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1. Salem Corporation uses the calendar year as its tax and financial annual accounting period. Management, because of the seasonality of sales, wants to change to a fiscal year starting April 1st through March 31st. You have been asked to review the tax law criteria for making this modification. Prepare a memo (750-1,000) to your CFO indicating the outcome of such a change on current taxes and outlining the needs for making this change.2. Salem realizes the importance of being a good corporate citizen and makes common contributions to worldwide charitable organizations. For 2009, Salem wants to contribute $1,500,000 to several charities.
Based on 2008 tax laws, if Salem's taxable income before charitable contributions is $11,500,000 in 2009, determine the charitable contribution allowance for 2009. Provide a recommendation (500-750 word memo) to Salem management regarding tax implications of this contribution.3. Corporate ethics and fraud have received much media attention through reporting of scandals at major corporations. Salem needs to make sure that its financial reporting and tax reporting responsibility is of the highest ethical standards. So that you appreciate the kinds of ethical misconducts that corporations are subject to and the penalties that can be provided when uncovered, use the Internet to research and find the following:
The final write-up should be just about 750-1000 words.Make sure to mention the SOX act and perhaps the IMA ethical code of standards.
Does mailing a form letter by an attorney who is a member of the State Bar of Texas, to persons who have not previously been his clients, offering to sell will forms and giving written advice as to how to fill them out but disclaiming establishment o..
Compute the after-tax cost of each payment assuming she has a 25 % marginal tax rate - Suppose Sarah is a cash-method, calendar-year taxpayer, and she is considering making the subsequent cash payments related to her business.
Prepare the S Corporation Tax Return for the Lawson And Norman Enterprises, Inc. for the year of 2013 and Schedule K-1 for both shareholders.
Prepare the slides and notes for your presentation following the format below. Your presentation should be limited to a maximum of five slides.
What are the potential advantages and disadvantages to a company's shareholders if the company increases the proportion of debt in its capital structure?
Show the tax issues that are raised and the relevant sections of the legislation.
Journalize December transactions. Do not record adjusting entries at this point - No journal entry required" for your answer to grade properly
Prepare a memo to Stacey explaining the tax consequences of the incorporation. As part of your memo examine the possibility of having the corporation issue preferred and common stock and debt for the shareholders' property and money.
Prepare a Tax Research Memorandum to convey conclusions
Purpose a Tax Research Memo in good form regarding the $25,000 relocation loan that Joanne Black described.
Suppose the government is considering levying a tax in one or more of the markets described in the table. Which of the markets will allow the government to minimize the deadweight losses from the tax?
Remember all written assignments are run through plagiarism detection software and the University has a very strict policy on this. You may want to re-read the policy on plagiarism and academic dishonesty.
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