business questions

1. John owns a three-fourths interest in the Carter Corporation. His basis in this ownership interest is $35,000 at the end of the year, after accounting for the fiscal year corporation’s current operations. On that date, the corporation distributes $40,000 cash to John in a proportionate current distribution. What is the amount of any gain or loss John recognizes as a result of this distribution? What is his basis in the corporation interest?

2. Information about a magazine’s readers is of interest to both the publisher and the magazine’s advertisers. A survey of readers asked respondents to complete the following:

a. Age

b. Gender

c. Marital status

d. Number of magazine subscriptions

e. Annual income

f. Rate the quality of our magazine: excellent, good, fair, or poor For each item identify the resulting data type.