1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
Following is information on an investment considered by Hudson Co. The investment has zero salvage value. The company requires a
Liono4ka [1.6K]
Hi I think that is 3.
6 0
2 years ago
Karen and Anika, the owners of a new personal assistant firm called Assist You 2, are interested in offering their services in a
maks197457 [2]

The first thing Karen and Anika should do is to understand the position of competitors by using the positioning process.

<h3>What is positioning?</h3>

The process of positioning refers to the establishment of a business and its products in the market by creating awareness about it. This product positioning helps to create an image of the products among customers.

This product positioning helps the consumers to compare the product with competitors and identify the product with brand value. It also helps to recognize our products with similar products available in the market.

Therefore, Karen and Anika need to understand the position of their competitors if they wanted to provide their services in a market that has already startups and firms.

This helps them to settle the unique value of their products among customers after recognizing the value of competitors' products.

Learn more about positioning, here:

brainly.com/question/14774463

#SPJ1

4 0
2 years ago
Which of the following phrases BEST defines the word import?
Lubov Fominskaja [6]
<span>to obtain a product from another country </span>
8 0
3 years ago
Read 2 more answers
Choose the correct statement.
AfilCa [17]

Answer:

D. The outlet substitution bias injects an upward bias into the CPI

Explanation:

4 0
2 years ago
On December 31, 2020, the Bennett Company had 100,000 shares of common stock issued and outstanding. On July 1, 2021, the compan
matrenka [14]

Answer:

$5.31

Explanation:

Earnings per share = Earnings Attributable to Holders of Common Stock ÷ Weighted Average Number of Common Stocks Outstanding

<em>where,</em>

<u>Earnings Attributable to Holders of Common Stock is :</u>

Net Income                                                                       $650,000

Less Preference Stock dividend                                       ($71,000)

Earnings Attributable to Holders of Common Stock      $579,000

<em>and</em>

<u>Weighted Average Number of Common Stocks Outstanding :</u>

Common Stocks at Beginning outstanding                                  100,000

Stocks Sold at Weighted Average (18,000 / 2)                                9,000

Weighted Average Number of Common Stocks Outstanding    109,000

therefore,

Earnings per share = $579,000 ÷  109,000

                                = $5.31

The 2021 basic earnings per share is $5.31.

4 0
2 years ago
Other questions:
  • Earned net income of $65,000 after deducting depreciation of $8,000 and all other expenses. Current assets decreased by $7,000​,
    9·1 answer
  • What are the signs that a chemical reaction has taken place?
    10·1 answer
  • About (a) A manager must select three coders from her group to write three different software projects. There are 7 junior and 3
    7·2 answers
  • A cash flow statement can help you develop and determine budget categories.
    13·1 answer
  • On August​ 14, Park Avenue Bank lent​ $210,000 to City Coffee Shop on a 75​ day, 4% note. What is the maturity value of the​ not
    15·1 answer
  • Aaron purchased footballs from Matthew for $370. Matthew had purchased the footballs from Tom by providing Tom with a bad check.
    15·1 answer
  • Which of the following is an example of a strategic action?
    12·1 answer
  • Servant leadership emphasizes the notion that Question 8 options: employees are paid to serve their leaders. leaders serve follo
    10·1 answer
  • When automobile manufacturers introduced SUVs, they distributed and promoted them in the United States, but not in Europe where
    12·1 answer
  • You are working with an experienced Customer Service Representative to board a busy flight on a tight timeline. You notice that
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!