On september 30, eclipse corporation, a calendar year taxpayer, sold a parcel of land (basis of $200,000) for a $500,000 note. the note is payable in five installments, with the first payment due next year. because eclipse did not elect out of the installment method, none of the $300,000 gain is taxed this year. eclipse corporation had a $250,000 deficit in accumulated e & p at the beginning of the year. before considering the effect of the land sale, eclipse had a deficit in current e & p of $80,000. edward, the sole shareholder of eclipse, has a basis of $300,000 in his stock. edward holds the eclipse corporation stock as an investment. if eclipse distributes $675,000 to edward on december 31, how much gross income must he report for federal income tax purposes?

You have just received notification that you have won the $2.0 million first prize in the centennial lottery. however, the prize will be awarded on your 100th birthday (assuming you're around to collect), 66 years from now. what is the present value of your windfall if the appropriate discount rate is 8 percent?

Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?

What would happen to the equilibrium price and quantity of lattés if the cost to produce steamed milk