I, an individual formed X corporation on January 1 of year 1 by contributing $100 of manager’s service and a stock in Y corporation (representing 1% ownership in Y) with a FMV of $500 and adjusted basis of $600 and an ordinary asset with a FMV of $500 and an adjusted basis of $450 to X in exchange for 11 shares of X stock. I was the only shareholder. In addition to the above, during Year 1, the following transactions occurred. During year 1, you may assume X is a qualified small business corporation at all times

Year 1

X earned $250 revenue.

On July 1, X received a $50 dividend from Y Corp.

On January, X purchase section 179 asset for $100.00.

On October 31, X distributed $50 cash to I

Year 2

X earned $100 revenue

X received a $50 dividend distribution from Y Corp.

On May 5 X distributed $100 cash to I

On July 1 I sold his shares to J for $650

On October 31 X distributed $100 cash to J

On December 30 X sold Y Corp stock for $450.

Question:

1. What income, gain or loss, including character, does I recognize as a result of the sale of X’s stock for $650?

2. What income, gain or loss, if any does J recognize as a result of the $100 distribution in Year 2?

Bev and Ken Hair have been married for 3 years. They live at 3567 River Street, Springfield, MO 63126.Ken is a full time student at Southwest Missouri State University and Bev works as an accountant at Cypress Corp. Bevs' W-2 shows Wages and tips other compensations=$50350.18 Federal income tax withheld= $4950.00 Social security wages =$50350.18 social sec. tax withheld = $3121.70 Medicare wages and tips= $50350.18 and Medicare tax withheld= $730.08

Also the Hairs have intrest income of $1000 on City of St. Louis bonds as well as other intrest and dividends shown on the 1099s...1st 1099-DIV 2018 is payers name and address = Green Corp Springfield, MO. Recipient name =Ken Hair (1a Total ordinary dividends = $301.00) (1b Qualified dividends = $301.00)

2nd 1099-INT 2018 is Payers name and address= Boatman's Bank Springfield, MO Recipient name= Ken Hair (1 Interest income= $643.05)

Ken is an excellent student at SMSU. He was given a $1750 scholarship by the university to help pay educational expenses.The scholarship funds were used by Ken for tuition and books. Ken also had a part time job at the college. He was paid $2525 on a W-2 for helping out in the Dean's office. There was no income tax withheld on the amount paid to Ken from this job.

Last year, Bev was laid off from her former job and was unemployed during Jan. 1099G = (1 Unemployment compensation = $1825.00 from State of Missouri Unemployment)

Ken has a 4 year old son , Robert, from a prior marriage.He paid his ex-wife $300 per month in child support. Robert is claimed as a dependent by Ken's ex-wife. During the year, Ken's aunt died. The aunt, in her will, left Ken $15000 in cash. Ken deposited this money in the Boatman's Bank savings account.

tax return problems Fill out a 1040A and other forms that needs to be filled out for taxes

THIS IS ALL THEY GAVE US AND SAID FOR US TO DO THE TAXES WITH THE ABOVE INFORMATION. IM GUESSING A 1040A AND QUALIFIED TAX WORKSHEET??

Case Study 3:

