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PRINCIPLES OF TAXATION F/BUS...(LL)
23rd Edition
ISBN: 9781260433197
Author: Jones
Publisher: MCG
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Question
Chapter 11, Problem 2RP
To determine
State the year in which W is allowed for a charitable deduction and determine the amount of the deduction.
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On December 25, 2017, Mr. Jones gives Charity A 1,000 shares of stock that he bought originally for $9,000. No restrictions were placed on this donation. The governing board does not want to speculate on investments. Thus, it has a policy to sell all donated investments as soon as received. These 1,000 shares are sold on December 26, 2017, for their fair value of $28,000. How does the charity report these events on a statement of cash flows?
As a $28,000 cash inflow from an investing activity.
As a $9,000 cash inflow from an operating activity and a $19,000 cash inflow from an investing activity.
As a $28,000 cash inflow from an operating activity.
As a $9,000 cash inflow from a financing activity and a $19,000 cash inflow from an investing activity.
On December 30, 2017, Leigh Museum, a not-for-profit entity, received a $7,000,000 donation of Day Co. common stock shares with donor-stipulated requirements as follows:
The museum is to sell shares valued at $5,000,000 and use the proceeds to erect a public viewing building.
The museum is to retain shares valued at $2,000,000 and use the dividends to support current operations.
As a consequence of its receipt of the Day Co. shares, how much should Leigh report as temporarily restricted net assets on its 2017 statement of financial position?
$–0–
$2,000,000
$5,000,000
$7,000,000
On December 25, 2017, Mr. Jones gives Charity A 1,000 shares of stock that he bought originally for $9,000. No restrictions were placed on this donation. The governing board does not want to speculate on investments. Thus, it has a policy to sell all donated investments as soon as received. These 1,000 shares are sold on December 26, 2017, for their fair value of $28,000. How does the charity report these events on a statement of cash flows?a. As a $28,000 cash inflow from an investing activity.b. As a $9,000 cash inflow from an operating activity and a $19,000 cash inflow from an investing activity. c. As a $28,000 cash inflow from an operating activity.d. As a $9,000 cash inflow from a financing activity and a $19,000 cash inflow from an investing activity.
Chapter 11 Solutions
PRINCIPLES OF TAXATION F/BUS...(LL)
Ch. 11 - Prob. 1QPDCh. 11 - Prob. 2QPDCh. 11 - Prob. 3QPDCh. 11 - Prob. 4QPDCh. 11 - Prob. 5QPDCh. 11 - Libretto Corporation owns a national chain of...Ch. 11 - Prob. 7QPDCh. 11 - Prob. 8QPDCh. 11 - Prob. 9QPDCh. 11 - In your own words, explain the conclusion that...
Ch. 11 - Prob. 1APCh. 11 - Prob. 2APCh. 11 - Corporation P owns 93 percent of the outstanding...Ch. 11 - This year, Napa Corporation received the following...Ch. 11 - This year, GHJ Inc. received the following...Ch. 11 - In its first year, Camco Inc. generated a 92,000...Ch. 11 - Prob. 7APCh. 11 - Prob. 8APCh. 11 - Cranberry Corporation has 3,240,000 of current...Ch. 11 - Hallick Inc. has a fiscal year ending June 30....Ch. 11 - Landover Corporation is looking for a larger...Ch. 11 - Cramer Corporation, a calendar year, accrual basis...Ch. 11 - Prob. 13APCh. 11 - Prob. 14APCh. 11 - Prob. 15APCh. 11 - Prob. 16APCh. 11 - In each of the following cases, compute the...Ch. 11 - Prob. 18APCh. 11 - Prob. 19APCh. 11 - Jackson Corporation has accumulated minimum tax...Ch. 11 - Camden Corporation, a calendar year accrual basis...Ch. 11 - Callen Inc. has accumulated minimum tax credits of...Ch. 11 - Prob. 23APCh. 11 - Prob. 24APCh. 11 - In 2018, NB Inc.s federal taxable income was...Ch. 11 - James, who is in the 35 percent marginal tax...Ch. 11 - Leona, whose marginal tax rate on ordinary income...Ch. 11 - Prob. 28APCh. 11 - Prob. 29APCh. 11 - Prob. 30APCh. 11 - Prob. 1IRPCh. 11 - Prob. 2IRPCh. 11 - Prob. 3IRPCh. 11 - Prob. 4IRPCh. 11 - Prob. 5IRPCh. 11 - Prob. 6IRPCh. 11 - Prob. 7IRPCh. 11 - Prob. 8IRPCh. 11 - Prob. 1RPCh. 11 - Prob. 2RPCh. 11 - Prob. 3RPCh. 11 - This year, Prewer Inc. received a 160,000 dividend...Ch. 11 - Prob. 1TPCCh. 11 - Prob. 2TPC
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