Lee, an attorney, uses the cash receipts and disbursements method of reporting. A client gave Lee 500 shares of a listed corporation's stock in full satisfaction of a $10,000 legal fee the client owed to Lee. This stock had a fair market value of $8,000 on the date it was given to Lee. The client's basis for this stock was $6,000. Lee sold the stock for cash the next year. In Lee's income tax return, what amount of income should be reported in connection with the receipt of the stock

Answers

Answer 1

Answer:

$8,000

Explanation:

Based on the information given we were told that the stock had a FAIR MARKET VALUE of the amount of $8,000 on the date it was given to Lee which therefore means that In Lee's income tax return, the amount of INCOME that should be reported in connection with the receipt of the stock will be the FAIR MARKET VALUE of the amount of $8,000.


Related Questions

Agile project management involves ____ whereas traditional project management involves _______. Multiple Choice known and stable scope, unknown requirements high certainty, projects with unstable scope projects with high predictability, project with unknown or unstable requirements iterative and incremental delivery, upfront planning with high predictability high uncertainty, projects with unknown requirements

Answers

Answer:

For comprehension purposes, I would write the question again with options attached below:

Agile project management involves ____ whereas traditional project management involves _______. Multiple Choice

a. known and stable scope, unknown requirements

b. high certainty, projects with unstable scope

c. projects with high predictability, project with unknown or unstable requirements

d. iterative and incremental delivery, upfront planning with high predictability

e. high uncertainty, projects with unknown requirements

The correct answer is option d. (iterative and incremental delivery, upfront planning with high predictability)

So, Agile project management involves iterative and incremental delivery whereas traditional project management involves upfront planning with high predictability.

Explanation:

Agile project management involves iterative and incremental delivery as Agile project management allows making changes to the product which then opens ways for iteration. Agile life cycles are composed of several iterations because of changes that might arise due to feedback during the production process of the project.

Traditional project management is highly predictable and it doesn't give room for changes as project cycles and stages are planned ahead. It's a rigid process.

According to business strategy, Agile project management involves iterative and incremental delivery,

whereas traditional project management involves upfront planning with high predictability.

What is Agile Project Management?

Agile Project Management is a style of business or production management that allows the production process to be changed accordingly throughout the process till final delivery or life cycle.

On the other hand, traditional project management is a style of project management that ensures the proper planning is done with preparation for uncertainty made at the planning stage; thereby, little or no adjustment is made till final delivery or project cycle.

Hence, in this case, it is concluded that the correct answer is option C. "iterative and incremental delivery, upfront planning with high predictability."

Learn more about project management here: https://brainly.com/question/988326

Help Wanted Ads Established company seeking full-time residential house cleaner. We will train. Must be honest and dependable. Call (123) 456-7890. Suburban medical facility seeking surgeon. Board Certified required. $1,000 signing bonus for every year of experience, up to $15,000. Send resume to 123 Medical Drive, Suburbia, GA. Temporary lifeguard needed to fill summer holiday shifts at outdoor swimming pool Must have CPR and Lifeguard certification. Apply in person to Bridgefront, 123 Bridgefront, Anytown, GA. Aircraft manufacturer seeking engineers with advanced degree in physics and no less than 15 years experience. Many positions available. Send resume to 123 Aircraft Blvd., Anytown, GA. According to the help wanted ad for a surgeon, how many years of experience will provide the LARGEST signing bonus?
A) 0-4 years
B) 5-9 years
C) 10-14 years
D) 15+ years​

Answers

Answer: D 15+ years

Explanation:

The more years the larger the sign bonus

Two unrelated individuals, John and Tom, own all the stock of Regal Corporation, which has earnings and profits of $400,000. Because of the inactivity of the business for the last several years, Tom has decided to retire from the business and move to Alaska. Accordingly, Regal Corporation will redeem all the stock owned by Tom and, in return, Tom will receive a distribution of $500,000. Tom's adjusted basis in the stock is $250,000. What will be the tax effect to Tom

Answers

Answer:

Capital gain of $250,000

Explanation:

Calculation to determine What will be the tax effect to Tom

Redemption proceeds $500,000

Less Adjusted basis in the stock ($250,000)

