Cannoli corp. is the parent of its subsidiary, carac corp., and the corporations have filed consolidated tax returns since year 3. in year 4 carac sells to cannoli land worth $90,000 (basis $50,000) at a selling price of $90,000. in year 6 cannoli sells the land to an unrelated third party for $120,000, its fair market value at that time. what amount of gain is recognized on cannoli and carac’s year 4 and year 6 consolidated tax returns, respectively? year 4 year 6 a) $0 $30,000 b) $40,000 $30,000 c) $90,000 $30,000 d) $0 $70,000

Suppose someone wants to sell a piece of land for cash. the selling of a piece of land represents turning econ

For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both: 1. sec examiner 2. bookkeeping department 3. division controller 4. external auditor (public accounting firm) 5. loan officer at the company's bank 6. state tax agency auditor 7. board of directors 8. manager of the service department 9. wall street analyst 10. internal auditor 11. potential investors 12, current stockholders 13. reporter from the wall street journal 14. regional division managers

Money from an allowance or job is known as .