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In late 2007, the board of directors adopted the following: Salary payments made to an officer of the corporation that shall be disallowed in whole or in part as a deductible expense for Federal income tax purposes shall be reimbursed by such officer to the corporation to the full extent of the disallowance. It shall be the duty of the board of the directors to enforce payment of each such amount. In 2008, Osprey Corporation paid Patrick $560,000 and dan $400,000. in 2011, the IRS found compensation excessive and disallowed deductions for Patrick for $200,000 and $150,000 for Dan. The IRS recharacterized the disallowed payment as constructive dividends.Both repaid the disallowed compensation to Osprey in early 2012. Both have asked to me determine how their repayments should be treated for tax purposes. Dan is still working as a highly compensated executive while Patrick is retired and living off his savings.
wanda spendthrift is the vice president and treasurer of buyeverything enterprises inc. that has three wholly-owned
what is the rental and utilities cost for march april when the production is 100250 in march and april. rent is
in year 4 the companys variable costing net operating income was 240000 and its absorption costing net operating income
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
the company recorded revenues of $250,000, expenses of $190,000, and paid dividends of $20,000. What was Henson's retained earnings at the end of the year?
which of the following is reported as an operating activity in the statement of cash flows? the payment of
Calculate the sales revenue reported by XYZ Company in its 2004 income statement.
Compute production cost per unit under absorption costing.
the accounting profession is concerned about whether companies are in compliance with the varies federal and state
How much rental income must Billy Dent include on his 2010 income tax return?
Custom Computers is a company started by two engineering students to assemble and market personal computers to faculty and students. The company operates out of the garage of one of the students' homes. From the following costs of a recent month, ..
the higgins company has just purchased a piece of equipment at a cost of 100000. this equipment will reduce operating
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