Taxpayer receives stock as a gift from his uncle. the adjusted basis of the stock is $10,000 and the fair market value is $17,000. taxpayer trades the stock for bonds with a fair market value of $15,000 and $2,000 cash. what are his recognized gain and the basis for the bonds?

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Gus needs to purée his soup while it's still in the pot. what is the best tool for him to use? a. potato masher b. immersion blender c. rotary mixer d. whisk

Reagan corporation is a wholesale distributor of truck replacement parts. initial amounts taken from reagan's records are as follows: