b.) Ken sold 1,000 share of stock for $32 a share. He inherited the share two year ago. His tax basis (or investment) in the stock was $31 per share. He must declare the sales proceeds.
On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was completed on December 31, 2011. The following additional facts pertain to the transaction: The Footwear Division qualifies as a component of the entity according to GAAP regarding discontinued operations. The book value of Footwear's assets totaled $48 million on the date of the sale. Footwear's operating income was a pre-tax loss of $10 million in 2011.
ACCT 324 Final Exam Solution https://hwguiders.com/downloads/acct-324-final-exam-solution/ ACCT 324 Final Exam Solution Question 1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew’s basis in the residence is: Question 2.
Jackson, for Respondent. |Date: |2000-06-19 | |Docket: |AI 99-30-04430 | |Parallel citations: |[2000] 9 WWR 1; 6 BLR (3d) 193; 148 Man R (2d) 19 | Introduction: The issue in this appeal is whether or not the trial judge was in error in finding that the parties had negotiated a valid contract for the sale of shares in a privately held company. Facts and Background: Gendis Inc. owned 50% of the issued shares of a private company that produces oil in western Manitoba, Saskatchewan and Alberta called Tundra Oil and Gas Ltd. On January 28, 1998, Albert Cohen, the chair of Gendis’s board of directors, approached George Richardson, the managing director of James Richardson & Sons, Limited, the parent company of Richardson, for the purpose of selling the Gendis shares in Tundra to Richardson. Albert Cohen and George Richardson met on two occasions early in 1998 and also exchanged telephone calls in an attempt to reach an agreement. In a meeting on February 12, 1998 Albert Cohen decided that the CEO of Gendis, Allan MacKenzie, will be the authorized Agent negotiating the sale on behalf of Gendis.
There are differences in reporting the restructuring costs according to ASC 420-10. First, the liability for the termination of employees of 2 million dollars is treated the same as in IFRS. The interoffice Memorandum from December 27, 2008 constitutes the communication date to all Pharma Co. employees. The workforce reduction is expected to be completed by January 31, 2009, in within 60 days; therefore no significant present value calculation is necessary. The liability is recognized on December 27, 2008.
Background on Coconut Telegraph Coconut Telegraph Corporation (Coconut) is a developer and provider of specialized customer billings and management software and systems. On February 1, 2012, Coconut had an arrangement with Buffet Worldwide Inc. (Buffet) to deliver the Volcano System and provide one year of post contract customer support (PCS). The PCS will start March 1, 2012. At the time of the arrangement, February 1, 2012, Buffet paid $12,000 for the Volcano System and the one year of PCS. On May 1, 2012 Coconut agreed to provide Buffet with training services on the customer management system and one additional year of PCS.
|$1,200 gain and $180 tax. | The gain realized is $500 (100 shares x $20) less basis (100 shares x $15 exercise price). The tax is calculated as follows: $500 x 15% (preferential rate). Bad Brad received 20 NQOs (each option gives him the right to purchase 30 shares of stock for $10 per share) from his employer. At the time he started working the stock price was $11 per share.
In English we can understand: June 20 - the famous dinner at the Jefferson Residence where Thomas Jefferson, James Madison, and Alexander Hamilton decided a compromise: Madison agreed to vote for the assumption of state debts by the federal government; Hamilton agreed to vote for the capitol to be above the Potomac. The Compromise of 1790 was the first of three great compromises made by the North and South every thirty years in an attempt to keep the Union together and prevent civil war. Hamilton, Madison, and Jefferson, with the backing of Washington, arranged the terms which resulted in passage of the Residence Act in July and the Funding Act in August. Central to the compromise was a bargain by which several southerners agreed
With pressure from Great Britain and the other Allies, Roosevelt was persuaded into having the Lend-Lease Act of 1941 passed. The lend-Lease Act allowed the President to "sell, transfer title to, exchange, lease, lend, or otherwise dispose of, to any such government any defense article", mainly Great Britain. By the end of October of 1941, Roosevelt approved one billion dollars of Lend-Lease aid to Great
Case 2: Narda Corporation agreed to sell all of its capital stock to Effie Corporation for three monthly payments of $200,000. After Effie made the first required payment, it ceased making other payments. The stock subscription agreement states that Effie, thus, forfeits its payments and is entitled to no other future consideration. How should Narda record the $200,000 forfeited payment? Case 2 Solution: Problem Identification: How should a company account for forfeited stock subscriptions?