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Leto [7]
4 years ago
12

On january 1, year 1, pearl corporation owned 90% of the outstanding stock of seso corporation. both companies were domestic cor

porations. pursuant to a plan of liquidation adopted by seso in march year 1, seso distributed all of its property in september year 1 in complete redemption of all its stock, when seso's accumulated earnings equaled $18,000. seso had never been insolvent. pursuant to the liquidation, seso transferred to pearl a parcel of land with a basis of $10,000 and a fair market value of $40,000. how much gain must seso recognize in year 1 on the transfer of this land to pearl?
Business
1 answer:
sergey [27]4 years ago
5 0

Answer:

$30,000

Explanation:

Data provided in the question:

Accumulated earnings = $18,000

Basis for land = $10,000

Fair market value = $40,000

Now,

Since, seso is under liquidation all the assets will be sold and stocks to be settled.

Thus,

Gain seso must recognize in year 1 on the transfer of this land to pearl

= Fair market value of the land - Basis for land

=  $40,000 - $10,000

= $30,000

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Answer:

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$60,001 to $80,000 are taxes at 40% Thus, 8,000 income tax

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4 years ago
True or False. Within an Agent Handler group, if the handler with the highest priority is unavailable, the agent will fall back
Elodia [21]

Answer:

True

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3 years ago
As a new member of the Challenge for Charity Group, you notice that the association has its own way of operating. Last week, the
lyudmila [28]

THE COMPLETE PARTS OF THE QUESTION

(socializing, incorporating, recruiting, inducting) members into the culture of the organization through the use of _____ (org design, criteria for selecting club members, reward systems & norms, leader reactions to critical incidents)

Answer:

1) socializing

2). reward systems & norms

Explanation: SOCIALIZING is the act or process through which a person or group of persons interact with others and take part in the activities which others do.

REWARD SYSTEM is the term used to describe the various processes or steps involved in compensation or paying for the Activities of others.

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5 0
4 years ago
A 7-year municipal bond yields 4.8%. Your marginal tax rate (including state and federal taxes) is 27%. What interest rate on a
kodGreya [7K]

Answer:

The correct answer is option (E).

Explanation:

According to the scenario, the given data are as follows:

Yield rate = 4.8%

Tax rate = 27%

So, we can use the following formula to calculate the interest rate :

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3 years ago
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A summary should condense a report or article by what percentage is 85 to 90 percent.

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7 0
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