Required information Problem 11-51 (LO 11-5) (Algo) [The following information applies to the questions displayed below.] Bourne Guitars, a corporation, reported a $211,000 net §1231 gain for year 6. Problem 11-51 Part-a (Algo) a. Assuming Bourne reported $52,250 of nonrecaptured net §1231 losses during years 1-5, what amount of Bourne's net §1231 gain for year 6, if any, is treated as ordinary income? Bourne's gain treated as ordinary income

Required information Problem 11-51 (LO 11-5) (Algo) [The following information applies to the questions displayed below.] Bourne Guitars, a corporation, reported a $211,000 net §1231 gain for year 6. Problem 11-51 Part-a (Algo) a. Assuming Bourne reported $52,250 of nonrecaptured net §1231 losses during years 1-5, what amount of Bourne's net §1231 gain for year 6, if any, is treated as ordinary income? Bourne's gain treated as ordinary income

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 10DQ

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2. The Polythene Pam Company purchases P2,000,000 of bonds. The asset has been designated as one at fair value through profit and loss. One year later, 10% of the bonds are sold for P400,000. Total cumulative gains previously recognized in Polythene Pam's financial statements in respect of the asset are P100,000. What is the amount of the gain on disposal to be recognized in profit or loss? Group of answer choices P90,000 P100,000 P200,000 P190,000
Problem 15-14 (Algorithmic) (LO. 4) The profit and loss statement of Kitsch Ltd., an S corporation, shows $115,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses ($23,000) Tax-exempt interest income 3,450 Dividends received 10,350 5 1231 gain 8,050 Depreciation recapture income 11,500 Net income from passive real estate rentals 5,750 Long-term capital loss (6,900) Salary paid to owners (each) (13,800) Cost of goods sold (103,500) a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed is $ b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders?
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Problem 4. Masagana Corporation has a PI,500,000 credit balance of Accumulated Profits (Losses) in 20A. The following transactions are taken from the 20B operations: a) net loss, P250,000 b) purchase of treasury shares at cost, P120,000 c) overstatement of depreciation in 20A, P40,000. d) declaration of dividends, P450,000. e) reversal of appropriation reserve for plant expansion, P500,000. f) understatement of inventory in 20OA; P75,000. Required: 1. Journalize the above transactions 2. Compute the adjusted accumulated profits (losses) at the end of the year
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Required Information Problem 09-59 (LO 09-4) (Algo) [The following information applies to the questions displayed below.] Georgio owns a 10 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, gains, and losses: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation-MACRS §179 deduction* Employee wages Nondeductible fines and penalties Municipal bond interest Short-term capital gains Guaranteed payment to Sandra $ 85,000 13,600 (46,750) (4,250) (14,500) (20,000) (3,800) 7,300 6,150 (3,700) *Assume the $179 property placed in service limitation does not apply. Problem 09-59 Part b (Algo) b. What are Georgio's separately stated items for the year? Description Separately Stated Items on Schedule K-1: Total Amount Allocated to Georgio
https://uagm.blackboard.com/bbcswe... https://uagm.blackboard.com/bbcsw... Answered: 23. The acco C. Loss from continuing operations d. Loss from discontinued operations с. 5. All of the following components are shown in the income statement net of applicable taxes except a. Discontinued operations b. Cumulative effect of a change in accounting principle C. Gain or loss on sales of plant assets d. Extraordinary gain of loss 6. Which of the following would not be classified as a current asset on a classified balance sheet? a. Investment securities (trading) b. Short-term investments C. Intangible assets d. Prepaid expenses 7. Which of the following is not a long-term investment? a. Stock held to exert influence on another company b. Land held for speculation C. Trademarks d. Cash surrender value of life insurance On a multiple-sten income statement gains or losses on sale of equinment would
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