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emmainna [20.7K]
2 years ago
6

Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land held for three years as an investmen

t (adjusted basis of $250,000, fair market value of $490,000). The land is subject to a liability of $520,000.a. What are the tax consequences to Oriole Corporation on the distribution of the land?b. If the land is, instead, subject to a liability of $400,000, what are the tax consequences to Oriole on the distribution?
Business
1 answer:
andrew-mc [135]2 years ago
6 0

Answer:

A. $270,000 gain

B. $240,000 gain

Explanation:

A. Calculation to determine the tax consequences to Oriole Corporation on the distribution of the land

Tax consequences=$520,000 – $250,000

Tax consequences=$270,000 gain

Therefore Oriole will recognize a $270,000 gain on the distribution

B. Calculation to determine the tax consequences to Oriole on the distribution

Tax consequences=$490,000 – $250,000

Tax consequences= $240,000 gain

Therefore Oriole will recognize a gain of $240,000 on the distribution.

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3 years ago
The financial statement that reports the changes in the retained earnings and common stock for a period of time is known as the.
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Determine the price in period 1 (the future) if 30 units of oil are consumed in period 0 (the present).
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Note: The complete question is attached as picture below

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Wilma’s Vegetable Market had the following transactions during 2017:
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Answer:

Journal Entries are as follows.

Explanation:

1.   Cash               $25,000 (Debit)

          Common Stock                              $ 25,000 (credit)

2.   Wages             $10,000  (debit)

               Cash                             $10,000 (credit)

3.  Land                         $ 50,000 (debit)

           Common Stock                        $50,000  (credit)

4.    Dividend Declared    $ 1000  (debit)

                    Dividend Payable            $ 1000 ( credit)

And

   Dividend Payable            $ 1000 ( debit)

                 Cash                           $ 1000 (credit)

5.        Cash               $ 3000  (debit)

              Long Term  Investment            $ 3000 (credit)

6.     Cash                    $ 20,000  (debit)

                Sales                        $ 20,000        ( credit)

7.       Inventory           $2000 (debit)

            Cash                      $ 2000  (credit)

8.      Investment                 $ 6000 ( debit)

               Cash                                             $ 6000 (credit)

9.  Bonds Payable                   $ 10,000  (debit)

                 Discount                             $ 1000 (credit) ( if there's any)

                  Common Stock               $ 9,000 ( credit ) ( in case of discount)

10.    Notes Payable                             $ 10,000  (debit)

Interest on Notes Payable                    $ 1,000 (debit) ( suppose there's interest of $ 1000 on $ 10,000 Notes Payable)

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