Capital gain $250,000

($500,000-$250,000)

Therefore the tax effect to Tom will be CAPITAL GAIN of $250,000

Nasir finds a used car for $4,000.00. It has all of the features he wants. He compares prices of similar cars at other car lots and finds the best deal at the local used car lot. The car looks even better than it did in pictures. It has a nice paint job, new tires, and new windshield wipers. Nasir pays $300.00 for a down payment and then purchases the car. He also bought an extended warranty and detailed car washing. What did he forget to do

Answers

Answer: a. Check the car for mechanical problems

Explanation:

Much like a house needs to be inspected before you move in, so also does a car. Especially when that car is an already-used car.

Regardless of how well the sellers may have made the car look aesthetically, Nasir should still have the car checked for mechanical problems as these are not visible upfront but can be very troublesome if present.

Checking the car would also enable him negotiate better because it would show the exact condition and he can take this into account during price negotiations.

Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy is a full-time employee of the corporation and receives a salary of $60,000 per year. He also receives a bonus equal to iO% of all collections from clients he serviced during the year. Determine the tax consequences of the following events to the corporation and to Troy
A.On December 31, 2018, Troy was visiting a customer. The customer gave Troy a $10,000 check payable to the corporation for appraisal services Troy performed during 2018. Troy did not deliver the check to the corporation until January
B. Gross Incom ne facts are the same as in part (a), except that the corporation is an accrual basis taxpayer and Troy deposited the check on December 31, but the hank did not add the deposit to the corporation's account until January 2019
C. The facts are the same as in part (a), except that the customer told Troy to hold the check until January 2019 when the customer could make a bank deposit that would cover the check

Answers

Answer and Explanation:

The tax consequences for the following events -

a. The organization should record the amount of $10,000 in the year 2018 as they followed the cash basis and the cheque should be equal to the cash also troy could not able to record the bonus till it is actually collected

b. As per the accrual basis, the income should be recorded when they are earned not when they are received so the corporation should record the income in the year 2018 as the agent performed the service

c. Since the restrictions that are imposed on cheque for payment purpose should be treated as the substantial and the cheque should not be equivalent to the cash because the customer told that check should be held till Jan 2019 so the income should not be recorded in 2018

We wish to develop a confidence interval for the population mean. The population follows the normal distribution, the standard deviation of the population is 3, and we have a sample of 10 observations. We decide to use the 90 percent level of confidence. The appropriate value of to represent the level of confidence is ________________.

Answers

The answer is supposed to be: -1.645

What type of trading earns you money when you accurately predict that a stock will lose value? Ticker parade Yielding Charting Trading bonds Going long Holding Selling short

Answers

Answer:

Selling short

Explanation:

Selling short is the answer,it simply means that an investor or a trader will make profit when prices of commodities goes down. In other words it the opposite of going long where investors make money when prices rise up

What is one main objective in the study of economics?
RE
recognizing the types of services available to everyone
O recognizing the relationship between producers and consumers
O recognizing the reasons why consumers supply services
O recognizing the difference between producers and consumers

Answers

Answer:

O Recognizing the relationship between producers and consumers.

Explanation:

Economics is the study of how resources are used by people to produce goods and provide services. This branch of study focuses on the production, distribution, and consumption of goods and services.

While the study of economics can be classed into macroeconomics and microeconomics, one of the main objectives of this study is to determine the relationship between producers and consumers. The focus is on the way people respond to the availability and use of the resources.

Thus, the correct answer is the second option.

important of doctor any five

Answers

Answer:

saving life, extending life, humanitarian work, controlling epidemic and conducting research

A doctor is only the person with the profession of treating and curing sick.

Doctors help us by taking care in the hospital if we have any injuries or illness.

If there are no doctors and we are injured or ill there will be many chances to lose our lives without doctor in that situation.

There are many doctors like dental doctor, ophthalmologist (eye doctor) etc.. who can help us in different types of illness.

