If property is inherited by a taxpayer,

a. In general, the basis to the recipient is the fair market value at the decedent's date of death.
b. At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss.
c. To the recipient, the basis for the property is the same as the basis to the decedent.
d. At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year.

Vintage fun reproduces oldminusfashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activityminusbased costing system for its products. if the company used an activityminusbased costing system, it would have the following three activity cost pools: the overhead cost per skateboard using the traditional costing system would be closest to: a. $9.31. b. $65.31. c. $25.05. your answer is not correct.d.

You hear your supervisor tell another supervisor that a fire drill will take place later today when the fire alarm sounds that afternoon you should

Aggart technologies is considering issuing new common stock and using the proceeds to reduce its outstanding debt. the stock issue would have no effect on total assets, the interest rate taggart pays, ebit, or the tax rate. which of the following is likely to occur if the company goes ahead with the stock issue? a. the roa will decline.b. taxable income will decline.c. the tax bill will increase.d. net income will decrease.e. the times-interest-earned ratio will decrease