All of the following are typically recognized as accounting liabilities except:
a. Bonds Payable
b. Rental Fees Received in Advance
c. Loan Guarantees
d. Taxes Payable
C
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Which of the following would appear as an extraordinary item on the income statement?
a. loss resulting from the sale of fixed assets b. gain resulting from the disposal of a segment of the business c. loss from land condemned for public use d. liquidating dividend
The denomination or principal amount of the bond is usually referred to as the _________________________
Fill in the blank(s) with correct word
At the top of Maslow's hierarchy of needs (shown as a pyramid in the text) are ________ needs
A) esteem B) self-actualization C) social D) safety E) physiological
Whaler Corporation makes a liquidating distribution of land with a $70,000 adjusted basis and a $100,000 FMV to shareholder Horton, who surrenders his Whaler stock (adjusted basis $60,000) to the corporation. Alice, another shareholder, receives $100,000 cash for her shares ($115,000 adjusted basis). a.What are the tax consequences to Whaler Corporation?b.What are the tax consequences to both Horton and Alice?c.What is Horton's basis in the land?
What will be an ideal response?