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Llana [10]
3 years ago
14

On September 30, Silver Corporation, a calendar year taxpayer, sold a parcel of land (basis of $400,000) for a $1 million note.

The note is payable in five installments, with the first payment due next year. Because Silver did not elect out of the installment method, none of the $600,000 gain is taxed this year. Silver Corporation had a $300,000 deficit in accumulated E&P at the beginning of the year. Before considering the effect of the land sale, Silver had a deficit in current E&P of $50,000. Sam, the sole shareholder of Silver, has a basis of $200,000 in his stock. If silver distributes $900,000 to Sam on December 31,
How much income must he report for tax purposes?
Business
1 answer:
nadya68 [22]3 years ago
6 0

Answer:

Sam must report $700,000 distribution from Silver on his Income report.

Explanation:

The sale of the land is made by the corporation and the corporation is a tax payer therefore any gains and losses are for the company to pay tax on.

The deficits in the E&P are for Silver to take into account when about to pay taxes.

The basis of $200,000 is not income but cost and subtracted on the distribution income as is for Sam.

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Three employees in the maintenance department are responsible for repairing the video games at Pinball Wizard, a video arcade. A
DanielleElmas [232]

Answer:

(D) Calling a patient to confirm an appointment.

Explanation:

Which among the following processes of a dentist's office is the most likely a back-office process?

A back office process is a process that supports the front office processes. In the service industry such as this - dental services - a back office process won't require the presence of the client.

THE ANSWER IS (D)

Calling a patient to confirm an appointment doesn't require facing the patient or having them around.

Filing a claim with the patient's dental insurance provider requires the presence of one or both of the client and his insurance officer.

Cleaning a patient's teeth requires his or her presence at the dental clinic.

Same with option C.

8 0
3 years ago
In conducting their research, economists often substitute historical events and historical episodes for
podryga [215]

Answer:

b. laboratory experiments.

Explanation:

Laboratory experiments -

It refers to the practice of an experiment in a appropriate and controlled condition , is referred to as the laboratory experiments .

In this case , the experiment involve some standard conditions , which are necessary for the experiment to occur  .

Hence , from the given information of the question,

The correct option is laboratory experiments.

8 0
3 years ago
Publications reporting total return data for an investment should use the recommended reporting period of:______.
Bezzdna [24]

 Publications reporting total return data for investment should use the recommended reporting period of 1 year, 5 years, and the lesser of 10 years of the life of the investment

The definition of investment is an asset that is purchased or invested to build wealth and save money from hard-earned income or capital appreciation. The importance of investment is primarily to gain an additional source of income or to make a profit from the investment over a period of time.

Time deposits are primarily investments in banks. A fixed interest rate is paid and the original investment funds are returned to the depositor at maturity. Example: Mr. B deposited her $1 million in her XY bank. XY Bank pays interest at 10% per annum.

Investments generally fall into three main categories: stocks, bonds, and cash equivalents. Each bucket has different types of investments. Here are six types of investments you can consider for long-term growth and what you need to know about each.

Learn more about investment here

brainly.com/question/1305349

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8 0
10 months ago
How can you reach the best version of yourself?
forsale [732]

Answer:

A and B

Explanation:

Unless you can choose B by itself then go with A and B.

4 0
2 years ago
Read 2 more answers
Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro
Virty [35]

Answer:

Scarbrough will receive and record cash of $538,685

The journal entry to record this transaction would be:

                             Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000

Explanation:

In order to calculate the amount Scarbrough will receive and record cash we would have to make the following calculation:

Scarbrough will receive and record cash=Receivables-Amount of the hold back-Withheld as fee income-Less: Withheld as interest expense

Receivables= $600,000  

Amount of the hold back=$600,000 x 5%=$30,000  

Withheld as fee income=$600,000 x 3%=$18,000  

Withheld as interest expense=$600,000 × 15% × 54/365=$13,315  

Therefore, Scarbrough will receive and record cash=$600,000- $30,000-$18,000-$13,315=$538,685

Scarbrough will receive and record cash of $538,685

According to the given data to journal entry to record this transaction would be the following:

 

                              Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Interest Expense=$2,990,000 x 3%=$89,700

5 0
3 years ago
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