 year

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Which act prohibits an employer from paying an employee of one gender less money than an employee of the opposite gender where t
solniwko [45]

Answer:

Equal pay act

Explanation:

The equal pay act refers to that act in which the men and women are treated equally and therefore they give equal pay for doing the work. Also, in the united states, it prohibits gender-based discrimination.

Therefore in the given case since the requirement of the job is equivalent to the skills, effort, duties, responsibilities and contains the similar working conditions but it would prohibited the case of not following the equal pay due to the difference in gender

so this is a case fo equal pay act

6 0
3 years ago
Your real estate agent mentions that homes in your price range require a payment of $1,200 per month for 30 years at 0.75% inter
Igoryamba

Answer:

the size of the mortgage with these terms is $149,138.24

Explanation:

The computation of the size of the mortgage is shown below:

Present value of annuity is

=  Monthly payment × {[1 - (1 + rate of interest)^-number of months] ÷ rate of interest}

= $1,200 × {[1 - (1 + 0.0075)^-360] ÷ 0.0075}    

= $1,200 × 124.2819      

= $149,138.24

The 360 is come from

= 30 years × 12 months

= 360 months

hence, the size of the mortgage with these terms is $149,138.24

6 0
3 years ago
According to entry-level analysis project (elap) statistics, what percentage of therapists are leaving the profession in the fir
Soloha48 [4]
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6 0
3 years ago
If total change in cash = $44,000, net operating cash flows = $22,000, and net investing cash flows = ($13,000); then net financ
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Answer:

Net financing cashflows are $ 35,000.

Explanation:

A company generates cashflow from three activities that are cash from operations , cash from financing activities and cash from investing activities. The company net cash flow is total of these above specified. So we can determine net financing cashflows from the equation given below.

<em>total change in cash = net operating cash flows + net investing cash flows + net financing cash flows</em>

net financing cash flows = $ 35,000

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8 0
3 years ago
Which of the following should be accounted for in an enterprise fund?Light poles to be paid for in installments by affected prop
Gennadij [26K]

Answer:

correct option is C. $1,250,000

Explanation:

given data

Light poles = $350,000

cost reimbursement = $65,000

electric power to residents = 1,250,000

to find out

which statement accounted for in an enterprise fund

solution

statement accounted for in an enterprise fund is here

    particular                                                amount

Equipment used for supplying                  $1250000

electric power to residents

enterprise fund                                          $1250000

so correct option is C. $1,250,000

8 0
2 years ago
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