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Allison is the sole shareholder of Destiny Corporation, which operates a travel agency for business travelers. Allison would like the corporation to donate some used computers to a local private school dedicated to the education of young ladies. The private school is a tax-exempt organization that qualifies donors for the charitable deduction. The corporation purchased the computers two years ago for a total cost of $90,000, and for tax purposes expensed this entire amount in the year of the purchase under the first-year expensing rule of Section 179 of the Internal Revenue Code. Currently the fair market value of the computers is $40,000. Allison has asked you to determine what the corporation's tax deduction will be for this donation. The corporation's taxable income is sufficient for it deduct up to $50,000 in charitable contributions. Using internet sources, find the answer to her question.
Gannon, Inc., had 100,000 shares of common stock outstanding. During the current year, the company distributed a 10 percent stock dividend and subsequently paid a $.50 per share cash dividend Calculate the number of shares outstanding at the time ..
A legal document which summarizes the rights and privileges of bondholders as well as the obligations and commitments of the issuing company is called
go to the wall street journal website and view the video titled its payback time the markets are rewarding companies
the ceo of your company has asked you to make a speech at the next board of directors meeting to the directors on
FTC company has been growing at a rate of 20% per year in recent years. The same growth is expected to last for another 2 years. The current dividend (ie: just paid is 1.60 the required rate of return is 10% and the growth after 2 years is expecte..
Discuss the nature of accounting misstatements and the implication of each to fair presentation of the financial statements.
the general ledger account for accounts receivable shows a debit balance of 40000. the allowance for uncollectible
The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years...
Which of the following items of property can be owned in a joint tenancy?
assume that you are a practicing CPA working in a public accounting firm. Discuss how a membership to the AICPA would help you professionally.
apping health club has the following cost equation total costs4000080n where n-number of memberships required a.
There was no business purpose for Crow Corporation acquiring the land on April 12, 2009. As a result of the distribution what amount of Loss may Crow Corporation recognize on the distribution of the land?
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