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Pedro Bourbone is the founder and owner of a highly successful small business and, over the past several years, has accumulated a significant amount of personal wealth. His portfolio of stocks and bonds is worth nearly $5,000,000 and generates income from dividends and interest of nearly $250,000 per year. With his salary from the business and his dividends and interest, Pedro has taxable income of approximately $600,000 per year and is clearly in the top individual marginal tax bracket. Pedro is married and has three children, ages 16, 14, and 12. Neither his wife nor his children are employed and have no income. Pedro has come to you as his CPA to discuss ways to reduce his individual tax liability as well as to discuss the potential estate tax upon his death. You mention the possibility of making gifts each year to his children.
Directions: Explain how annual gifts to his children will reduce both his income during lifetime and his estate tax at death.
What are ways for valuing stocks? Do you believe these valuation techniques could actually lead the average investor to make a profit buying and selling stock? Why or Why not?
A business makes a principle payment of cash on a note payable. The note payable was originally issued for the purchase of equipment. Which of the following occurs?
Prepare the issuer's journal entry to record the first semiannual interest payment assuming the effective interest method is used.
in 2013 janet and ray are married filing jointly. they have five dependent children under 18 years of age. the couples
Jane, Kent, and Tracy have income ratios of 5 :3 :2 and capital balances of $34,000, $31,000, and $28,000, respectively. Noncash assets are sold at a gain. After creditors are paid, $119,000 of cash is available for distribution to the partners. ..
the bank is offereing a savings plan as follows the initial yield is 2.21 apy. if you maintain your account for at
What interest rates should be used in determining the amount of interest to be capitalized? How should the amount of interest to be capitalized be determined?
An aging of a company's accounts receivable indicates that $3,000 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a:
Ganzalez, Inc., manufactures stereo speakers in two factories: one in Vandalia, Illinois and another in Modesto, California. The Vandalia factory uses DL$ for its overhead rate and the Modesto factory uses machine-hours (MHs) for its overhead rate..
Why might managers seeking a monthly bonus on attaining a target operating income prefer the sales method of accounting for byproducts rather than the production method?
Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast ..
Explain how dividends or dividend requirements on any class of preferred stock that may be outstanding affect the computation of EPS and describe the circumstances under which it might be appropriate to apply the treasury-stock method.
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