Entries by Hannah Wangui

Meg and Abby are equal partners in the AM​ Partnership

March 13, 2020 in /by

Meg and Abby are equal partners in the AM​ Partnership, which earns​ $40,000 ordinary​ income, $6,000​ long-term capital gain​ (LTCG), and​ $2,000 Sec. 1231 loss during the current year. What is the amount and character of income that must be reported on​ Abby’s tax return for this​ year’s partnership​ operations? A. ​$22,000 ordinary income B. ​$19,000 ordinary​ income, $3,000 LTCG C. ​$20,000 ordinary​ income, $3,000​ LTCG, $1,000 […]

 

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When a liquidating corporation pays off an unsecured debt​ obligation

March 13, 2020 in /by

When a liquidating corporation pays off an unsecured debt​ obligation,A.the corporation recognizes any gains but not losses realized. B. the corporation recognizes no gain or loss if it uses appreciated property. C. the corporation recognizes losses but not gains realized. D. the corporation recognizes no gain or loss if it uses cash.   Looking for a […]

 

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Lake City Corporation owns all of the stock in Columbia Corporation

March 13, 2020 in /by

Lake City Corporation owns all of the stock in Columbia Corporation. Pursuant to a plan of complete​ liquidation, Columbia distributes land having a​ $500,000 FMV and a​ $200,000 basis to Lake City. Lake​ City’s basis in the land will be A. ​$500,000. B. ​$200,000. C. 0. D. cannot be determined from the facts presented   Looking for a Similar […]

 

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Give an example of a problem dealing with two possibly related variables (Y and X)

March 13, 2020 in /by

Give an example of a problem dealing with two possibly related variables (Y and X) for which a linear regression model would not be appropriate. For example, the relationship could be curved instead of linear, or there may be no significant correlation at all. What is the impact of using a linear regression model in […]

 

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