Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Cerulean corporation has two equal shareholders, Eloise and Olivia. Eloise acquired her Cerulean stock three years ago by transferring property worth $700,000 basis of $300,000, for 70 shares of the stock. Olivia acquired 70 shares in cerulean corporation two year ago by transferring property worth $660,000, basis of $110,000. Cerulean corporation's accumulated E&P as of January 1 of the current year is $350,000. on march 1 of current year, the corporation distributed to Eloise property worth $120,000, basis to cerulean of $50,000. it distributed cash of $220,000 to Olivia. on July 1 of the current year, Olivia sold her stock to Magnus for $820,000. on December 1 of the current year, cerulean distributed cash of $90,000 each to Magnus and Eloise. what are the tax issues?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M943738

Have any Question? 


Related Questions in Accounting Basics

Writing assignment cash and receivablesassignment

Writing Assignment: Cash and Receivables Assignment Goals: - Obtain research experience in the Accounting Standards Codification - Obtain experience using SEC filings and the SEC website - Practice writing concise accoun ...

Fasb ongoing projectproject objectivedescribe the history

FASB Ongoing Project Project Objective Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project. Requirements The FASB has several ongoing projects that in ...

Discussion liabilities please respond to the followingfor

Discussion: "Liabilities" Please respond to the following: For this week's eActivity, research one publicly traded company in which you are interested using the Internet and/or Strayer databases. Locate the company Websi ...

Abc stock has a share price of 150 today all rates of

ABC stock has a share price of $150 today. All rates of interest are 3% per annum on a continuously compounded basis. A one-year European call option on one share of stock struck at $147 is worth $15. Finally, ABC is sch ...

Accounting assignmentaccounting is the study of how

Accounting Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

Accounting for governmenttrue or false1 a fund in itself is

ACCOUNTING FOR GOVERNMENT True or False 1. A fund in itself is a separate legal entity that is established to comply with laws that require that certain transactions be segregated and accounted for as a separate "fund." ...

Accounting assignment1 in the context of present value

Accounting Assignment 1. In the context of present value analysis, what is the discount rate? How does the discount rate affect the present value calculation? If the present value of a future return is calculated using a ...

This is a group work and i entitle do the cash flow

This is a group work and I entitle do the cash flow analysis for Home Depot. Please no more than two pages. Assume that your Group has been hired to serve as my new Investment Advisory Team. I am looking for new investme ...

Internet case-citizen-centric reportingalthough citizens

Internet Case-Citizen-Centric Reporting Although citizens should be concerned about the performance of government, in truth, few citizens typically review the financial information provided by their government. In part, ...

Assignment business analyticsthis assignment requires you

Assignment Business Analytics This Assignment requires you to use Excel in all three questions. Make sure you explain your answers and provide the regression output tables for questions 1 and 2. Submit your Assignment to ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro