ACC 610 Week 2 Assignment

Chapter 5

Question 24: Blue Corporation – calendar year taxpayer

Question-27: Received transaction sheet for second year of operation – Figure Column will be total of Current Earnings:

Question 50: Kristen is president and sole shareholder in Egret Corporation

Earned salary bonus of 30,000 current year

Chapter 6

Question 38: Teal Corp – E&P = 2 million

Distributed Property – 150,000 Basis/400,000 FMV

Grace owns 15% of outstanding Teal Shares

Question 43:  Silver Corp has 2,000 shares common stock outstanding

Howard owns 600 shares

Howards Mom owns 300 shares

Howard’s son owns 100 shares

DeFacto Ownership – 1000 shares

ACC 610 Discussion Question 1 and 2