Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock with a value of $4,000 for her services. By the end of the year, the value of the stock had decreased to $2,000. She continued to hold the stock. Judy must recognize $4,000 of gross income from the stock for the current year.
a. true
b. false
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock with ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Filter the data in place so that only rows where the category value is meals and the cost value is greater than 20 are shown. the criteria range has been set up for you in cells a1:c2.
Answers (1)
Which of the following is a shortcoming of GDP? a. GDP excludes nonmarket transactions. b. GDP excludes business investment spending. c. GDP excludes changes in inventories. d. GDP includes an estimate of illegal transactions.
Answers (1)
A company purchased new furniture at a cost of $19,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $2,500. The company uses the straight-line method of depreciation.
Answers (1)
Which channel partners in a company's supply chain are upstream from a manufacturer or producer? a. suppliers. b. customers c. business distributors d. retailers e. wholesalers?
Answers (1)
An individual bank will lose reserves to another bank when a check is written and deposited at the second bank. A) True B) False
Answers (1)
New Questions in Business
Roger consumes no commodities other than Miller Lite and Bud Light. His annual budget for these two commodities is described by the equation 5 x + 25 y = 300, where x is sixpacks of Miller Lite and y is cases of Bud Light.
Answers (1)
what is the best place to obtain a masters degree! A) community college. B) public high school. C) trade school. D) university
Answers (1)
A three-line-to-eight line decoder has inputs cba where the a input is the lsb (least significant bit). the output and gates are labeled q0 through q7. one would normally expect the output of and gate q4 to be active when the inputs are:
Answers (1)
In a suburban community outside a city in Alabama, a retail store opened that specialized in dancewear for children and adults.
Answers (1)
A company can choose to use FIFO inventory costing methods for the financial statement and can elect to use either LIFO or FIFO on the tax return, however if you use LIFO for books then you must use LIFO on the tax return A. True. B. False.
Answers (1)