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Stacey has a small salon that she has run for a last few years as a sole proprietorship. The proprietorship uses cash method of accounting and the calendar year as its tax year. Stacey requires additional capital for expansion and knows two people who might be interested in investing. One would like to practice hairdressing in salon. The other would only invest.
Stacey needs to know the tax consequences of incorporating the business. Her business assets include a building, equipment, accounts receivable and cash. Liabilities add a mortgage on the building and a few accounts payable, which are deductible when paid.
Prepare a memo to Stacey explaining the tax consequences of the incorporation. As part of your memo examine the possibility of having the corporation issue preferred and common stock and debt for the shareholders' property and money.
The three directors are paid $10,000 each. One of the directors has been ill for the whole year and his duties were performed by the other directors.
What are the tax concepts involved in completing the Schedule B and what are the tax planning considerations you took into account while completing the Schedule?
question purpose a schedule that lists the components of and evaluates the personal and dependent exemption amount
Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2011. The following expenses were incurred during the first tax year (July 1 through December 31, 2011) of operations.
question juan luan social security number 454-11-7000 is a single taxpayer and is employed as an administrative help at
Briefly discuss the income tax implications of the following, stating which sections of the ITAA 1997 or ITAA 1936, if any, are most relevant.
elaine and nbspsteve lostbucks have come to you for tax advice concerning the purchase of a condominium in faulty
What it the totla amount of FICA tax that would have been withheld for Edwards wages? I came up with the answer 1,247 if it is wrong could you show me why?
2 years ago, Charlotte Corp. purchased a building for $18,000,000. Charlotte uses straight-line depreciation to prepare the financial information but they use MACRS for tax purposes. At December 31, 2013, the building has a book value of $16,000,0..
In general, how would a capital budgeting constraint on the available amount of investment influence these decisions?
Evaluate what is tax effect fir Brian and what will be basis of each of four batches of new stock?
Calculate Carolines taxable income
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