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Binh owns several businesses. The total income generated by all his businesses puts him in the highest marginal tax bracket. Seeking to lower the overall tax on his business income, Binh is thinking of creating two S corporations and putting half his business interests in each. Will this arrangement lower his overall tax? Write a letter to Binh in which you explain the tax effects of organizing his businesses as two S corporations. In your letter, suggest an alternative plan that might lower his tax.
Doug pays a county personal property tax on his automobile of $1,500. The $1,500 includes $800 based on the weight of the car and $700 based on the value of the car. How much of the tax can Doug deduct on his tax return?
One company buys a controlling interest in another company on April 1. Explain how the pre-acquisition revenues and expenses should be handled in the consolidated balances for the year of acquisition. Explain why you feel it should or shouldn..
triple companys accountant made an entry that included the following items debit postage expense 12.42 debit office
For each situation, discuss why the procedures are used and how they provided effective internal control.
Orange Ltd. Withheld from its employees" paychecks $200,000 in Federal income and Social Security taxes for the May 29 payroll. It then spent the $200,000 on equipment upgrades, missing altogether the May 31 due date for the tax remittances. How m..
Using the Dupont formula for rate of return on investment, determine the profit margin, investment turnover, and rate ofreturn on investment of the European Division, assuming that1,750,000 of assets have been invested in the europeanDivision.
Prepare in good form the journal entry to record each of the following transactions on the books of ABC. January 10: ABC is incorporated by issuing $50,000 of common stock to each of the three owners.
Briefly summarise the significant events in the history of the firm. A visual timeline is acceptable. Choose three major events (including entering China) and discuss these in detail, with reference to the impact on the strategic direction of Lion..
Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Parrett's equipment (ten-year life) had a book value of $360,000 but a fair value of $480,000.
Identify and explain the fundamental concepts and principles in accounting, the components of the accounting equation, the primary financial accounting equation, and financial statements and reports.
net sales for the year were 1200000 and cost of goods sold was 876000 for the companys existing products. a new product
early customers at graffiti week balk at the price for moondoggie reserve. the marketing department at dfw jolene
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