Cats are classified as: 

A cat’s estrous cycle typically lasts: 

Which regions have the highest rate of pet ownership? 

Which of the following is NOT a benefit of spaying female pets? 

What is the pH of a solution containing 0.0077 mol/L NaOH?

Alberto owns 25 percent of Sycamore, an S corporation. At the beginning of the year, Alberto’s basis in his stock was $30,000, his share of Sycamore’s accumulated adjustments account (AAA) was $25,000, and his share of Sycamore’s earnings and profits from prior C corporation years (accumulated E&P) was $15,000. Then, during the year, Alberto was allocated $12,500 of ordinary income and Sycamore made a nonliquidating distribution to Alberto of $50,000.   (1) How much of the distribution is taxable to Alberto as a dividend?   (2) What is Alberto’s basis in his Sycamore stock after the distribution?

In a taxable acquisition, the buyer tends to prefer an asset acquisition because it receives a “stepped-up” basis in the purchased assets.

Redbud Co., an S corporation, makes a nonliquidating distribution to its sole shareholder of property in which it has a $30,000 basis. How much gain or loss does Redbud recognize if the property has a fair value of $37,000, and how does your answer change if the property has a fair value of $26,000?

Nicole and Paula each own 50 percent of Magnolia, an S corporation. Magnolia reported the following revenues and expenses:   Sales revenue – $720,000 Cost of goods sold – ($200,000) Depreciation expense (MACRS) – ($12,000) Sec. 179 expense – ($44,000) Long-term capital gains – $8,000 Qualified dividends – $5,000 Nontaxable interest income – $3,000 Salary to owners – ($120,000) Employee wages (excluding salaries to owners) – ($50,000)   In addition, Nicole and Paula each received distributions of $10,000 from Magnolia.   (1) How much ordinary business income is allocated to Nicole?   (2) What are the separately stated items allocated to Nicole?   (3) If Nicole’s basis in her Magnolia stock at the beginning of the year was $40,000, what is her basis after considering the above items?

Partnerships generally recognize a gain on nonliquidating distributions of appreciated property. (assume no Sec. 754 election is in effect)