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(1) Durrabusiness is organized as a regular C corporation in 1986. At the beginning of the present year, Durrabusiness elects to be an S corporation. Will the election cause a recapture of the general business investment credit taken on any property purchased while a C corporation?
(2) Several individuals form Lang Corporation on May 1, 2011. The corporation begins acquiring assets on June 1, 2011, and begins business on August 1, 2011. What is the latest date that Lang can file Form 2553 requesting S corporation status?
(3) A shareholder purchases 30 percent of the stock of an S corporation two-thirds of the way through the year for $20,000. The S corporation incurs an operating loss of $300,000 for the year. What is the amount that the shareholder may deduct on his personal income tax return, assuming the at-risk and passive activity rules do not apply?
Examine the sources of pressure that change and influence the development of GAAP. Determine the sources of pressure that have the greatest impact. Justify your rationale.
The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. What should be the allocation of this property's costs in the company's accounting records?
What should barrel corporation report in accumulated other comprehensive income for this pension plan?
There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.
A is a fixed expense; B is a variable cost. During the current year the level of activity has reduced but is still within the relevant range.
Some accountants hold the view that each interim period should stand alone as a basic accounting period, whereas others view each interim period as essentially an integral part of the annual period. Distinguish between these views.
Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014
Examine the governmental fund financial statements. Are any major capital projects funds included? If so, list them. Attempt to find out the nature and purpose of the projects from the letter of transmittal, the notes, or MD&A. What are the major ..
To adequately plan an audit, the auditor should obtain sufficient knowledge of the client's business to understand events, transactions, and practices that may have a significant effect on the financial statements.
Burich Co. reported proceeds from short-term (non-payables) notes of $2.5 million, proceeds from long-term borrowings of $6.8 million,
There are four important purposes of analytical procedures. Identify one of these four purposes and give a specific example of an analytical procedure that an auditor might perform.
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