Answer:
No
Explanation: The key word is it was earned as result of the connection to the firm so it is split between the partners
Answer:
$20000 gain for John Corporation and $10000 loss for Bass Corporation.
Explanation:
John Corporation gain(loss) = FMV of property - Liability assumed - Stock basis
= 55000-10000-25000
= 20000
Bass Corporation gain/loss = 55000-65000
= - 10000
Therefore, $20000 gain for John Corporation and $10000 loss for Bass Corporation.
Answer: First line manager
Explanation:
The first line manager basically operate the various types of tasks in the specific department such as assigning the specific task, monitoring and also managing the overall overflow in an organization.
According to the given question, the first line manager is also known as supervisor where they can make the short team decisions and also directing the non-managerial task to the employees in an organization.
Therefore, First line manager is the correct answer.
Answer:
$47439.50
Explanation:
For a single tax payer if your taxable income range is $200,000 - $500,000 then your income tax is $45,689.50 + 35% of amount over $200,000 of taxable income.
Income tax liability = $45689.50+{ 205000-200000)×35%}
$45689.50+(5000×35/100)
$45689.50+(5000×0.35)
$45689.50+1750
= $47439.50
The income tax liability will be $47439.50
