On January 1, Year 1, Can Corporation distributed Sec. 1231 land with a market value of $300,000 and an adjusted basis of $205,000 under a plan of partial liquidation under the Sec. 302(b)(4) rules. The distribution was made to individual shareholder Clem, who had owned 40% of Can since it was founded. Clem’s stock interest redeemed in the partial liquidation had a basis of $140,000. What are the amount and the character of gain/loss that Can should recognize on the distribution?

Sam and diane are completing their federal income taxes for the year and have identified the amounts listed here. how much can they rightfully deduct? • agi: $80,000 • medical and dental expenses: $9,000 • state income taxes: $3,500 • mortgage interest: $9,500 • charitable contributions: $1,000.

Ajax corp's sales last year were $435,000, its operating costs were $362,500, and its interest charges were $12,500. what was the firm's times-interest-earned (tie) ratio? a. 4.72b. 4.97c. 5.23d. 5.51e. 5.80

The third program provides families with $50 in food stamps each week, redeemable for both perishable and nonperishable food. the fourth policy instead provides a family with a box of nonperishable foods each week, worth $50. use two graphs to illustrate that a family may be indifferent between the two programs, but will never prefer the $50 box of nonperishable foods over the $50 in food stamps. state your answer and use a consumer choice model for perishable food and nonperishable food to graphically justify your choice.