Phil and Nick Form Philnick Corporation

question 75

Essay

Phil and Nick form Philnick Corporation. Phil exchanges cash and other property for 900 shares (90% of the outstanding shares)of Philnick stock. Nick performs accounting services in exchange for 100 shares of Philnick stock worth $10,000. What are the tax consequences from forming the Philnick Corporation to Phil and Nick?

Describe succession planning and its stages in developing high-potential employees.

Outline the steps involved in a basic career management system.

Identify career management responsibilities of organizations and employees.

Explain the role of goal setting and action plans in career development.

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Definitions:

Gender Development

The process by which individuals become aware of their gender and acquire the norms, roles, and behaviors considered appropriate for their gender in a given culture or society.

Prenatal Development

The sequence of maturation and evolution inside the uterus from the moment of conception until delivery.

Cognitive Development

The process of growth and change in intellectual capabilities, influencing how one perceives, thinks, and understands the world.

Jean Piaget

A Swiss psychologist known for his pioneering work in the study of child development and his theory of cognitive development.