Explain the differences between the tax treatment accorded nonliquidating property distributions made by S corporations and partnerships.

What do you think: would it be more profitable to own 200 shares of penny’s pickles or 1 share of exxon? why do you think that?

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.

Which completes the equation? o + a + consideration (+ = k legal capacity legal capability legal injunction legal corporation