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Problems
1. Teresa is considering contribution 900,000 to the capital of Beige inc, a C corporation. A business acquaintance suggests that, instead, she should invest only 600,000 in capital and lend the 300,000 balance to the corporation. The investors rate on the loan would be the federal rate of 5.5% Are there any Tax benefits to this advice? Any tax pitfalls? Explain
2. Is it possible to permanently avoid double taxation of a c corporation by never making distributions to a shareholder?
Determine taxable income before considering expense.
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Explain what is meant by income by ordinary concepts
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Calculate Carolines taxable income
Show the tax issues that are raised and the relevant sections of the legislation.
Brief statement in your own words of the facts of the cases.
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Prepare the required journal entry to record the tax expense
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
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