Business, 25.02.2021 18:10, beesbutterflyqueen

Darryl, a cash basis taxpayer, gave 1,000 shares of Copper Company common stock to his daughter on September 29, 2020. Copper Company is a publicly held company that has declared a $2.00 per share dividend on September 30th every year for the last 20 years. Just as Darryl had expected, Copper Company declared a $2.00 per share dividend on September 30th, 2020 payable on October 15th, to stockholders of record as of October 10th. The daughter received the $2,000 dividend on October 18, 2020.How does this information impact who must recognize the dividend as income? A. Darryl must recognize the $1,000 dividend as his income because he knew the dividend would be paid.
B. Darryl must recognize $750 of the dividend because he owned the stock for three fourths of the year.
C. Darryl must recognize the income of $1,000 because he constructively received the $1,000.
D. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $1,000.
E. None of the above

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 06:40, ayleenmorar

Vintage fun reproduces oldminusfashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activityminusbased costing system for its products. if the company used an activityminusbased costing system, it would have the following three activity cost pools: the overhead cost per skateboard using the traditional costing system would be closest to: a. $9.31. b. $65.31. c. $25.05. your answer is not correct. d.

Answers: 2

continue

Business, 22.06.2019 20:40, duhfiywge8885

Consider an economy where the government's budget is initially balanced. the production function, consumption function and investment function can be represented as follows y equals k to the power of alpha l to the power of 1 minus alpha end exponent c equals c subscript 0 plus b left parenthesis y minus t right parenthesis i equals i subscript 0 minus d r suppose that taxes increase. what happens to the equilibrium level of output?

Answers: 1

continue

Business, 22.06.2019 21:30, mydoggy152

Which of the following best explains the purpose of protectionist trade policies such as tariffs and subsidies? a. they make sure that governments have enough money to pay for fiscal policies. b. they give foreign competitors access to new markets around the world. c. they allow producers to sell their products more cheaply than foreign competitors. d. they enable producers to purchase productive resources from everywhere in the world.

Answers: 1

continue

Business, 22.06.2019 23:30, glissman8459

What is the difference between career options in the law enforcement pathway and career options in the correction services pathway?

Answers: 1

continue

Do you know the correct answer?

Darryl, a cash basis taxpayer, gave 1,000 shares of Copper Company common stock to his daughter on S...