Blog

What is the average number of cats per households that have them in the U.S.? 

A cat’s estrous cycle typically lasts: 

What percentage of pet expenditures goes toward food?

A heat engine takes in 400 J of energy from a hot reservoir and performs 16.0 J of work in each cycle. (a) Find the efficiency of the engine. (10 points) (b) Find the energy expelled to the cold reservoir in each cycle. (15 points) Show your work and answer in the scratch paper.

Metal lids on glass jars often become easier to loosen when hot water is run over them. Explain the physical principles behind this phenomenon, including the differences in material properties between the lid and the jar.  The coefficient of thermal expansion of glass is 3.2×10−6/◦C and the coefficient of thermal expansion of aluminum is 25 × 10−6/◦C. Record your answer with your reasoning to your scratch paper. Make sure to submit it to Gradescope at the end of the exam. (10 points) 

Alberto owns 25 percent of Sycamore, an S corporation. At the beginning of the year, Alberto’s basis in his stock was $30,000, his share of Sycamore’s accumulated adjustments account (AAA) was $25,000, and his share of Sycamore’s earnings and profits from prior C corporation years (accumulated E&P) was $15,000. Then, during the year, Alberto was allocated $12,500 of ordinary income and Sycamore made a nonliquidating distribution to Alberto of $50,000.   (1) How much of the distribution is taxable to Alberto as a dividend?   (2) What is Alberto’s basis in his Sycamore stock after the distribution?

Beryl owns 100 percent of Hoptree Inc., an S corporation. At the beginning of the year, Beryl’s basis in her stock was $60,000, Hoptree’s accumulated adjustments account (AAA) balance was $35,000, and Hoptree’s earnings and profits from prior C corporation years (accumulated E&P) was $10,000. If Hoptree makes a nonliquidating distribution of $60,000 to Beryl, what is Beryl’s remaining stock basis after the distribution?

Melissa contributed land with a $5,000 basis and a $9,000 fair value to a partnership three years ago. This year, the land is distributed to Sean, another partner in the partnership. Melissa and Sean each have a 50 percent capital and profits interest in the partnership. At the time of distribution, the land’s fair value was $12,000. (assume none of the precontribution gain has been previously recognized)   If Sean’s outside basis is $14,000 prior to the distribution, what is his beginning basis in the distributed property?

An S corporation’s accumulated adjustments account (AAA) generally reflects the cumulative income (loss) for entity’s existence as an S corporation.

Lisa and Richard wish to acquire Acacia Corp., a C corporation. As part of their discussions with Tobias, the sole shareholder of Acacia, they examined the business’ tax accounting balance sheet. The relevant information is summarized as follows:     Fair value Adjusted basis Assets:     Cash $30,000 $30,000 Equipment $70,000 $10,000 Building1 $260,000 $140,000 Land1 $410,000 $180,000 Total $770,000 $360,000       Liabilities:     Payables $20,000 $20,000 Mortgage1 $150,000 $150,000 Total $170,000 $170,000   1 Mortgage is attached to the building and the land.   Tobias’ basis in the Acacia stock is $400,000. Lisa and Richard offer to pay Tobias $900,000 for his company.   [question 3 of 4] How much gain or loss must Acacia recognize if the transaction is structured as a direct asset sale to Lisa and Richard (and they assume Acacia’s liabilities)?