Steve owns barb, inc. and has grown the business over the last 15 years and is the sole owner. he decides to sell 40 percent of the corporate stock (all outstanding stock) on july 1, year 1 to an esop for $8 million. his adjusted basis for his entire interest in the stock was $3 million. on february 4th, year 2, steve uses all $8 million to buy shares of apple stock. which of the following statements is correct? a. he will have a capital gain of $5.0 million in year 1 for tax purposes. b. he will have a capital gain of $6.8 million in year 1 for tax purposes. c. steve will not have a capital gain in year 1 for tax purposes. d. steve’s transaction does not qualify for non-recognition of gain treatment.

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For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. complete parts (a) through (c) below. x (cash prize, $) p(x) grand prizegrand prize 0.000000008860.00000000886 200,000 0.000000390.00000039 10,000 0.0000016950.000001695 100 0.0001582930.000158293 7 0.0039114060.003911406 4 0.0080465690.008046569 3 0.012865710.01286571 0 0.975015928140.97501592814 (a) if the grand prize is $13 comma 000 comma 00013,000,000, find and interpret the expected cash prize. if a ticket costs $1, what is your expected profit from one ticket? the expected cash prize is $nothing.

Laurelton heating & cooling installs and services commercial heating and cooling systems. laurelton uses job costing to calculate the cost of its jobs. overhead is allocated to each job based on the number of direct labor hours spent on that job. at the beginning of the current year, laurelton estimated that its overhead for the coming year would be $ 61 comma 500. it also anticipated using 4 comma 100 direct labor hours for the year. in april comma laurelton started and completed the following two jobs: (click the icon to view the jobs.) laurelton paid a $ 20-per-hour wage rate to the employees who worked on these two jobs. read the requirements requirement 1. what is laurelton's predetermined overhead rate based on direct labor hours? determine the formula to calculate laurelton's predetermined overhead rate based on direct labor hours, then calculate the rate. / = predetermined overhead rate