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11Alexandr11 [23.1K]
3 years ago
12

Sky Corp. was a wholly owned subsidiary of Jet Corp. Both corporations were domestic C corporations. Jet received a liquidating

distribution of property in cancellation of its Sky stock when Jet’s tax basis in Sky stock was $100,000. The distributed property had an adjusted basis of $135,000 and a fair market value of $250,000. What amount of taxable gain did Jet, the parent corporation, recognize on the receipt of the property?
Business
1 answer:
Varvara68 [4.7K]3 years ago
3 0

Answer:

The amount of taxable gain os $0, upon the liquidity of the Corporation

Explanation:

Sky Corp. is the wholly owned subsidiary, so , in the process of complete liquidation of the controlled subsidiary, will not recognized any gain or loss into the parent corporation which is Jet Corp.

So, the amount of taxable gain will be $0, which means no gain or loss recognized.

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Where can a Master Admin Accountant User view the apps connected to a client’s QuickBooks Online account from within QuickBooks
sashaice [31]

Answer:

The answer is below

Explanation:

A Master Administrator is normally the individual who is tasked at establishing the company file in QuickBooks Online.

In other words, Master Admin possesses access to all portions of the company file and can grant authorizations and access to other users.

Therefore, a Master Admin Accountant User can view the apps connected to a client’s QuickBooks Online account from within QuickBooks Online Accountant by doing the following:

1. Go to Settings

2. Select Manage Users.

3. Select Accounting firms.

4. Under the Company section, Select View Apps.

4 0
3 years ago
A decrease in transfer payments has the same basic effect on aggregate demand as?
SashulF [63]

A decrease in transfer payments has the same basic effect on aggregate demand as larger the marginal propensity to save.

<h3>What is aggregate demand?</h3>

Aggregate demand refers to the total amount of the money spent on the purchase of the commodity for the particular period of time. It includes the demand of the consumer goods, imports, and government spending.

When the change in the  transfer payments, it affects the consumption level of the individual, which results in the shift in the aggregate demand of the product.

Therefore, it can be concluded that A reduction in transfer payments has the same basic effect on aggregate demand as an increase in the marginal propensity to save.

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brainly.com/question/24319248

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8 0
1 year ago
On June 30, 2024, the Esquire Company sold some merchandise to a customer for $54,000. In payment, Esquire agreed to accept a 7%
Paraphin [41]

The income before income taxes is 2024 understated by $1,890 and 2025 overstated by $1,890.

<h3>Income before taxes</h3>

Esquire Company journal entries

June 30, 2024

Debit Note receivable            $54,000

Credit Sales                              $54,000                  

Dec 31, 2024

Debit Interest receivable       $1,890

Credit Interest Income           $1,890

($54,000 x 7% x6/12)

March 31, 2025

Debit Cash      $56,835                      

Credit Interest receivable          $1,890

Credit Interest income          $945

($54000 x 7% x 3/12 )

Credit Note Receivable    $54,000

Therefore the income before income taxes is 2024 understated by $1,890 and 2025 overstated by $1,890.

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5 0
1 year ago
A leader who is primarily concerned with ensuring that subordinates perform their work at a high quality level is a(n) ________
katrin2010 [14]
That is a "task oriented" type of leader
4 0
3 years ago
Hahn Corp. has three employees. Each earns $600 per week for a five-day workweek ending on Friday. This month the last day of th
svetoff [14.1K]

Answer:

D. Debiting Wage Expense for $1,080 and crediting Wages Payable for $1,080.

Explanation:

Salary Calculation for three employees for one day = $ 600 + $ 600 + $ 600/5= 1800/5= $ 360

Salary for 3 days for 3 workers= $ 360 * 3= $ 1080

Adjusting Entry would be recognizing the expense and liability for the payment of wages.

So

Wages expense will be debited  with $ 1080

And wages payable would be credited with $ 1080

8 0
3 years ago
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