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1. What limits are place on the selection of a tax year of an S corporation? How do these limits differ from those applicable to C Corporations and partnerships?
2. Durrabusiness is organized as a regular C corporation in 1986. At the beginning of the present year, Durrabusiness elects to be an S corporation. Will the election cause a re-capture of the general business investment credit taken on any property purchased while a C corporation?
3. Several individuals form Lang Corporation on May, 1 2010. The corporation begins acquiring assets on June 1, 2010, and begins business on August 1, 2010. What is the latest date that Lang can file Form 2553 requesting S corporations status?
When should variances be investigated? Who should be responsible for correcting a negative variance? Why? What are some factors that can lead to variances? How can variances be corrected?
How much should she invest in the money market account each year for the next 8 years to achieve her objective? How much would she need as a lump sum payment to compound to $20,000 in 8 years at 6.35% annual rate?
The board of directors plans to pay dividends in the amount of $1 million this year.What amount will go to preferred stockholders? How much will be available for common stock dividends?
A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?
Ashland Burglar Alarms Inc. sells a single product. The product has a selling price of $50 per unit and variable expenses of 80% of sales. If the company's fixed expenses total $150,000 per year, then it will have a break-even point in sales dolla..
Gomez Company had a gross profit of $360,000, total purchases of $420,000, and an ending inventory of $240,000 in its first year of operations as a retailer. Gomez's sales in its first year must have been:
A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..
On May 15, 2009, Brent purchased new farm equipment for $40,000. Brent used the equipment in connection with his farming business. Brent does not elect to expense assets under § 179. Brent does elect not to take additional first-year depreciation...
From an employer's point of view, what is preferred a defined contribution plan or a defined benefit plan. What are the cash ramifications as well as reporting requirements?
Pensions When should the cost of providing pension benefits to the employees by expensed? A. As the contributions are made to the plan B. As the employee works C. As the benefits are paid to employees How should the effect of amendment to a plan b..
If a devious company wanted to get the highest possible near-term earnings after acquisition, which asset and liability allocation would be maximized and minimized and why?
Should the rules be rewritten so that Coca-Cola must consolidate CCE rather than use the equity method? If so, at what level of ownership would the equity method no longer be appropriate?
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