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DJ Jammer, a rapper/musician, travels around the country performing concerts on college campuses. He has two employees who make up his road crew. The crew sets up his equipment and sells DJ Jammer memorabilia (CDs, T-shirts, posters, etc.) during intermissions and after the concerts. For the last several years, Jammer has operated his business as Jammer Entertainment, Inc. (JEI). JEI, a C corporation with Jammer as the sole shareholder, has generated about 75% of its income from ticket sales and about 25% from memorabilia sales. In January 2006, Jammer sets up a second corporation, Jammer Memorabilia, Inc. (JMI). The new corporation (JMI) handles all memorabilia sales, while JEI now handles only the concert arrangements and concert ticket sales. The two road crew employees continue to perform the same duties as before and continue to be paid by JEI. (JMI is billed for the salaries paid on its behalf.) Jammer spends about 80% of his time on JEI activities and the remainder on JMI. He set up JMI in order to sell the memorabilia business and concentrate on his career as an artist/performer. Upon audit, the IRS advises DJ Jammer that the new arrangement causes JEI to be classified as a qualified personal service corporation. Write a 2- to 3-page memo to the file, evaluating the merits of the position taken by the IRS. Use the IRAC Tax memo format: Issue, Ruling, Analysis, and Conclusion.
An imaging center has the following information: Compute the total dollar contribution margin dollars and percentage.
Warren Co. recorded a right-of-use asset of $900,000 in 8-year lease under which no profit was recorded at commencement by lessor-The balance in right-of-use asset after 2 years will be:
Universal Company has made changes in its inventory handling policies that are expected to increase turnover from 7 to 8 times per year.
Develop a memo to Texaco Inc’s chief accountant indicating the appropriate income tax allocation required for the above items, comprising the appropriate balance sheet presentation.
Markus Industries is authorized by its corporate charter to issue 10,000 shares of preferred stock with a 7% dividend rate and a par value of $10 per share, and 25,000 shares of common stock with a par value of $2 per share.
Presented below are 3 unrelated situations involving equity securities: What is the effect upon carrying value and earnings for each of the situations above?
Prepare the entries that would be recorded by Menachem Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective interest method is used for amortization purposes.)
What are some of new tools information technology has provided that contribute to unethical behaviour?
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Analyze the tax implications of capital gains and/or losses based on the following case study. Apply the IRS codes to calculate adjusted gross income for individuals. Support your conclusions with reference to specific IRS codes and regulations.
Sonja is a United States citizen who has worked in Spain for the past 10 months. She received $5,000 a month as compensation. Her employer has offered to extend Sonja's contract to work in Spain for another 5 months at the same rate of pay.
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