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Aleks04 [339]
3 years ago
11

Gabriella and Juanita form Luster Corporation. Gabriella transfers cash of $50,000 for 50 shares of stock, while Juanita transfe

rs information concerning a proprietary process (basis of zero and fair market value of $50,000) for 50 shares of stock
a. Because Juanita is required to recognize gain on the transfer, Gabriella also must recognize gain.

b. Juanita must recognize gain of $50,000.

c. Neither Gabriella nor Juanita will recognize gain on the transfer.

d. The transfers to Luster are fully taxable to both Gabriella and Juanita.

e. None of these choices are correct.
Business
1 answer:
hodyreva [135]3 years ago
4 0

Answer:

c. Neither Gabriella nor Juanita will recognize gain on the transfer.

Explanation:

This is because gabriella transfers cash of 50,000 and does not earn any gain on it, so no gain is recognized.

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1 year ago
What is the change due if a $5 bill is tendered for a charge of $4.21?
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What is the change due if a $5 bill is tendered for a charge of $4.21?

A.0.79

3 0
3 years ago
On November 1, 2018, Quantum Technology, a geothermal energy supplier, borrowed $22 million cash to fund a geological survey. Th
IgorLugansk [536]

Answer:

<u>when signing the note:</u>

cash    22,000,000

    note payable       22,000,000

<u>accrued interest at december 31th, 2018</u>

interest expense 330,000 debit

     interest payable           330,000 credit

payment of the note:

<u>payment of the note</u>

note payable   22,000,000

interest payable    330,000

interest expense  1,185,000

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Explanation:

adjusting entry:

principal x rate x time

22,000,000

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months 2

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22,000,000 x 0.75 x 9 = 1,485,000

already accrued                 330,000

interest expense               1,185,000

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Answer:

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