HELPP on question 10

On May 9, 2013, Calvin acquired 250 shares of stock in Aero Corporation, a new startup company, for $68,750. Calvin acquired the

mash [69]

Answer:

tax consequences = $11750

Explanation:

given data

Calvin acquired = 250 shares

startup company = $68,750

paid-in capital = $900,000

Calvin sold = $7,000

solution

we know Conditions according to Section 1244 that is Applicable for the Small Business Stock is here as

(a) Stock is directly purchase from the corporation

(b) Ordinary Loss Treatment is limited to the $50000 or $100000 for the Joint filing

(c) Loss may be from the sale of stock or the worthless stock

(d) and more than $50000 loss is treated capital loss

so here we know that

Calvin Ordinary Loss would be = $50000

remaining loss = $11,750

long term capital loss will be = $68750 - $7000

long term capital loss = 61750

tax consequences= $61750 - 50000

tax consequences = $11750

4 0

3 years ago

In a brief statement, in your own words, please describe why you are an ideal candidate for this position. (retail store)

ZanzabumX [31]

I feel like I could be ideal for this because I know how to communicate with others pretty well, & I can try to help customers as best as I can

6 0

2 years ago

Kelly Company issued $100,000 of 5%, 10-year bonds at 102 to a single investor. Each of the $1,000 bonds was convertible into 10

Angelina_Jolie [31]

Answer:

The amount credited to common stock upon conversion of the bonds is $101000

Explanation:

When the bond was issued there would been a debit of $102000($100000*$102/$100) to cash account and credit of $102000 to liabilities split into $100000 bonds payable and $2000 bond premium.

However, on conversion to common stock with premium of $1000 outstanding in the books,the amount to be credited into common stock account is the issue value less outstanding premium.

The amount credited to common stock=$102000-$1000=$101000

This can be shown with entries below:

Dr Bond payable $100000

Dr Bond premium $1000

Cr Common stock $101000

3 0

3 years ago

A principle of the human relation approach is that .

AfilCa [17]

The basic principles of human relations approach are :- Human beings are not interested only in financial gains. They also need recognition and appreciation. Workers are human beings. So they must be treated like human beings and not like machines.

5 0

3 years ago

What is tax payable????????

alukav5142 [94]

It's like a type of a account in the current liabilities section of a company's um I think balance sheet.

3 0

3 years ago

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