(SOLVED) On May 10 2011 Somerton Inc grants Louise a

nonqualified
On May 10, 2011, Somerton, Inc., grants Louise a nonqualified stock option to acquire 700
shares of the company’s stock for $11 per share. The fair market value of the stock on the date
of grant is $13. The option does not have a readily ascertainable fair market value. On […]

Glenna is retired from Cherry Hills Corporation. When she retired at age 68, she decided to take
her pension as a lump-sum distribution and roll over the proceeds tax-free into her IRA. On
January 1, 2009, she began to receive the required $22,000 distribution from her IRA. During
the current […]

During the current year, Kyung purchases a boat for $70,000. Because she has only $7,000 of
the necessary $14,000 down payment, Kyung makes a $7,000 withdrawal from her IRA.
Immediately before the withdrawal, the balance in her account consists of $9,000 in deductible
contributions, $13,000 in nondeductible contributions, and $3,000 […]

Ross is single and maintains an IRA. During a trip to Las Vegas in 2011, he wins $14,000 at the
roulette wheel. He decides to put half his earnings in his IRA and spend the other half on a trip
to Europe. At the end of 2011, the total assets […]

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Suresh is a sales representative for Swinley Manufacturing. The corporation maintains a defined
contribution profit-sharing plan on behalf of its employees. It contributes 15% of each
employee’s salary. Suresh’s salary for the year is $190,000. Because of his record sales
achievement during the year, the company decides to pay Suresh […]

Felicia is a single taxpayer who retired from her job as a sales executive with Waynesville
Associates, LLC. During 2010, she turns 70½ and begins withdrawing the $320,000 in assets
(balance as of December 31, 2009) in her pension account.Her pension plan is a qualified
noncontributory plan.a. What is the […]

Ghon is a married taxpayer who retired from his job at Smithfield Printing in 2010. During 2011,
he turns 70½, and begins withdrawing the $215,000 (balance as of December 31, 2010) in
assets in his pension account. Smithfield maintains a noncontributory pension plan. Determine
the required minimum distribution that Ghon […]

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