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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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Assume US GAAP to answer this question.In 2017, $2 million in wages were earned and no cash wages were paid.In 2018, $8 million
solniwko [45]

Answer:

The right answer is A. Liabilities increased by $1.0 million in 2018

Explanation:

During 2017 and 2018, we have the following information:

+ In 2017, there is $2 million wages earned but not yet paid, so, Wages payable at the end of 2017 should be amounted to $2 million.

+ In 2018, there is another $8 million wages earned. At the same period, there is $7 million wages paid which is distributed as followed: $2 million to clear all Wages payable in 2017 and the other $5 million to clear $5 million out of $8 million wages payable in 2018. So, the only wages liability outstanding at the end of 2018 is the amount of $3 million earned in 2018 but not yet paid ($8 million - $5 million).

=> Liabilities in 2018 increases $1.0 million in comparison with the year 2017 ( $3 million - $2 million).

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3 years ago
Which of the following is the best way to measure who read the company's public relations message and what they thought about it
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Answer:

a. Ask consumers for relevant feedback after the campaign

Explanation:

  • The company's public messages in order to establish a relationship with the clients or its costumes have to be essentially exposed through the mediums like campaigns and the media to get relevant feedback form them and helps in the analysis if its future scope.
  • These messages target the key audiences and use all mediums of communication like PR events.
6 0
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Suppose that the required reserve ratio is 20 percent for commercial banks and there are currently no excess reserves. Then, one
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The amount of money created will be $1,250,000

Explanation:

In order to find the maximum amount of money that will be created in the banking system as a result of a deposit, we need to find the money multiplier.

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The amount of money created = Multiplier *Initial deposit

Amount of money created = 5* 250,000

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Normal goods are goods that are goods whose demand increases when income increases and falls when income falls.

I increase my demand for organic fruits and vegetables when my income increased. This shows they are normal goods.

Generic fruits and vegetables are inferior goods.

Inferior goods are goods whose demand falls when income rises and increases when income falls.

I hope my answer helps you

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