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To avoid double taxation on corporate income, shareholders in closely held C-corporations often pay themselves large salaries.
a. Briefly discuss how the reasonable compensation issue applies to S-corporations.
b. Briefly explain the double taxation problem and how paying large salaries to owners avoids it.
c. Briefly discuss the IRS's position on reasonable compensation for owner-employees of closely held C-corporations.
A firm leases equipment under a capital lease (analogous to an installment purchase) that calls for 12 semiannual payments of $39,014.40. The first payment is due at the inception of the lease. The annual rate on the lease is 6%. What is the value..
At the end of the year, Marianne's share of partnership liabilities decreased by $30,000. Assuming loss limitation rules do not apply, Marianne's basis in the partnership interest at the end of the year is:
Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What entry will Givens Brick Company make to pay off the note and interest at maturity assuming that interest ha..
How does an audit performed using CobiT methodology differ from an audit that doesn't?
Mikor has an account payable of 7,700$ due to Smiley Inc. one of its suppliers. The amount was due to be paid on October 15, 2007. Use the horizontal model, or write the journal entry to show the effect of :
The financial leverage characteristic of long-term debt results in:
The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction.
For the year ended December 31, Laramie Industries has a depreciation expense per its tax return greater than its financial statement tax expense, and had recorded warranty expense (associated with a one-year guarantee on its products) in its fina..
Abner, age 80 and in poor health, owns investment land with an adjusted basis of $50,000. He is considering transferring it to Stella, his niece. Regarding Stella's income tax position, should the transfer to her be by gift or by inheritance? (Ass..
When the cost behavior pattern has been identified as fixed at a certain volume of activity.
Discuss a production process that you think would involve the production of joint products, being sure to address the following points:
Product-cost cross- subsidization is less likely to occur when: a) a single cost pool is used b) little effort is mae to trace cost objects c) a peanut butter approach is used to allocate overhead d) none of the above
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