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[1] [2] In April 2018, the company acquired the interest in the Elk Hills Oil Field previously held by Chevron Corporation for $460 million and 2.85 million shares. [3] [4] In July 2020, the company filed bankruptcy with $5 billion in debt; it emerged from bankruptcy in October 2020. [5] In March 2021, Mark A. (“Mac”) McFarland was ...
California faced another budget gap for 2010, [8] with $72 billion in debt. [9] California faced a massive and still-growing debt. [10] In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." [11] He called for massive budget cuts of $24 billion, about 1 ⁄ 4 of the state's budget. [11 ...
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
Currently California employers pay a federal unemployment insurance tax of 1.2% on the first $7,000 of wages per employee, but that will rise incrementally every year so long as California is in ...
In most cases, you must report canceled debt as ordinary income on your federal tax return — even if the debt was less than $600 and you never received a Form 1099-C. List your canceled debt on ...
Therefore, a cancellation of a $20,000 debt will not need to be reported as gross income. However, if a debt of $60,000 was cancelled, the taxpayer will have $10,000 in gross income because their total liabilities no longer exceed their total assets (cancelling $60,000 in debt means the taxpayer now has only $40,000 in liabilities).