In a transaction that qualifies under Section 351, Buster transfers an asset with a basis of $50,000 and a fair market value of $80,000 to Bronco, Inc. in exchange for Bronco common stock. The asset is encumbered by a $75,000 liability, which Bronco assumes. The liability was incurred many years ago to acquire the asset being transferred. Buster owns 100% of Bronco, Inc. Buster must recognize a gain on this transaction of:

Answers

Answer 1

Answer:

Answer:

Explanation:

The basis for a Section 351 transfer = fair market value of the property - assumed liabilities = $80,000 - $75,000 = $5,000

Since Buster controls Bronco Corporation (he owns 100%) and he exchanged the property for common stock, no gain or loss should be recognized, neither by Buster or the corporation. All that must be recognized is the new basis for the asset ($5,000).

Answer 2

Answer:

Answer:

Explanation:

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Another term for a pre- inspection agreement is

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another term for a pre-inspection agreement is

Elasticity of supply is a measure of the way suppliers respond to a change in price. Please select the best answer from the choices provideda. True
b. False

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Answer: false

Both producers and resource suppliers can respond to a change in price.

Explanation:

Elasticity of supply also called price elasticity of supply is the measure of the responsiveness of producers and resource suppliers to a change in price of the produce.

Mathematically, it can be defined as the ratio of percentage change in quantity of goods and services supplied to percentage change in price.

Price elasticity of less than one indicates an "inelastic" supply. When elasticity is greater one, the supply is "elastic" while zero price elasticity signifies a "fixed" supply.

Availability of raw materials, length of production, time to respond, number of producers, storage availability and ease are some of the factors that determine elasticity of supply.

I am pretty sure it is true.

Doris is a member of a team that works to seamlessly execute a large company’s annual shareholder meeting and quarterly board meetings on an ongoing basis. Doris is an employee in the investor relations department of the company. The team also includes Don from IT, Sally from Communications, Editha from event management, Saul from security, Tony from catering, Rob from transportation services and Lola from Marketing. This team is an example of what kind of team?

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Answer: Cross functional team

Explanation:

Cross functional team could be defined as a team of people from their parent department in an organization, coming together to work for another purpose. This is a scenario were people in addition to their existing department's in organization work for another function. This works for short term committee, to meet up a project or task.

When you use paper money to pay for food, the money is a

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When you use paper money to pay for food the money is considered a medium of exchange.

The purpose of the abstract of title is to : A. make sure that the street name of the property is correct.
B. verify that the lender has sufficient funds for the loan.
C. verify that the person selling the property is really the owner.
D. begin the purchase process.

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The correct answer to the question stated above is obviously letter C. verify that the person selling the property is really the owner.

The sole and the very purpose of the abstract of title is to : verify that the person selling the property is really the owner.

The source document should be written in theA) Date column.
B) Account Title column.
C) Doc. No. column.
D) Post. Ref. column

Answers

The right answer for the question that is being asked and shown above is that: "D) Post. Ref. column." The source document should be written in the Post. Ref. column. This answer is correct as far as the source document is concerned.

Answer:

Explanation:

Source document (used as a cross reference from the

journal to the source document and written in the

Doc. No. column)

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