Doctors treat not only physical ailments but also the mental ailments of a patient as a Psychiatrist (medical doctor; who specializes in mental health, including substance use disorders.)

what is accounting in entrepreneurship​

Answers

Answer:

Definition: A business's bookkeeping system that tracks the money coming in vs. the money going out. Aside from every business owner's inherent desire to stay in business, there are two other key reasons to set up a good bookkeeping system: 1.

It is okay to wear disposable gloves if: You wash hands first and discard gloves between tasks You dispose of the gloves often while preparing foods The handwashing sink is broken or missing soap Your hands are dirty and you are too busy to wash them

Answers

I think it would be ok

A county that did not previously have a property tax levies a property tax for $900,000 on January 1, 2020 for the budget year January 1 to December 31, 2020. The county collected $875,000 during 2020, $20,000 during January 1 through February 28, 2021, and the remaining $5,000 in June 2021. What adjustment is needed to the data reported in the governmental fund financial statements to prepare the government-wide statements

Answers

Answer: See explanation

Explanation:

The adjustment is needed to the data reported in the governmental fund financial statements to prepare the government-wide statements will be:

Deferred revenues—property taxes

5,000

Revenues—property taxes

5,000

Deferred revenue, in this case refers to the advance payments that a company receives for the goods that are to be delivered in the future.

Sirius Cybernetics Corp. produces touch-enabled wearable devices. Its research and development team recently became aware of a new, open-source technology produced by a firm overseas that would improve the processing speed and battery life of all Sirius Cybernetics devices. In this scenario, Sirius Cybernetics would be best served to embrace
A. open innovation.
B. closed innovation.
C. disruptive innovation.
D. radical innovation.

Answers

In the given situation, Sirius Cybernetics should be best served as the open innovation.

The information related to open innovation should be as follows:

The motive of using the inflows and outflow of the knowledge in order to accelerate internal innovation.It is also be used for diversifying the market for innovation purposes.It is for promotion purposes with respect to innovation & the awareness of the new and open technology source.

It cannot be a closed innovation, disruptive innovation, and radical innovation.

Therefore we can conclude that Sirius Cybernetics should be best served as open innovation.

Learn more about the innovation here: brainly.com/question/1008019

The management at Kohler Inc., a manufacturer of sinks, tubs, and other plumbing products, thinks that there will soon be a major growth in home remodeling due to rising interest rates. The management decides to use ____ in several key cities to provide support services for its sales force in those areas, carry inventory, and offer credit and other services to its retail plumbing customers.

Answers

Answer:

sales branches.

Explanation:

A sales branch can be defined as a wholesaler owned by a manufacturer and takes product title, assumes the risk associated with the ownership of this product, resells the product, as well as providing services to the end users or consumers. Thus, it's a form of business management set up by manufacturers in order to improve on their inventory control, sales, as well as the promotion of goods and services.

In this scenario, the management at Kohler Inc. is using sales branches in several key cities because it provide support services for its sales force in those geographical areas, carry inventory, as well as offering credit and other services to its retail plumbing customers.

A gentleman in a wheelchair and his daughter are in the store looking at Healthcare products. You are not currently helping another customer and you spot that they have a shopping list. What do you do?

Answers

wirte a report to your headmaster about the historical excursion

my

A hospital plans to implement an EHR system and has taken inventory of its current client hardware. The staff requests that the hospital consider purchasing client hardware that enables them to be more mobile so they can work from anywhere in the hospital. Which purchase would be most suitable for this hospital

Answers

Maybe a stronger WiFi Router

At December 31, 2021 and 2022, Frist Company had outstanding 50 million common shares and 4 million shares of 10%, $10 par cumulative preferred stock. Net income for 2022 was $20 million. No dividends were declared in 2022. EPS for 2022 was: rev: 03_01_2021_QC_CS-255248 Multiple Choice $0.32. $0.37. $0.40. $0.48.

