Arlington LLC exchanged land used in its business for some n…

Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land it exchanged for $30,000. The new land had a fair market value of $36,000. Arlington also received $4,000 of office equipment in the transaction. What is Arlington’s recognized gain or loss on the exchange?

Tom recently received 2,000 shares of restricted stock from…

Tom recently received 2,000 shares of restricted stock from his employer, Independence Corporation, when the share price was $10 per share. Tom’s restricted shares vested three years later when the market price was $14. Tom held the shares for over three years and sold them when the market price was $20. What is the amount of Tom’s income or loss on the vesting date?

Deanna has earned $72,500 annually for the past six years wo…

Deanna has earned $72,500 annually for the past six years working as an architect for WCC Incorporated Under WCC’s defined benefit plan (which uses a seven-year graded vesting schedule). Employees earn a benefit equal to 4.0 percent of the average of their three highest annual salaries for every full year of service with WCC. Deanna has worked for six full years for WCC and her vesting percentage is 80 percent. What is Deanna’s vested benefit (or annual retirement benefit she has earned so far)?