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Problem - Vito is the sole shareholder of Vito, Inc. He is also employed by the corporation. On June 30, 2019, Vito borrowed $8,000 from Vito, Inc., and on July 1, 2020, he borrowed an additional $10,000. Both loans were due on demand. No interest was charged on the loans, and the Federal rate was 4% for all relevant dates. Vito used the money to purchase a boat, and he had $2,500 of investment income. Determine the tax consequences to Vito and Vito, Inc., in each of the following situations:
a. The loans are considered employer-employee loans.
b. The loans are considered corporation-shareholder loans.
Which components of pension expense does BA actually report in the operating profit (loss) section of its income statement?
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evans company has the following informationannual demand -----------------------------------------4000 unitscurrent
The new equipment has a 10-year life and expected salvage value of $105,000. What should the officer do? The tax rate is 35%, the CCA rate, 25% for both excavators and the required rate of return for the company is 13%.
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