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ACC - Barney Corporation and other Tax Problem

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solution


Question

Question;1) On January 12 of the current year;Barney Corporation, a publicly-held corporation, files for bankruptcy. During;the bankruptcy proceedings it is determined that creditors will only receive;10% of what they are owed and that the shareholders will receive nothing.;Sheryl, a calendar-year taxpayer, purchased 1,000 shares of Barney Corporation;common stock for $7,000 on February 22 of the prior year. What tax issues;should Sheryl consider?;2);In;a rage because of personal difficulties, Evan drove recklessly and crashed his;automobile, doing $8,000 worth of damage. Fortunately, no one was injured.;Since Evan received two speeding tickets during the past year, he is concerned;about losing his insurance if he files an insurance claim. What tax issues;should Evan consider?

 

Paper#40700 | Written in 18-Jul-2015

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