Answer:
$38,000 Dividend
Explanation:
Based on the information given the tax treatment of the redemption to Marcie will be $38,000 dividend reason been that her husband shares was been attributed to her, and Since she owns 60 shares her remaining 10 shares including that of her husband 50 shares of Chestnut's will be 110 shares calculated as 150 shares - 40 shares outstanding.
Therefore when we look at this 60 shares/110 shares is greater than 50% which means that Marcie fails the 50% test which makes the redemption to be treated as a dividend.
Hence, the tax treatment of the basis of the shares redeemed will be $38,000 Dividend.
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Answer:
d. Revenue of $375
Explanation:
The amount paid by the Vetmed associates is an expense for associates
The amount received by statisticians is a revenue for them
Mackie Services an intermediate between the two and so, the percentage amount received by Mackie Services is a revenue
Mackie's income statement would include a revenue of:
= Amount paid to statisticians * % Received
= $1,500 * 25%
= $375
Answer:
Gross profit $39,000
Explanation:
X company
Income statement ( parochial)
For the year ended, June 30 20YY
Sales revenue $104,000
Less: cost of goods sold $65,000
Gross profit $39,000
In that case, we do not use Income tax expense, Operating expenses, Deferred revenues, Non-operating revenues because those will be needed when we will calculate the net income.
Answer:
let him put it where he won't see them until It is enough for buying his wants
