Business, 31.07.2019 19:10 sipstick971
On january 1, 2017, leo paid $33,000 for 7 percent of the stock in bls, an s corporation. in november, he loaned $9,000 to bls in return for a promissory note. bls generated a $780,000 operating loss in 2017. bls generated $426,000 ordinary business income in 2018. how much of leo’s share of this income is included in his 2018 taxable income? compute leo’s basis in his bls stock and his bls note at the end of 2018. how would your answers to parts a and b change if bls’s ordinary business income was only $238,000?
Answers: 3
Business, 22.06.2019 10:10
True tomato inc. makes organic ketchup. to promote its products, this firm decided to make bottles in the shape of tomatoes. to accomplish this, true tomato worked with its bottle manufacture to create a set of unique molds for its bottles. which of the following specialized assets does this example demonstrate? (a) site specificity (b) research specificity (c) physical-asset specificity (d) human-asset specificity
Answers: 3
Business, 22.06.2019 20:50
Stormie zanzibar owns a bakery in the fictitious country of olombia. each month the government’s market ministry mails her a large list of the regulated price of goods which include products like bread, muffins and flat bread. the list also dictates the types of goods she can sell at the bakery and what she is to charge. because of the regulations placed on these goods, stormie has increased her production of sweets, pies, cakes, croissants and buns and decreased her supply of breads, muffins and flat bread. she has taken these steps because the sweet goods’ prices are not government controlled. stormie zanzibar lives under what type of economy?
Answers: 3
Business, 22.06.2019 21:40
Rebel technology maintains its records using cash-basis accounting. during the year, the company received cash from customers, $43,000, and paid cash for salaries, $23,500. at the beginning of the year, customers owe rebel $1,000. by the end of the year, customers owe $6,600. at the beginning of the year, rebel owes salaries of $5,600. at the end of the year, rebel owes salaries of $3,300. determine cash-basis net income and accrual-basis net income for the year.
Answers: 2
On january 1, 2017, leo paid $33,000 for 7 percent of the stock in bls, an s corporation. in novembe...
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