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A retail hardware store was organized on January 1, 2010. Its taxable income in the first year is $300,000. It makes no distribution to its shareholders during that year of during the first 2.5 months of the 2nd year. The only adjustments to taxable income for purposes of the accumulated earnings tax if for federal income taxes paid on its taxable income.
1. Will the corporation be subject to the accumulated earnings tax for the first year?
2. Assuming that the corporation has the same taxable income the 2nd year and that it makes no distributions during the 2nd year or the first 2.5 months of the 3rd year, will it be subject to the accumulated earnings tax for the 2nd year?
3. If the corporation has distributed $115,000 to shareholders in its first year of existence and nothing in the 2nd year, would it be subject to the accumulated earnings tax for the 2nd year?
Your investment adviser wants you to purchase an annuity that will pay you $25,000 per year for 10 years. If you require a 7% return, what is the most you should pay for this investment?
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Your local government created an agency to serve the local community in providing low income housing. That housing agency, called the Local Housing Board, is a tax exempt agency of local government and was created to receive federal funds for hous..
The company has 15 employees, who earn a total of $1830 in salaries each working day. They are paid each Monday for their work in the five day workweek ending on the previous Friday.
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Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date.
Write down the journal entry that is needed in order to record the acquisition of the bonds on January 1, 2005. Make sure to use the NET method.
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