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Kamal is starting a new business in 2014 which will operate as an S corporation. This means that income earned by the corporation will be reported by shareholders even if they do not receive distributions. Kamal has $130,000 of income from other sources, and itemized deductions totaling $15,000. He expects that the new business will preduce $30,000 of income each year. He is considering giving his son Rashid 20% of the stock in the corporation. Rashid is age 24, and is Kamal's dependent. Rashid's only other income is $2,000 of interest. Neither Kamal nor Rashid will be employed by the corporation. Which alternative will produce a lower income tax liability - having all stock ownded by Kamal or having Kamal own 80% of the stock and Rashid own 20%? Assume Kamal's filing status is head-of-household and Rashid is single. Ignore other taxes. How would the answer be different if Rashid were age 17? Ignore credits.
matrix inc. acquired 25 of neo enterprises for 2000000 on january 12011 the fair value and book value of 25 of neos
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prepare the necessary adjusting journal entries for items a through h. assume that adjusting entries are made only at
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Tanner Company was acquired for cash in a transaction that created goodwill. At what amounts will the building and land be reported in the consolidated balance sheet immediately following the purchase?
Identify the accounting concept that is needed when accounting for businesses with long lives. Explain what this concept means and why it is necessary for modern-day accounting.
problem 1 required in the space below describe the advantages of budgeting.problem 2 required compute the roi for
Liang Company began operations on January 1, 2012. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts
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Complete an amortization table for this installment note
The Container Store currently sells a “Bento Salad Bowl,” which it is currentlymanufacturing in South Carolina. A representative from a company in Vietnam is offering to sell them for 15% less than the manufactured cost.
1 - when a company changes from one acceptable accounting method to another the change is reporteda -in the statement
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