QWERTY It is now June 2013. Qwerty Limited is an Irish based company that designs, manufactures and sells a wide range of wireless computer keyboards to retailers in both Ireland and Northern Ireland. QWERTY is co- owned by twin brothers Paul and Joe Hayes, who founded the company after graduating from their local university with undergraduate degrees in Computer Science and Electronic Engineering respectively. Since then, QWERTY has experienced rapid sales growth (with modest but growing profitability) and now employs 55 full-time employees from their Limerick base. Paul and Joe are the only directors of the company. Performance Measurement As a result of the on-going difficulties experienced by QWERTY in acquiring adequate levels of credit from their local financial institutions to fund their working capital, Paul and Joe have decided with immediate effect, that if any of their products are budgeted to be loss-making for the forthcoming year, they should be discontinued immediately in an attempt to protect the future viability of the company. Consequently, the 2014 budgetary data for one of QWERTY's most popular (and to-date profitable) keyboards called “Exile”, is causing Paul and Joe a lot of concern (see Appendix I for the 2014 budgetary data on “Exile”). In an on-going attempt to reduce their costs, all of QWERTY's 2014 budgetary forecasts were jointly prepared by the company's co-owners, having previously been contracted out to a small local firm of Chartered Accountants. In addition to focusing on product profitability as a key performance indicator, Paul and Joe are also keen to consider the use of some non-financial metrics to guide them in making future strategic decisions. Having discussed the various options available, allied to the nature of the industry in which they compete, they have collectively decided on “innovation” as the key non-financial success factor for QWERTY to focus on in the short to medium term, although they have yet to agree on any specific performance measures.
Growth Opportunities Paul has always been more growth focused than Joe and for the past year has been exploring various options to expand the company. He has identified a venture capital investor, with an interest in small technology companies. The investor has made an offer to invest €/£ 2 million in QWERTY for 36% of the equity. Paul and Joe agree that this is an attractive offer. An agreement has been signed and this investment will go ahead within the next three months. The venture capital investor is impressed by Paul and Joe's management of QWERTY but has some concerns that it does not have the corporate governance structures to sustain its growth over the medium to long term. As a condition of the investment the venture capital investor is insisting that he has a position on the board of directors and a veto over major strategic decisions made by the company. Paul and Joe are agreeable to these conditions.
Paul is proposing that they use the funds raised from the new investor to part-finance the acquisition of Screen Magic Limited (“SCREEN”), an Irish company which manufactures computer screens. Paul has had preliminary discussions with the owner (and managing director) of SCREEN, who has told him he is keen to retire soon after finding the last few years increasingly stressful trying to resolve a complex tax issue affecting SCREEN and dealing with increasingly onerous regulations on environmental standards in manufacturing. He may be interested in selling SCREEN and has provided information on the company (see Appendix II). Paul has been pushing a “growth by acquisition” strategy for several years because he believes QWERTY is too narrowly focused on one sector and believes acquisitions almost always deliver significant value through synergies and economies of scale. He is confident that if QWERTY acquires another company he and Joe have the management skills required to ensure a successful integration. Paul is eager to agree the terms of the takeover of SCREEN before the venture capital investor takes his seat on the board as he is not sure if the investor would approve of the takeover. Bridging finance would be available from QWERTY's bank to finance the acquisition pending receipt of the new equity funds. This facility would be personally guaranteed by Paul and Joe.

CASE STUDY 3 QUESTIONS

QUESTION 3: Suggest and justify any three (3) specific performance measures in relation to “innovation” that you think QWERTY should adopt to enhance their future performance.

QUESTION 4: Identify one (1) potential ethical issue facing Paul and Joe and discuss how it should be resolved.

Explain the finite element method for stress analysis as you would to a high school student who is interested in becoming an engineer. Note that this could be the deciding factor for the student to choose Engineering at University. As such keep your answer relevant, interesting and succinct (furthermore, the student is young so they get bored easily...).

[Word limit: 200]

Check online for HP's financial statements. What can you tell us about their performance trend? Use evidence from the financial statements to discuss how you came to this conclusion. Why do you think the company performed this way compared to previous period? Do you have any recommendation for this company?

What is situational leadership? Give an example of situational leadership. Include thoughts such as: What happened in the situation? Who was the emerging leader? Was your opinion of the individual changed as a result of this situation? If so, why?

Revenues are vital for the expansion and growth of any organization. The reason is that they are an important component of the organization’s net income. Hence, they are central to financial analysis. According to US GAAP, a firm recognizes revenues when earned and when it has received an asset or satisfied a liability with a value the firm can precisely measure. In some instances, a firm can make an argument to recognize revenue before a product or service has been completed and delivered. Discuss situations when this scenario is correct

In Canada between June and July in 2016, the number of full-time jobs increased by 63,200 while part-time jobs fell by 108,800. The unemployment rate increased from 6.4 percent to 7.2 percent. The labour force participation rate increased from 66.5 percent to 66.6 percent.  

a) Explain the link between the rise in the participation rate and the rise in the unemployment rate.

b) If all the workers who entered the job market were discouraged searchers, explain how the R5 unemployment would have changed.

c) Think about this question independently from the article above. A high unemployment rate tells us that a large percentage of the labour force is unemployed but not why the unemployment rate is high. What unemployment measure tells us if (i) people are searching longer than usual to find a job, (ii) more people are involuntary part-time workers, or (iii) more unemployed people are discouraged searchers?