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Tern Corporation, a calendar year C corporation, is solely owned by Jessica Ramirez. Tern's only business since its incorporation in 2012 has been land surveying services. In Tern's state of incorporation, land surveying can be performed only by a licensed surveyor. Jessica, Tern's only employee, is a licensed surveyor but is not a licensed engineer. Upon audit of Tern's 2012 and 2013 tax returns, the IRS assessed tax deficiencies stemming from its conclusion that the corporation was a personal service corporation subject to the flat tax rate of 35%. Jessica believes that the IRS's determination is incorrect, and she has asked you for advice on how to proceed. Evaluate the IRS's position regarding the treatment of Tern Corporation as a personal service corporation, and prepare a memo for the client files describing the results of your research.
suppose you own a movie rental theater and most of your costs(the film rental, security, security, the building rental, etc) are independent of how many people show up. What is likely to be the point elasticity of demand at the price you decide to..
Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole..
Jackson Ski Company is involved in four separate businesses. The following information is available for each of the four industries. Determine which of the separate businesses are reportable based on Revenue test.
The codified rules in ASC 932 are largely based on two former FASB statements: Other former FASB statements that have special impact on the industry are: The SEC's rules for oil and gas producing companies are found in:
What is the process for writing these accounts off under each method? Explain the entries that are made to record payment of an account that has previously been written-off?
Which of the following is a method used to account for uncollectible accounts? Direct write-off method Allowance method Bad debts expense method Installment method Both A and B above
In a certain standard costing system the following results occurred last period: labor rate variance, $1,000 U; labor efficiency variance, $2,800 F; and the actual labor rate was $0.20 more per hour than the standard labor rate. The number of actual ..
pension expense journal entries latoya company provides the following selected information related to its
On 1/1/2014 the Jackson Co. has a $40,000 debt outstanding which matures on 12/31/16. Interest which is payable on Dec. 31 of each year, was last paid on 12/31/13. Using the effective interest method. how much interest expense is recognized on the de..
Unused capacity, activity-based costing, activity-based management. Zarson’s Netballs is a manufacturer of high-quality basketballs and volleyballs. Setup costs are driven by the number of batches. Calculate the budgeted cost per unit of cost driver ..
Estimate the cost of the merchandise destroyed . Briefly descrive the situations in which the gross profit method is useful
Portman Corporation has retained earnings of $693,600 at January 1, 2014. Net income during 2014 was $1,491,000, and cash dividends declared and paid during 2014 totaled $83,700. Prepare a retained earnings statement for the year ended December 31, 2..
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