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Nittany Company pays its sole shareholder, Tammy Lion, a salary of $100,000. At the end of each year, the company pays Tammy a "bonus" equal to the difference between the corporation's taxable income for the year (before the bonus) and $75,000. In this way, the company hopes to keep its taxable income at amounts that are taxed at either 15 percent or 25 percent. This year Nittany reported pre-bonus taxable income of $675,000 and paid Tammy a bonus of $600,000. On audit, the IRS determined that individuals working in Tammy's position earned on average $300,000 per year. The company had no formal compensation policy and never paid a dividend. Refer Corporate tax table.
a. How much of Tammy's bonus might the IRS recharacterize as a dividend?
b. Assuming the IRS recharacterizes $200,000 of Tammy's bonus as a dividend, what additional income tax liability does Nittany Company face?
A soap manufacturer tested a standard bar of soap to see how long it would last. A test subject showered with the soap each day for 15 days and recorded the Weight
Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts
An exchange curve can be used to display the tradeoffs between the average investment in inventory and the annual ordering cost. To illustrate the usefulness of a trade-off curve, suppose that a company must order two products with the attributes ..
Martel Co. has $320,000 in Accounts Receivable on December 31, 20-1, the end of its first year of operations. The business is new, so it has no prior experience with uncollectible accounts.
The SEC finds fault with a number of companies each year and one major source of fault are issues around matching inventory costs to revenue properly. so let's see what you can find.
Draw Jim's budget line (throughout, please put coffee on the vertical axis)-Use a budget line-indifference curve map analysis to explain which pricing scheme Jim prefers.
depreciation expense please help answer in detailon july 1 srini construction purchased special-purpose equipment at a
Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?
What is Sondra's 2009 gift tax liability? What is her 2009 gift tax liability under the assumption that she made the $ 700,000 of taxable gifts in 1974 instead of 1997?
Juroe's balance sheet as of December 31 last year showed total liabilities of $10,250,000, total equity of $6,150,000, and total assets of $16,400,000.
Bonita uses the periodic method of recording inventory. A physical count reveals $434,547 of inventory on hand at December 31, 2017.
Miramar Industries manufactures two products: A and B. What is the total overhead allocated to Product A using activity-based costing
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