Tiffany and carlos decided to liquidate their jointly owned corporation, royal oak furniture (rof). after liquidating its remaining inventory and paying off its remaining liabilities, rof had the following tax accounting balance sheet: fmv adjusted basis appreciation (depreciation) cash $ 399,000 $ 399,000 building 84,000 27,250 56,750 land 315,000 405,000 (90,000 ) total $ 798,000 $ 831,250 $ (33,250 ) under the terms of the agreement, tiffany will receive the $399,000 cash in exchange for her 50 percent interest in rof. tiffany's tax basis in her rof stock is $59,000. carlos will receive the building and land in exchange for his 50 percent interest in rof. his tax basis in the rof stock is $121,000. assume for purposes of this problem that the cash available to distribute to the shareholders has been reduced by any tax paid by the corporation on gain recognized as a result of the liquidation. (negative amounts should be indicated by a minus sign.) d. what is carlos’s tax basis in the building and land after the complete liquidation?

Fred smithers, a recent college graduate decided to open his own portable juice bar, smithers smoothies, to wheel around newport beach. you, a trusted friend of fred, are a business major that has also recently graduated and agreed to handle the books for a while to get some practical experience and have a favor that you can ask of fred in the future. given the following five transactions concerning the new venture, prepare the necessary journal entries for the transactions, post the journal entries to appropriate t accounts and prepare a trial balance as of the end of the month in order to answer to the necessary may 2: fred invests $12,000 of his own money to start the new company. this money was obtained from a part-time job working at a legal firm while he was in school. may 3: fred spent $5,100 cash to purchase a refrigerated trailer that he can pull behind his car and set up at the beach. under your advice, fred agrees to place the new asset under an account called "equipment." may 6: fred bought $640 of supplies on account from the flav-o-rite confectioners company. because they will last longer than a single accounting period fred agrees to record them as, "supplies" as per your suggestion. may 13: fred sat on the beach for six hours without a single sale and was feeling very down. right before he left, however, a plumber escorting his family reunion along the beach stopped by his stand and bought $800 worth of smoothies for the entire family. under your advice, fred agrees to call this cash revenue, "sales." may 15: excited about his new venture, fred withdraws $350 from the company to take his girlfriend out to dinner. what would be the balance in the cash account at the end of the period following the posting of all the transactions?

Which of the following is not a characteristic of a weak economy? a. a low employment rateb. a high inflation ratec. a decreased gdpd. a high unemployment rate

Moon flower cosmetics company executives are aware that their asian customer base is interested in advanced skin care treatments beyond moon flower's traditional herbal and organic compounds. moon flower and a large american chemical company are in discussions to create a 50-50 partnership in a new firm, which would create skin care treatments based on innovative chemical formulations that would be marketed both in asia and in the united states. beyond being a cross-border alliance, this partnership can be called a(n)a. nonequity strategic alliance.b. joint venture.c. horizontal complementary alliance.d. equity strategic alliance.