Business, 11.12.2019 06:31 ljwatts25

On september 30, sinclair corporation, a calendar year taxpayer, sold a parcel of land (basis of $600,000) for a $1,500,000 note. the note is payable in three installments, with the first payment due next year. because sinclair did not elect out of the installment method, none of the $900,000 gain is taxed this year. sinclair corporation had a $510,000 deficit in accumulated e & p at the beginning of the year. before considering the effect of the land sale, sinclair had a deficit balance in current e & p of $140,000.susan, the sole shareholder of sinclair, has a basis of $400,000 in her stock. susan holds the sinclair corporation stock as an investment.
1. if sinclair distributes $1,000,000 to susan on december 31, how much income must she report for tax purposes?

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:00

Match each item to check for while reconciling a bank account with the document to which it relates. (there's not just one answer) 1. balancing account statement 2. balancing check register a. nsf fees b. deposits in transit c. interest earned d. bank errors

Answers: 3

Answer

Business, 22.06.2019 16:20

Stosch company's balance sheet reported assets of $112,000, liabilities of $29,000 and common stock of $26,000 as of december 31, year 1. if retained earnings on the balance sheet as of december 31, year 2, amount to $74,000 and stosch paid a $28,000 dividend during year 2, then the amount of net income for year 2 was which of the following? a)$23,000 b) $35,000 c) $12,000 d)$42,000

Answers: 1

Answer

Business, 22.06.2019 18:50

Retirement investment advisors, inc., has just offered you an annual interest rate of 4.4 percent until you retire in 40 years. you believe that interest rates will increase over the next year and you would be offered 5 percent per year one year from today. if you plan to deposit $13,000 into the account either this year or next year, how much more will you have when you retire if you wait one year to make your deposit?

Answers: 3

Answer

Business, 22.06.2019 19:00

Question 55 ted, a supervisor for jack's pool supplies, was accused of stealing pool supplies and selling them to friends and relatives at reduced prices. given ted's earlier track record, he was not fired immediately. the authorities decided to give him an administrative leave, without pay, until the investigation was complete. in view of the given information, it would be most appropriate to say that ted was: demoted. discharged. suspended. dismissed.

Answers: 2

Answer

You know the right answer?

On september 30, sinclair corporation, a calendar year taxpayer, sold a parcel of land (basis of $60...

Questions