Business, 18.12.2019 21:31, Honeyswish7730

Jessica is a one-third owner in bikes-r-us, an s corporation that experienced a $52,500 loss this year (year 1). assume her stock basis is $13,000 at the beginning of the year and that at the beginning of year 1 jessica loaned bikes-r-us $3,750. in year 2, bikes-r-us reported ordinary income of $13,500. (leave no answer blank. enter zero if applicable.) required: 1. what amount is jessica allowed to deduct in year 1 and year 2? 2. what are her stock and debt bases in the corporation at the end of year 1? 3. what are her stock and debt bases in the corporation at the end of year 2?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 21.06.2019 17:10, miguelc2145

At the beginning of the accounting period, nutrition incorporated estimated that total fixed overhead cost would be $50,600 and that sales volume would be 10,000 units. at the end of the accounting period actual fixed overhead was $56,100 and actual sales volume was 11,000 units. nutrition uses a predetermined overhead rate and a cost plus pricing model to establish its sales price. based on this information the overhead spending variance is multiple choice $5,500 favorable. $440 favorable. $5,500 unfavorable. $440 unfavorable.

Answers: 3

continue

Business, 21.06.2019 20:20, chantelljenkins2

If the demand for a pair of shoes is given by 2p + 5q = 200 and the supply function for it is p − 2q = 10, compare the quantity demanded and the quantity supplied when the price is $90. quantity demanded pairs of shoes quantity supplied pairs of shoes will there be a surplus or shortfall at this price? there will be a surplus. there will be a shortfall.

Answers: 3

continue

Business, 22.06.2019 04:00, tomboyswagge2887

The simple interest in a loan of $200 at 10 percent interest per year is

Answers: 2

continue

Business, 22.06.2019 08:40, kamarionnatillman13

The following selected circumstances relate to pending lawsuits for erismus, inc. erismus’s fiscal year ends on december 31. financial statements are issued in march 2019. erismus prepares its financial statements according to u. s. gaap. required: indicate the amount erismus would record as an asset, liability, or not accrued in the following circumstances. 1. erismus is defending against a lawsuit. erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000. 2. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages could fall anywhere in the range of $2,000,000 to $4,000,000, with any damage in that range equally likely. 3. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages will eventually be $5,000,000, with a present value of $3,500,000. 4. erismus is a plaintiff in a lawsuit. erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,000,000. 5. erismus is a plaintiff in a lawsuit. erismus’s management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $500,000.

Answers: 1

continue

Do you know the correct answer?

Jessica is a one-third owner in bikes-r-us, an s corporation that experienced a $52,500 loss this ye...