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Circle Corporation, an accrual method taxpayer, manuractures and sells mainframe computers. In January of the current year, Circle Corporation donates a mainframe taht was par of tis inventory to City College. City College will use the computer for physical sicence research. Circle's basis in the mainframe is $300,000. The computer FMV is $650,000. On December 15 of current year, Circle also pledged stock to the Red Cross and provimsed delivery of the stock by March 1 of the following year. The stock's FMV is $100,000 and Circle's adjusted basis in the stock is $50,000. Circle has held the stock for over one year. Circle's taxable income (before deducting any charitable contributions) for the year is $4,000,000. a) What is the amount of Circle's charitable contribution for the current year? b) How much of the contribuition can Circle deduct in the current year and how much may be carried over, if any?
Shareholders in closely held corporations often engage in transactions designed to minimize the double taxation effect of C corporations. Briefly describe the double taxation effect and explain some of the ways double taxation can be minimized.
Under the proportionate consolidation concept, which of the following statements is true?
q. ron carroll operates a small company that books entertainers for theaters parties conventions and so forth.the
adam smith is a self-employed artist and is married with four children. on 1 april 2013 he borrowed a sum of money to
star city is considering an investment in the community center that is expected to return the following cash
The department actually completed 750 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
on january 1 2009 vallahara company purchased machinery for 650000 which it installed in a rented factory. it is
a. How many shares of common stock were issued during 2010? What was their average issue price? b. How many shares of preferred stock were issued during 2010? What was their average issue price?
On July 1, 2013, Leonard purchased office equipment at a cost of $12,350, which included $500 in sales tax and $200 in shipping charges.
the valentine company has decided to buy a machine costing 31434. estimated cash savings from using the new machine
Prepare the manufacturing staffs calculations for the three alternatives: In addition to reducing costs, the new technology proposed for the greenfield plant would increase rnanufacturing flexibility, which would enable eTI to respond more quic..
1- Explain the difference between Active Portfolio Management and Passive Management. 2- Briefly describe the four components of a business cycle.
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