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The general journal entry to record the transaction is: After the journal entry is recorded in the accounts, a balance sheet can be prepared to show ASI's financial position at the end of December 1, 2016: The purpose of an income statement is to report revenues and expenses.

were distributed among its three shareholders in such manner as to make the totality of its distributions pro rata.

, except that 100% of Whiteacre was distributed to C and the remaining assets of X Co.

Consequently, the limitations imposed by 336(d) on a liquidating corporation's recognition of loss are not applicable. recognized a loss of $20,000 on making the liquidating distribution of Whiteacre to C.

above, except that 100% of Whiteacre was distributed to A and the remaining assets of X Co. Since the distribution of Whiteacre to A, a related person, was not pro rata, X Co. D owns 60 shares of Y Co.'s stock, and E owns the remaining 40 shares of Y Co.'s outstanding stock. In 2003, D contributed Whiteacre (unimproved land) to Y Co.

Alternatively, the accounting equation tells us that the corporation has assets of $10,000 and the only claim to the assets is from the stockholders (owners).

Last modified 05-Jul-2018 22:42