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Shareholders in closely held C-corporations often pay themselves large salaries in order to avoid double taxation on corporate income.
a. Briefly explain the double taxation problem and how paying large salaries to owners avoids it.
b. Briefly discuss how the reasonable compensation issue applies to S-corporations.
c. Briefly discuss the IRS s position on reasonable compensation for owner-employees of closely held C-corporations.
Sarah transfers property with an $80,000 adjusted basis and a $100,000 FMV to Super Corporation in a Sec. 351 transaction. Sarah receives stock with an $85,000 FMV and a short-term note with a $15,000 FMV. Sarah's basis in the stock is:
Identify the basic forms of conducting business, and distinguish and explain the tax implications for income earned and losses incurred by a sold proprietor, partnership, and corporation.
Beginning work in process totaled $15,000, and the ending balance is $9,000. During the year, the company completed 40 machines. How much is the cost per machine?
Red Corporation, a calendar year taxpayer, has taxable income of $600,000. Among its transactions for the year are the following:
A firm expects to sell 10,000 units of its product annually. It estimates that it costs $200 to place an order and that each unit costs $7 annually to carry in inventory. It takes 7 days to receive an order once it is placed, and the store is open..
Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.
Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and regular tax liability of $49,550 for 2010.
Discuss three major factors that have contributed to the recent increase in the number of lawsuits aganist auditors and the size of awards to plaintiffs.
Pick a country of your choice that is experiencing population growth.(I picked Mexico City,Mexico;18,131,000 in 2007, r is 1.7% expected to double in 40 years (0.69/0.017=40.6) pop. growth rate 1.142%(2008 est) find the most recent population coun..
What are the three different inventory costs flows assumptions commonly used in commerce today and allowed by generally accepted accounting principles?
In addition to the foregoing information, use the following data in determining the acceptability in this situation: Income from Net Cash Year Operations Flow 1 $100,000 $180,000 2 40,000 120,000 3 20,000 100,000 4 10,000 90,000 5 10,000 90,000 Th..
Calculate realized gross profit for 2005. Record any journal entries required for 2004
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