Art, an unmarried individual, transfers property (basis of $130,000 and fair market value of $120,000) to condor corporation in exchange for $1244 stock. the transfer qualifies as a nontaxable exchange under $ 351. because the property is loss property, condor takes a basis in the property of $120,000. five years later, art sells the condor stock for $50,000. with respect to the sale, art has:
a. an ordinary loss of $80,000.
b. an ordinary loss of $70,000 and a capital loss of $10,000.
c. a capital loss of $80,000.
d. a capital loss of $30,000 and an ordinary loss of $50,000.
e. none of the above.

Horace society is planning its annual western fair raceway gala. the gala committee has assembled the following expected costs for the event: dinner (per person) $10 gaming token and program (per person) $2 prize payouts $4,300 tickets and advertising $800 private box suite rental $1,700 lottery licenses $200 the committee members would like to charge $40 per person for the evening’s activities.required: 1. what is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. assume that last year only 200 persons attended the dinner-dance. if the same number attend this year, what price per ticket must be charged in order to break even? 3. refer to the original data ($40 ticket price per person). prepare a cvp graph for the dinner- dance from zero tickets up to 600 tickets sold.

Which of the following would be an accurate statement about achieving a balanced budget

What is used by accountant to analyze transactions ?