ACCT 424 Week 8 Final Exam Answers

More documents

Recommendations

Info

has current E & P of $45,000 (before any distribution). On December 31, 20×1, the corporation distributes $120,000 to its sole shareholder, Michael (an individual). Which is Parrot Corporation’s E & P as of January 1, 20×2? (Points : 5) $0 ($35,000) $40,000 $85,000 None of the above 7. (TCO 4) Cardinal Corporation has 1,000 shares of common stock outstanding. John owns 300 of the shares,
John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. John owns 60% of the stock in Redbird Corporation. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (Points : 5) 600 720 800 300 None of the above 8. (TCO 5) Francis exchanges her 20% interest in Beryl
Page 1 and 2: ACCT 424 Week 8 Final Exam Answers
Page 3 and 4: a basis of $200,000 in the land. Sa
Page 5: accumulated E & P of $75,000. For t
Page 9 and 10: gain. None of the above 9. (TCO 6)
Page 11 and 12: contrary, to the IRS position. None
Page 13 and 14: personally liable. S&R sustained a
Page 15 and 16: : 5) $110,000 $146,000 $144,000 $19
Page 17 and 18: asis? (Points : 5) Depletion in exc
Page 19: to her granddaughter, Tracy. As a r

ACCT 424 Week 8 Final Exam Answers

Create successful ePaper yourself

Delete template?

Save as template?