Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on march 15, 2015, york technology inc. filed for

On March 15, 2015, York Technology Inc. filed for bankruptcy resulting in a total loss...

50.1K

Verified Solution

Question

Accounting

On March 15, 2015, York Technology Inc. filed for bankruptcy resulting in a total loss for its only two shareholders.

Bruce and a friend founded the company on April 10, 2013, with each owning 50% of the outstanding shares.

Both Bruce and his friend initially contributed $135,000 in exchange for their 50% interest in the company.

Required:

For tax purposes, how much should be reported on form 1040 for Bruce?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

4 120 112 ALLEN 46 The number of spectral line obtained in the emission spectrum...

Physics
Q

Briefly explain how the lagging strand is replicated. Include how the replication starts, the enzymes involved...

Biology
Q

There are proposals to store energy in flywheels for load leveling in utility systems. During the off-peak...

Mechanical Engineering
Q

Q1 what is the definition of knapsack problem ? Q2 what is the main difference between salesman...

Advance Math
Q

a Employees ask every 45th customer that purchases a movie ticket b An employee divides...

Basic Math
Q

Using the function defined by f(x) = -8x +16 ? 3x + x^9+ 13x, which...

Basic Math
Q

X 15 The point 8 15 is on the terminal side of an angle in...

Algebra
Q

When absorption costing is used, all of the following costs are considered product costs EXCEPT...

Accounting
Q

show all steps plz Use the data below for the following...

Accounting
Q

Exercise 25-5 The standard cost of Product B manufactured by Pharrell Company indudes 3.7 units...

Accounting
Q

Put yourself in the shoes of a company president: The extremely successful launch of a...

Accounting
Q

The stock of Business Adventures sells for $30 a share. Its likely dividend payout and...

Finance