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On December 31, 2010, Graves leased equipment to Garcia for a 4-year period ending December 31, 2014, at which time possession of the leased asset will revert back to Graves. The equipment cost Graves $300,000 and has an expected life of six years. The normal selling price (and fair value) of the equipment is $365,760. The lessee-guaranteed residual value at December 31, 2014, is $25,000. Equal payments under the lease are $100,000 and are due on December 31 each year beginning December 31, 2010. Collectability of all lease payments is reasonably assured, and Graves has no material cost uncertainties. Garcia's incremental borrowing rate is 12% and the interest rate implicit in the lease agreement is 10% (this is known to Garcia). Both Graves and Garcia use straight-line depreciation and have December 31 fiscal year-ends. Describe how Graves calculated the $100,000 annual rental payments.
A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..
What ratio of debt to equity does the IRS use as a rule of thumb to determine whether or not there is too much debt to equity in the corporate structure?
When a change in the tax law or rates occurs, the effect of the change on a deferred tax liability or asset must be recognized as an adjustment as of the:
Research and development costs for projects other than software development should be:
During the year the trust makes a mandatory distribution to Julius and Steve of $50,000 each. The distribution deduction is:
Calculate the amount of gift tax due (if any) on the 2008 gift, given Chris has made only one prior taxable gift of $1.5 million in 2005, at which he used the applicable unified credit. Please note the annual exclusion in 2008 was $12,000.
Assuming the Box Division has enough excess capacity to supply all of the Rolling Division's needs, which of the following is the range at which a negotiated transfer price between the two divisions should occur?
Robinson Enterprises purchased 56,000 pounds (cost = $420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires five pounds of direct material at ..
Which of the following assets would be considered 1231 property?
XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
Which of the following is not a disadvantage of using the FIFO cost flow assumption?
The economic life of the software is estimated at four years. 2012 amortization of the software development costs would be:
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