Answers

The dividend is a payout of profits from a firm to its investors. As long as a corporation makes a profit or surplus, it can distribute a part of that profit to shareholders. Any money left over is re-invested money into the organization. So, the answer is "[tex]\bold{\$0.32}[/tex]" and its calculation can be defined as follows:

Given:

The Net income for [tex]\bold{2022= \$20\ million}[/tex]

Common shares = [tex]4 \ million[/tex]

share= [tex]10\%[/tex]

Cumulative preferred stock= [tex]\$10[/tex]

[tex]\to \bold{\frac{[\$20 - (10\% \times \$10\ par \times 4)]}{50}}\\\\\to \bold{\frac{[\$20 - (0.10 \times \$40\ par)]}{50}}\\\\\to \bold{\frac{[\$20 - \$4\ par]}{50}}\\\\\to \bold{\frac{[\$16]}{50}}\\\\\to \$ 0.32[/tex]

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A condo owner, a citizen of State A, hired an electrician, a citizen of State A, and a gas worker, a citizen of State B, to fix the wiring in his condo and install a new gas stove. Unfortunately, the condo burned down while they were working on it. The condo owner sued the gas worker for negligence, seeking $100,000. The gas worker files a motion to dismiss the case for failure to join the electrician, alleging that he contributed to the fire. How should the court rule

Answers

Answer:

Deny the motion, because the electrician is not a necessary party.

Explanation:

A necessary party is defined as a party that is required to be joined as part of a case and without who a case cannot be decided.

The party must be indispensable in the ruling to be considered as being required to be joined.

However in this scenario either electrician or the gas worker can be held entirely responsible for the fire. So the case can be satisfactorily decided without joining the electrician.

The home owner can raise a seperate case against the electrician if he so feels in the future.

The Sarbanes-Oxley Act: Group of answer choices protects American consumers from fraudulent foreign business practices. imposes penalties on foreign firms that try to bribe U.S. officials. requires that financial officers and CEOs personally certify the validity of their financial statements. prevents workplace discrimination based on age, gender, or race.

Answers

Answer:

requires that financial officers and CEOs personally certify the validity of their financial statements

Explanation:

A cash equivalent is: Multiple Choice Generally within 3 years of its maturity date. Close to its maturity date but its market value may still be affected by interest rate changes. Is not considered highly liquid. Another name for cash. An investment readily convertible to a known amount of cash.

Answers

Answer:

An investment readily convertible to a known amount of cash

Explanation:

Cash equivalents are items usually recognized in the balance sheet along with cash (then names Cash and cash equivalent) that are readily or easily convertible to cash at an amount that is measurable.

Examples of cash equivalents include commercial papers, bank certificate of deposit, treasury bills usually with a tenor of 3 months or less etc.

Cash equivalents are assets and help improve the company's liquidity.

A broker has an exclusive right-to-sell listing on a building. An offer to purchase the building is received while the owner is out of town. The offer requires a commitment from the seller before the seller is scheduled to return to the city. Under these circumstances, the

Answers

Answer:

Broker must obtain the signature of the seller to effect a contract.

What are the qualifications to become a primary teacher and a secondary? Write them.​

Answers

Answer:

The eligibility requirement for a Primary Teacher in a Government School is Senior Secondary School certificate or Intermediate or its equivalent, and Bachelor of Elementary Education (B. El. Ed.), or Diploma or certificate in basic teachers' training of not less than two years duration.

Select all that apply Some disadvantages of relying solely on financial measures include that: (Check all that apply.) Multiple select question. they can encourage managers to focus too heavily on short-term goals. they can encourage managers to focus too heavily on long-term goals. some profitable opportunities may be rejected to keep return on investment high. residual income is not as effective when comparing investment centers of different sizes. they require managers to focus on too many perspectives.

Answers

Answer:

they can encourage managers to focus too heavily on short-term goals.some profitable opportunities may be rejected to keep return on investment high. residual income is not as effective when comparing investment centers of different sizes.

