Solve the problems 5 and 6 presented in the following quest…
Solve the problems 5 and 6 presented in the following questions using MS Excel. Present each problem in a new separate worksheet and rename the sheet per Problem Number. ( 5 points) Save your Excel file using your name in this format: Lastname_Firstname_midterm.xlsx (5 points) Problem 5 Create a pie chart of the following data. Add Chart titles, legend and data labels in the outside edge. Which two categories together make up 60%? (25 points) Category Amount ($) Rent 1200 Groceries 400 Utilities 200 Transportation 150 Entertainment 250 Savings 300
Read DetailsNote: use the following fact pattern for the next five quest…
Note: use the following fact pattern for the next five questions. Assume the requirements of Sec. (§) 351 are satisfied. Danielle, Farrah, Colin, and Earl form Magnolia Inc. (a C corporation). Danielle contributes land and a building used in her business in return for stock worth $40,000. Magnolia also assumes the $60,000 mortgage on these assets. Danielle originally purchased the building for $50,000. Farrah contributes a truck in return for stock worth $5,000 and a $5,000 cash payment. Colin contributes cash for stock worth $40,000. Earl receives stock worth $10,000 in exchange for the performance of services. Shareholder (S/H) Transfer to Corp. FMV Basis to S/H Stock Rec’d (by S/H) Other Prop. Rec’d (by S/H) Danielle Land $30,000 $12,000 $40,000 (debt relief—$60,000) Building $70,000 $38,000 Farrah Truck $10,000 $15,000 $5,000 $5,000 cash Colin Cash $40,000 $40,000 $40,000 None Earl Services n/a n/a $10,000 None All contributed assets were held for multiple years prior to the formation of Magnolia. [question 1 of 5] What amount and character of gain (loss) is recognized by Danielle?
Read DetailsThis year, Holly Inc. donates equipment purchased last year….
This year, Holly Inc. donates equipment purchased last year. On the contribution date, the equipment has a $4,000 fair value and $0 adjusted basis. Holly’s charitable contribution deduction for this property is $0. (assume no special rule applies)
Read Details