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I'm having trouble with the following problems: 1. Horne Corporation purchased 3,000 shares of Flynn Company's common stock for $12 per share as a long-term available-for-sale investment on June 30, 2011. Flynn declared and paid a cash dividend of $1.00 per share on its common stock on September...
Back in 2000 and 2001, I had short term capital losses that exceeded the 3000 dollar limit. Each year, I've been able to deduct 3000 dollars since my short term gains have been minimal. I still haven't used up all my 2000 and 2001 short term losses. I had some long term gains in 2000, but...
Clark Company purchased 40% of Irene Company's stock for $125,000 on January 1. On May 20 of the same year, Irene Company declared total cash dividends of $30,000. At year-end, Irene Company reported net income of $150,000. The balance in Clark Company's Long–Term Investment in Irene Company...
Is short-term or long-term debt more stressful to your personal finances? Why?
"Short-term stock gains are taxed as ordinary income. Therefore, the nominal tax rate will be whatever tax bracket you are in. More explicitly, it will be taxed at the federal tax rate (bracket) as determined by your taxable (not gross) income line on your federal tax return." If all of my income...
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