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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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5 0
3 years ago
True or false: Subsection (d) under section 10 of the Federal Arbitration Act requires the court to review the merits of every c
Vanyuwa [196]

It is a  <u>False </u>statment to say that subsection (D) of section 10 of the Federal Arbitration Act mandate that the court review the merits of every construction of a contract. The act speaks to Arbitration.

<h3>What does the Federal Arbitration Act of the United States of America say?</h3>

Subsection (D) of section 10 of the above stated Act state that the United States Court would vacate an award upon application by any of the party to the arbitration:

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See the link below for more about Arbitration:

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5 0
2 years ago
Stephen runs a pet salon. He is currently grooming 130130 dogs per week. If instead of grooming 130130 ​dogs, he grooms 131131 ​
borishaifa [10]

Answer:

Profit will increase by $2.3

Explanation:

Data provided in the question:

If instead of grooming 130130 ​dogs, he grooms 131131 ​dogs

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Marginal revenue = $68.12

Now,

The effect on his profits of grooming 131 dogs instead of 130 ​dogs will be:

Change in profit = Marginal revenue - Marginal cost

or

Change in profit = $68.12 - $65.82

or

Change in profit = $2.3

Hence,

Profit will increase by $2.3

7 0
2 years ago
_____ systems are generally used by managers at lower levels of an organization. a. tactical support b. internal support c. bott
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Operations support systems are generally used by managers at lower levels of an organization. Therefore, the correct answer is option 'D'.

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An OSS is also referred to as a business support system (BSS).

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4 0
1 year ago
A company has outstanding 20-year noncallable bonds with a face value of $1000, and 11% annual coupon, and a market price of $1,
Helen [10]

Answer:

8% and 4.8%

Explanation:

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The NPER represents the time period.  

Given that,  

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The present value come in negative  

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2. And, the after tax cost of debt would be

= Pretax cost of debt × ( 1 - tax rate)

= 8% × ( 1 - 0.40)

= 4.8%

6 0
3 years ago
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