A controlling interest occurs when one corporation acquires a voting interest of more than 50 percent in another corporation

a. true
b. false

Answer: a. true

Business

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Cotton Hotel Corporation recently purchased Emporia Hotel and the land on which it is located with the plan to tear down the Emporia Hotel and build a new luxury hotel on the site. The cost of the Emporia Hotel should be

a. depreciated over the period from acquisition to the date the hotel is scheduled to be torn down. b. written off as an extraordinary loss in the year the hotel is torn down. c. capitalized as part of the cost of the land. d. capitalized as part of the cost of the new hotel.

Business

Keogh plans are special plans designed for corporations employing 100 or more employees.

a. true b. false

Business