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Question - Florrick Co. owns 85% of Bishop Inc. The two companies file a consolidated income tax return and Florrick uses the initial value method to account for the investment. The following information is available from the two companies' financial statements:
Florrick Co.
Bishop Inc.
Separate operating income (excludes equity or dividend income from subsidiary)
$500,000
$125,000
Net intra-entity gains on assets remaining in the consolidated entity in current year income (included in separate operating income above)
60,000
20,000
Dividends received from Bishop Inc. (not included in separate operating income above)
28,000
-0-
Dividends paid
120,000
50,000
The income tax rate was 40%.
Required - What was the net income attributable to the noncontrolling interest, assuming that the separate return method was used to assign the income tax expense?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
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