Select the best answer.Which types of entities should owners have buy-sell agreements among the owners to provide for an orderlytransfer of an owner's interest in the case of death or upon the occurrence of a certain event such as divorceretirement, or disability?OA. A closely held S corporationB. A general corporationO C. A large C corporationestion Q 9OD. A sole proprietorshipSubmit Answers100% Complete

A closely held S corporation is a type of business structure in which the corporation has elected to…

Select the best answer. Which types of entities should owners have buy-sell agreements among the ow transfer of an owner's interest in the case of death or upon the occurrence of a retirement, or disability? O A. A closely held S corporation B. A general corporation O C. A large C corporation O D. A sole proprietorship

Select the best answer. Which types of entities should owners have buy-sell agreements among the ow transfer of an owner's interest in the case of death or upon the occurrence of a retirement, or disability? O A. A closely held S corporation B. A general corporation O C. A large C corporation O D. A sole proprietorship

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 43P

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Match the following. b. c. d. e. b. c. d. e. b. c. d. e. b. c. d. e. - a. - a. - a. - a. S corporation C corporation Limited partnership General partnership a. Contribution of appreciated property to the business entity by an owner is never subject to taxation. Realized gains on the contribution of appreciated property to the entity are not recognized by the contributor when an 80% control requirement is satisfied. Realized losses on the contribution of loss property to the entity are never recognized by the contributor. Realized losses on the contribution of loss property to the entity are recognized by the contributor unless an 80% control requirement is satisfied. b. C. d. e. Basis of ownership interest to the owner is dependent on whether gain or loss is recognized to the owner on the contribution of assets to the business entity.
FINANCING DECISIONS What are the advantages and examples of Internal Financing (at least 2 for Sole Proprietorship, Partnership and Corporation)? How does depreciation gives tax benefit? REFERENCES: https://www.youtube.com/watch?v=WQbK-hNRWvA&t=3702s https://www.youtube.com/watch?v=-OUAu-2-MV8
33. A purchaser of a business will generally prefer which of the following? An asset purchase to receive new basis for depreciation A stock purchase because the seller will receive capital gains Utilizing a §338(g) election If the selling entity is an S Corporation making a joint §338(h)(10) election All of the above A,C,&D What form is required to report the allocation of the purchase price? ____________
Identify which one of the following accounting entry for transfer of net profit at the end of the year: a. Dr: Profit and Loss account RO 35660 Cr: Profit and Loss Appropriation account RO 35660 b. Dr: Profit and Loss Appropriation account RO 35660 Cr: Profit and Loss account Ro 35660 c. Dr: Profit and Loss account RO 35660 Cr: Partners' Capital Account RO 35660 d. Dr: Partner's Capital Account RO 35660 Cr: Profit and Loss account RO 35660
After the business combination on the basis of full-goodwill approach, what amount of stockholders' equity will be reported? a. P355,000 b. P397,000 c. P419,500 d. P495,000
X and Y corporations enter in legal consolidation process. The net assets of x at the FMV 120000 and the net assets of Y at the FMV 80000. Y will be considered as ... a. Combinee b. Lessor c. Lessee d. Combinor
Examine how do you treat the following items when X Ltd. is merging with Y Ltd. on 1st January 2023 on the assumption: A. Condition u/s 2(1B) and u/s 72A does not satisfy B. Condition u/s 2(1B) satisfy but conditions u/s 72A not satisfy C. Conditions u/s 2(1B) and u/s 72A are satisfied Other Information of X Ltd.: (i) Business Profits (before adjusting losses and expenses) *60,000 (ii) Expenses on merger *2,00,000 (iii) VRS Compensation (Paid during 2020-21) *4,00,000 (iv) Sale consideration of non-depreciable capital assets *20,00,00 (v) Indexed cost of acquisition of non-depreciable capital assets *12,00,000 (vi) Sale consideration of depreciable assets *10,00,000 (vii) WDV of depreciable assets *7,00,000 (viii) Non-speculation business loss relating to 1994-95 *3,00,000 (ix) Unabsorbed depreciation relating to 2020-21 1,50,000 (x) Long term Capital loss relating to 2021-22 *2,00,000 Business profits of Y Ltd. (before adjusting losses and expenses) ₹30,00,000 and long term capital…
pie 6TT UOI: Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and Finn, respectively. Assets Liabilities and Owner's Equity Cash $ 56300 Accounts payable $ 126100 Accounts Granger, Capital $138600 receivable 131500 Noble, Capital 48300 Inventory 437400 Finn, Capital 312200 $625200 $625200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $509900. The amount of cash that would ultimately be distributed to Finn would be $288600. $312200. $512600. $203960.
When would a sole proprietorship use IFRS? Select one: a. If it ho plans to become public in the near future b. If its competitors use ASPE c. A sole proprietorship is never allowed to use IFRS d. If there is a plan to become a public company in the near future
After the business combination on the basis of full-goodwill approach, what amount of non-controlling interest will be reported? a. P42,000 b. P52,500 c. P60,900 d. P64,500
An individual contributes property with an FMV in excess of basis to a corporatioin exchance for stock. The property is subject to a mortgage. In each of the followiinciances determine the basis obnestock in the hands of the shareholder and the bacof the propertycontributed in the hands of the corporation. Assume that the 80 ait.I meta. The property is subjoct to a morteage that is less than basis, and the corporatioassumes the morezec.o. The property is subicct to a morteage that is more than basis. and the corporatio:assumes the mortgage.
Write a Sample Format of Statement of Liquidation (Lump Sump) Other Instruction (Assumptions) 1. Values should be written as XXX if positive and (XXX) if negative 2. 7 Partners [Jk, V, RM, Jimin, Hobi, Jin and Suga] 3. There is a gain in the realization of assets 4. There is liquidation expense. 5. V has receivables from partnership. 6. Jin and Suga have payables to the partnership