Myrtle loaned sven $150,000 for his gardening supplies company. a drought occurred during the year. because sven was unable to repay the loan, myrtle accepted the following plan to extinguish sven’s debt. sven is to pay cash of $3,000 and transfer ownership of the gardening property having a value of $80,000 and a basis of $60,000. sven must also transfer stock with a value of $30,000 and a basis of $45,000.find a relevant treasury regulation. determine how much gross income sven should report from the extinguishment of his debt.

Which of the following statements is correct? a) one drawback of forming a corporation is that it generally subjects the firm to additional regulationsb) one drawback of forming a corporation is that it subjects the firms investors to increased personal liabilitiesc) one drawback of forming a corporation is that it makes it more difficult for the firm to raise capitald) one advantage of forming a corporation is that it subjects the firm's investors to fewer taxese) one disadvantage of forming a corporation is that it is more difficult for the firm's investors to transfer their ownership interests

Which of the following is an example of an unsought good? a. cameron purchases a new bike. b. jordan buys paper towels. c. taylor buys cupcakes from her favorite bakery. d. riley buys new windshield wipers for her car.

Large public water and sewer companies often become monopolies because they benefit from although the company faces high start-up costs, the firm experiences average production costs as it expands and adds more customers. smaller competitors would experience average costs and would be less