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Using the book;" Federal Taxation Comprehensive 2014, Prentice Hall".I need to prepare a tax research memorandum to the following problem. C:11-67. One of your wealthy clients, Cecile, invests $100,000 for sole ownership of an electing S corporation's stock. The corporation is in the process of developing a new food product. Cecile anticipates that the new business will need approximately $200,000 in capital (other than trade payables) during the first two years of its operations before it starts to earn a sufficient profits to pay a return on the shareholder's investment. The first $100,000 of this total is to come from Cecile's contributed capital. The remaining $100,000 of funds will come from one of the following three sources: 1. Have the corporation borrow the $100,000 from a local bank. Cecile is required to act as a guarantor for the loan. 2. Have the corporation borrow $100,000 from the estate of Cecile's late husband. Cecile is the sole beneficiary of the estate. 3. Have Cecile lend $100,000 to the corporation from her personal funds. The S corporation will pay interest at a rate acceptable to the IRS. During the first two years of operations, the corporation anticipates losing $125,000 before it begins to earn a profit. Your tax manager has asked you to evaluate the tax ramifications of each of the three financing alternatives. Prepare a memorandum to the Tax manager (citing applicable sources, such as the IRC) outlining the information you found in your research.
Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization.
Identify some benefits that might accrue to Lion Nathan as a result of the sale and lease back transaction?
A finance company advertise that it will pay kump sum of rs 10000 at the end of 6 years to investor who deposit annually Rs1000. what interest rate is implicit in this offer?
Give the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50. (Each valuation is on a per share basis and there are ready markets for each..
A consulting engineering firm is considering two models of SUVs for the company principals. A GM model will have a first cost of $26,000, an operating cost of $2000, and a salvage value of $12,000 after 3 years.
Directions: Prepare a federal gift tax return (Form 709) based on the following information for Wanda Bickford. Use the 2013 Gift Tax forms. Bill agrees to gift split.
The buyer paid him $110,000 in cash, agreed to take the title subject to the $190,000 mortgage, and agreed to pay him $80,000 with interest at 9 percent one year from the date of sale. How much is Louis' recognized gain on the sale?
The balance in the prepaid insurance account, before adjustment at the end of the year, is $11,500. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
During a company's start-up or expansion a wide variety of costs and expenses are incurred that are directly associated with beginning the specific operation. For instance, ABC Company has expanded into another country and has constructed new faci..
The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale?
X transferred property to an LLC and received a 25% interest in the partnership profits, losses, and capital. X's basis in the property was $200 and it was subject to a nonrecourse mortgage for $500.
Which of the following is the most probable reason a company would experience an unfavorable labor rate variance and a favorable labor efficiency variance?
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