Wozniacki and wilcox form jewel llc, with wozniacki receiving a one-half interest in the capital and wilcox receiving a one-half interest in the capital of the llc. (ignore any profits interest for this problem.) wozniacki receives his one-half interest as compensation for tax planning services he rendered prior to the formation of the llc. wilcox contributes $50,000 cash. the value of a one-half capital interest in the llc (for each member) is $50,000.

a. how much income does wozniacki recognize as a result of this transaction, and what is the character of the income?
b. how much is wozniacki’s basis in the llc interest?
c. how will jewel treat this amount?

For many years, kellogg's frosted flakes, a ready-to-eat breakfast cereal, was perceived as a cereal for children. tony the tiger, a cartoon character, extolled frosted flakes, and advertisements depicted children enjoying the product with tony in competitive situations. recently, in response to declining sales of frosted flakes, the cereal maker has adopted a new series of advertisements that show adults admitting that they enjoy frosted flakes, too. kellogg's is attempting to

Which of the following differentiates cost accounting and financial accounting? a. the primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers. b. cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions. c. cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties. d. cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.

While on vacation in las vegas jennifer, who is from utah, wins a progressive jackpot playing cards worth $15,875 at the casino royale. what implication does she encounter when she goes to collect her prize?