The water a fish lives in suddenly gets very cold after a cold front hits the area. The fish’s metabolic rate should immediately decrease and then over several weeks (if the water stays cold) start to slowly increase.  This represents an initial chronic response followed by a slower acute response to changing temperatures.

An ant uses path integration to find its way back to its nest. For path integration, the ant must only keep track of the distance it has travelled.

The femoral artery and vein are renamed following the external iliac artery and vein as they pass under the inguinal ligament.

Which muscle is responsible for compressing the cheeks and is also known as the “whistling” muscle?

Jerry, who is a new partner, contributes cash and assumes a share of partnership liabilities. Ashley’s interest in the partnership is reduced by 5% due to the admission of Jerry to the partnership. Total partnership liabilities when Gary is admitted to the partnership are $200,000, and all of the liabilities are recourse debts for which the partners share the economic risk of loss in the same way they share partnership profits. Ashley’s basis in her partnership interest before Jerry’s admission is $5,000. Due to the admission of Jerry, Ashley has

On Jan. 5th of the current year, Patrick pays $2,000 for a 10% interest in a partnership which has recourse liabilities of $20,000. The partners share economic risk of loss from recourse liabilities in the same way they share partnership losses. In the same year, the partnership incurs losses of $6,000 and the recourse liabilities increase by $5,000. Patrick and the partnership use a calendar tax year-end. Patrick’s basis at year-end is

Storm Corporation reports the following results: Service income (not passive income)                      $40,000 Dividend income                                                         30,000 Interest income                                                           60,000 Passive income-related expenses                            20,000 Other expenses                                                           50,000 At the end of the year, Storm’s Subchapter C E&P is $50,000. What is Storm Corporation’s excess net passive income tax for the year?

Volcano Corporation, an S corporation, reports the following results for the current year: Ordinary income                                 $70,000 Long-term capital gain                        20,000 Municipal bond interest income       10,000 Domestic corporate dividends            6,000 Charitable contributions                     16,000 Volcano’s AAA and accumulated E&P balances at the beginning of the year are $80,000 and $50,000, respectively. Volcano makes a $200,000 cash distribution to its sole shareholder, Lava, on June 1. The shareholder’s basis for Volcano stock on January 1 was $120,000. Discuss the tax consequences of these transactions. What is the remaining balance in the AAA and Accumulated E&P accounts at year end (after the distribution)?

Volcano Corporation, an S corporation, reports the following results for the current year: Ordinary income                                 $70,000 Long-term capital gain                         20,000 Municipal bond interest income        10,000 Domestic corporate dividends             6,000 Charitable contributions                     16,000 Volcano’s AAA and accumulated E&P balances at the beginning of the year are $80,000 and $50,000, respectively. Volcano makes a $200,000 cash distribution to its sole shareholder, Lava, on June 1. The shareholder’s basis for Volcano stock on January 1 was $120,000. Discuss the tax consequences of these transactions. How much of the distribution is taxable?

Emily contributed real estate with a FMV of $10,000 and a basis of $6,000 to the Happy Hour Partnership 24 months ago to acquire her partnership interest. During the current year, the real estate is distributed to Riley when its FMV is $11,000. No other distributions have been made since Emily became a partner. When the real estate is distributed, the partnership’s basis in the real estate immediately before distribution is increased by