Best UK USA UAE Australia Canada China Accounting Incremental Analysis MCQ Homework Help Service Online
1) Vanessa contributed $20,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $40,000 to Cook, Inc. (an S corporation) when it was formed. The land was encumbered by a $30,000 mortgage executed two years before. What is Vanessa’s tax basis in Cook, Inc. after formation?
2) Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $50,000 in cash and $50,000 worth of equipment. Frank’s adjusted basis in the equipment was $35,000. Bob contributed $50,000 in cash and $50,000 worth of land. Bob’s adjusted basis in the land was $30,000. On 3/15/04, Soxy Socks sells the land Bob contributed for $60,000. How much gain (loss) related to this transaction will Bob report on his X4 return?
3) What form does a partnership use when filing an annual informational return?
A. Form 1040
B. Form 1065
C. Form 1041
D. Form 1120
4) At his death, Trevor had a probate estate consisting of $4 million of property. Which of the following is a true statement about Trevor’s estate or estate tax?
A. Trevor must have a taxable estate of at least $4 million.
B. Trevor must have a gross estate of at least $4 million.
C. Trevor must have estate tax base (cumulative taxable transfers) of at least $4 million.
D. Trevor must have an adjusted gross estate of at least $4 million.
5) The estate and gift taxes share several common features. Which of the following characteristics are common to both the estate and gift taxes?
A. A unified credit and a marital deduction
B. A charitable deduction and the amount of the exemption equivalent
C. A gift-skipping election and a deduction for income taxes paid by the fiduciary
D. A charitable deduction and an annual exclusion
6) The estate and gift taxes share several common features. Which of the following characteristics are common to both the estate and gift taxes?
A. The same amount of unified credit
B. A charitable deduction and a marital deduction
C. A gift-skipping election and a charitable deduction
D. An annual exclusion
7) Which of the following is a completed taxable gift?
A. $20,000 in cash contributed to the committee to reelect Senator Cone.
B. $55,000 in cash transferred to a former spouse under a written property settlement shortly after a divorce.
C. $18,000 in cash given to a needy student to pay for college tuition.
D. $15,000 in cash given to Valley Hospital for the care of a neighbor who was in an auto accident.
8) Jonathan transferred $90,000 of cash to a trust this year for the benefit of Hannah, age 10. The trustee has the discretion to distribute income or corpus (principal) for Hannah’s benefit and is required to distribute all assets to Hannah (or her estate) not later than Hannah’s 21st birthday. What is the amount of the taxable gift?
B. Zero There is no completed gift until the trustee makes a distribution from the trust.
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to email@example.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email firstname.lastname@example.org should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to email@example.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
- Strategic management case study help
- Case Study Assignment Help
- Trade finance case study help
- Banking case study assignment help
- Banking case study homework help
- Meaning of case study assignment help
- Child development case study homework help
- Contract law case study homework Help
- Finance accounting case studies homework help
- Company Financial statement analysis case study homework help
- Foreign assignment case study help
- HR case study homework help
- Human resource management case study homework help
- Managerial accounting case study assignment help
- Managerial accounting case study homework help
- Negotiations case study homework help
- Organization behavior case study homework help
- Project management case study homework help
- Financial statement analysis assignment help
- HBS case study assignment help
- Ratio analysis case study assignment help
- Small business case study homework help
- Project finance case studies help
- Healthcare finance case studies homework help
- MBA case study homework help
- Financial analysis business case study homework help
- Harvard business case study homework help
- Business strategy case study homework help
- Business law case study homework help
- Accounting Case Study Help
- Business case study homework help
- Finance case study help
- Corporate Finance case study homework help
- Business process case study assignment help
- Business statistics case study assignment help
9) This year Don and his son purchased real estate for an investment. The price of the property was $500,000, and the title named Don and his son as joint tenants with the right of survivorship. Don provided $320,000 of the purchase price, and his son provided the remaining $180,000. Has Don made a taxable gift and, if so, in what amount?
A. Don has made a taxable gift of $237,000.
B. Don has made a taxable gift of $57,000.
C. Don has made a taxable gift of $22,000.
D. Don has made a taxable gift of $70,000.
10.General Product, Inc., shipped 100 million coupons in products it sold in 2011. The coupons are redeemable for thirty cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2012. There were 45 million coupons redeemed in 2011, and 30 million redeemed in 2012.
What was General s coupon promotion expense in 2011?
A. $7.5 million
B. $21.0 million
C. $13.5 million
D. $30.0 million
11) Which of the following is not true about the fair value option?
A. Electing the fair value option for held-to-maturity investments simply reclassifies those investments as trading securities.
B. All of these statements are true.
C. The fair value option is irrevocable.
D. The fair value option must be elected for all shares of an investment in a particular company.
12)Beresford, Inc., purchased several investment securities during 2008, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values aren t considered permanent.
Held to maturity securities: Fair Value Fair Value Amortized Amortized
ABC Co. Bonds 12/31/10 12/31/11 Cost 12/31/10 Cost 12/31/11
$375,000 $400,000 $367,500 $360,000
Fair Value Fair Value
Trading securities: 12/31/10 12/31/11 Cost
DEF Co. Stock $48,000 $59,500 $66,000
GEH Inc. Stock $47,000 $77,000 $39,000
IJK Inc. Stock $44,000 $38,500 $32,900
Fair Value Fair Value
Available for Sale Securities 12/31/10 12/31/11 Cost
LMN Co. Stock $130,500 $150,400 $140,000
What would be the balance in Beresford s accumulated other comprehensive income with respect to these investments in its 12/31/11 balance sheet (ignore taxes)?
13) Smith buys and sells securities which it typically classifies as available for sale. On December 15, 2011,
Smith purchased $500,000 of Jones shares, and elected the fair value option to account for the Jones investment. As of December 31, 2011, the Jones shares had a fair value of $525,000. In the 2011 financial statements, Smith will show (ignore taxes)
A. investment income of $25,000 in its income statement.
B. other comprehensive income of $25,000.
C. an investment in Jones of $500,000.
D. accumulated other comprehensive income of $525,000.
14) Goofy, Inc., bought 15,000 shares of Crazy Co. s stock for $150,000 on May 5, 2010, and classified the stock as available for sale. The market value of the stock declined to $118,000 by December 31, 2010.
Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $125,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?
B. $32,000 net loss
C. $25,000 net loss
D. $7,000 net gain
15) On December 31, 2011, L, Inc., had a $1,500,000 note payable outstanding, due July 31, 2012. L borrowed the money to finance construction of a new plant. L planned to refinance the note by issuing long-term bonds. Because L temporarily had excess cash, it prepaid $500,000 of the note on January 23, 2012. In February 2012, L completed a $3,000,000 bond offering. L will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2012. On March 13, 2012, L issued its 2011 financial statements. What amount of the note payable should L include in the current liabilities section of its December 31, 2011, balance sheet?
Product Code: ACC35
Looking for Accounting Incremental Analysis MCQ Homework Help, please submit your details here with product code mentioned above.