Mr. Gray recognized a $60,000 loss on sale of his entire interest in a passive activity. He had a $52,000 passive activity loss carryforward from prior years. Mr. Gray can deduct the $52,000 loss in the year of sale.
Answer the following statement true (T) or false (F)
True
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A recent American Express advertising claim that "membership has its privileges" creates which type of reference group?
A. aspiration group B. integrated group C. associative group D. assimilation group E. dissociative group
Based on the corporate valuation model, Gray Entertainment's total corporate value is $1,150 million. The company's balance sheet shows $120 million of notes payable, $300 million of long-term debt, $50 million of preferred stock, $180 million of retained earnings, and $800 million of total common equity. If the company has 30 million shares of stock outstanding, what is the best estimate of its price per share?
A. $22.44 B. $17.68 C. $22.67 D. $18.81 E. $26.07
Mary, Harold, Harvey, and William form an LLC by contributing $20,000, $50,000, $55,000, and $150,000, respectively. The LLC is designated to be member-managed. When a decision is put to vote, Mary, Harvey, and Harold vote "yes," whereas William votes "no." Which of the following is true in this context?
A. William's decision prevails as he has invested the maximum capital. B. No conclusion can be derived as the vote is not unanimous. C. Mary, Harvey, and Harold's decision prevails due to simple majority. D. The decision is put to vote among employees of the company.
Products that are designed to be similar to and compete with existing products of other firms are called
A. innovations. B. generics. C. imitations. D. house brands. E. adaptations.