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1.In 2013, DFS Medical Supply collected rent revenue for 2014 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recognized as income in the period earned. The unearned portion of the rent collected in 2013 amounted to $300,000 at December 31, 2013. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2013 income tax payable of $950,000, prepare the journal entry to record income taxes for 2013.
A firm's preferred stock pays an annual dividend of $2, and the stock sells for $65. Flotation costs for new issuances of preferred stock are 5% of the stock value. What is the after-tax cost of preferred stock if the firm's tax rate is 30%?
Beta Corporation anticipates $800,000 of taxable income for the year before considering additional projects. What marginal tax rate should it use in evaluating a project that may generate $200,000 of additional income?
During Year 1, Hans had rental income of $300,000 and operating expenses (depreciation, interest, insurance, etc.) of $220,000. On the advice of his accountant, Hans made a Code Sec. 871(d) election in Year 1.
The Rowdy Fun is a limited partnership and was formed on June 1, 2005, by Thomas Kyle, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise.
The fixed manufacturing overhead cost was $8 per unit in the beginning inventory - The company uses a last-in-first-out inventory flow assumption
How might a MNC use transfer pricing strategies? How do import duties affect transfer pricing policies?
hen the Schnappaufs prepared their 2009 tax return, they elected to expense the computer and printer using Section 179. The computer system and the printer were used exclusively in her business.
What effect does a highly compensated employee have on the minimum vesting requirement?
question the corporate income tax rates in two countries a and b are 40 and 25 correspondingly. additionally both
The income tax rate for 2008 was 30 percent. Eric had unused $60,000 new operating loss carryforward arising in 2007 when the tax rate was 35 percent - Evaluate income tax expense of Eric's report for 2008
Prepare a memorandum that outlines the tax consequences of each of the three alternative acquisitions
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2011, assuming taxable income of $325,000.
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