Explanation:

Horace is seeking to exchange money in preparation for his trip to Uruguay. He will need 5,000 Uruguayan pesos, and the exchange rate between the US dollar and the Uruguayan peso is 1:19.924. The currency exchange agent Horace is using requires that a 5% surcharge be paid when converting currency. Taking the surcharge into account, how many US dollars will it take Horace to get 5,000 pesos

Answers

Answer:

$263.50

Explanation:

Calculation to determine how many US dollars will it take Horace to get 5,000 pesos

First step is to determine Total Uruguayan pesos to buy

Total Uruguayan pesos= 5,000 Uruguayan pesos + (5,000 Uruguayan pesos* 0.05)

Total Uruguayan pesos=5,000 Uruguayan pesos + 250 Uruguayan pesos

Total Uruguayan pesos = 5,250 Uruguayan pesos

Now let determine how many US dollars will it take Horace to get 5,000 pesos

US dollars needed = (5,250 Ur.$)/(19.924 Ur.$/U$S)

US dollars needed =$263,50

Therefore how many US dollars will it take Horace to get 5,000 pesos will be $263,50

Identify two examples of suitable places Sarah could advertise vacancies

Answers

Answer:

permanent roles, and contract roles.

Research suggests that the adoption of may increase efficiency and lower unit costs relative to what can be achieved by the mass production of a standardized output. Group of answer choices Just-in-time manufacturing Unscheduled manufacturing Flexible production technology Quick technology

Answers

The answer is "flexible production technology".

It is also known as a "flexible manufacturing system".  FMS is a production method that can easily adapt to variations in the item's kind and quantity. The user could be configured machinery and computing devices like that it should produce a variety of products and manage varying production levels.

The incorrect choice can be defined as follows:

A just-in-time manufacturing method, it aims to reduce production cycle durations as well as reaction times between suppliers and customers to save costs.Unscheduled manufacturing orders could be removed and afterward reinserted into the production schedule.Quick technology must be made much easier so that society's largest problems may be addressed, and individuals and companies could become more innovative, effective, and productive.

Learn more:

flexible production technology: brainly.com/question/23851086

A major financial institution hired a renowned security firm to attempt to compromise its computer network. A few days later, the security firm reported that it had successfully entered the financial institution's computer system without being detected. The security firm presented an analysis of the vulnerabilities that had been found to the financial institution. This is an example of a

Answers

Answer:

detective control.

Explanation:

Cyber security can be defined as preventive practice of protecting computers, software programs, electronic devices, networks, servers and data from potential theft, attack, damage, or unauthorized access by using a body of technology, frameworks, processes and network engineers.

IDS is an acronym for intrusion detection system and it can be defined as a security system which is typically used to monitor network traffic and it notifies the engineer when there's a malicious activity.

Generally, the detection methods used by the Intrusion Detection Systems (IDS) are;

1. Statistical anomaly-based detection.

2. Stateful protocol analysis detection.

3. Signature-based detection.

Hence, the operations in this scenario is an example of a detective control which avails a business firm information about vulnerabilities that exist in its network system.

The government of Namibia is strapped for cash, and it has decided to tax all foreign investments (such as food packaged in the country) by up to 40 percent of the appraised value. The Namibian government has found that this is the handiest and quickest means of finding operating funds. The economic risk in discussion here is

Answers

Answer:

Tax control

Explanation:

Considering the scenario described above, the economic risk in the discussion here is TAX CONTROL.

This is because Tax Control is a means or process of identifying, securing, and controlling a company's tax risks to manage the total tax issues of the company involved.

Hence, in this case, the issue at hand is how the government of Namibia will be using the tax control framework to identify and secure tax returns from foreign investment.

What are the two biggest enemies of coffee that affect the freshness of the beans (for my biggby job pls)

Answers

The answer is C I just know this to easybecause I took this test before and I got it right

A homeowner was injured when an automatic cutoff switch failed to function on a snowblower he was using. The cutoff switch had functioned well for a year after he purchased the snowblower but failed after the machine had been improperly repaired by a mechanic. The snowblower's operating manual contained a clear and prominent warning against making the very alteration to the switch mechanism that was made by the mechanic. The mechanic, however, did not have a manual available when he repaired the snowblower. Does the homeowner have a viable claim against the manufacturer of the snowblower for damages

Answers

Answer:

No, because the injury resulted from a substantial alteration of the snowblower by a third party.

Explanation:

The snowblower user had repaired the machine by a local mechanic. It was written on the operating manual that mechanics of the machine is not easy and if there is any alteration made to to switch the machine may function abnormally. The alteration was made to the snowblower despite of clear warning by the manufacturer. Therefore homeowner cannot have a valid claim against the manufacturer of snowblower for damages.

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