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For the current year, Maple Corporation, a C corporation, reports taxable income of $252,000 before paying salary to its sole shareholder, Diane. Diane’s marginal tax rate on ordinary income is 35.9 percent (including the additional Medicare tax) and 18.8 percent on dividend income (including the 3.8% net investment income tax). If Maple pays Diane a salary of $198,000 but the IRS determines that Diane’s salary in excess of $150,000 is unreasonable compensation, what is the amount of the overall tax (corporate level + shareholder level) on Maple’s $252,000 pre-salary income? Assume Maple’s tax rate is 35 percent and it distributes all after-tax earnings to Diane.
Consider the following two scenarios for the economy and the returns in each scenario for the market portfolio, an aggressive stock A,
Assuming that Ms. Cross can't show reasonable cause for filing a delinquent return, compute the late filing and late payment penalty. How would your answer change if she did not mail her return until November 21?
A firm has 3,000,000 shares of common stock outstanding with a market price of $20.00 per share.
What is the GAAP treatment of warranty claims and is this consistent with generally accepted accounting principles?
Luther Industries is currently trading for $27 per share. The stock pays no dividends. A one-year European put option on Luther with a strike price of $30 is currently trading for $2.60. If the risk-free interest rate is 6% per year, then the pric..
Bourdon Software has 9.4 percent coupon bonds on the market with 19 years to maturity. The bonds make semiannual payments and currently sell.
Winston Inc. is trying to determine the effect of its inventory turnover ratio and days sales outstanding on its cash conversion cycle.
How does volatility in foreign currencies may impact a company's profit margin and competitive advantage in the marketplace?
Lauren plans to deposit $9000 into a bank account at the beginning of next month and $150/month into the same account at the end of that month and at the end of each subsequent month for the next 6 years. If her bank pays interest at a rate of 3%/yea..
Elliot makes $250,000 a year and pays 30% taxes on $150,000 and 35% on his remaining salary. His expenses are $110,000 (per year). He wants to invest a fixed amount EVERY day into an investment fund for 5 years and he hopes to get a 12% return. What ..
Prepare journal entries for each transaction. - Prepare the equity section of the balance sheet at each year-end, December 31.
A little more than 10 months ago, Luke Weaver, a mortgage banker in phoenix, bought 300 shares of stock at $40 per share. Since then, the price of the stock has risen to $75 per share. It is now near the end of the year, and the market is starting to..
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