Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Imagine you are a CPA. A client engages you to determine how best to transfer property and perform services to a corporation in exchange for stock with minimal exposure to taxes and risk of an IRS audit. Assume that the client is forming this corporation with two other people who also plan to contribute property and services to the corporation.
Using the Internet or Strayer databases, research the rules regarding the transfer of property and services to a corporation in exchange for stock. Include a review of the IRS to determine its level of interest and audits conducted related to this area. Write a three to four (3-4) page paper in which you:
Based on your research, determine the types and methods of transfers that will most likely trigger a taxable event for your client. Indicate how you are likely to present this information to your client.
Based on your research, evaluate which types of transfers are most likely to increase the risk of an IRS audit and the impact of the advice given to your client.
Recommend the most advantageous types and methods of property and service transfers to your client in exchange for stock to minimize any tax liability and risk of audit. Support your recommendations with examples.
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
Do you think it is necessary to use an accumulated depreciation account instead of just adjusting the asset account directly?
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
Research a large multinational company in which you might like to invest. Then estimate the most significant risk factors associated with investing in company you selected when compared with investing in the domestic company.
Linda is a qualifying widow in 2010. In 2010, she reported $75,000 of taxable income (all ordinary). What is her gross tax liability using the tax rate schedules?
Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.
Explain why are companies with small levels of inventory usually unconcerned with the choice of variable or absorption costing?
Prepare the journal entry to record Autumn Company's issuance of 63,000 share of no-par value common stock assuming the shares;
Bankston Corporation forecasts that if all of its existing financial policies are followed, its proposed capital budget would be so large that it would have to issue new common stock. Since new stock has a higher cost than retained earnings, Banksto..
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
Prepare journal entries to record the three dividend "events" that took place during 2011. If the company's common stock was value at $135 per share when the stock dividend was declared, what would the stock price be just after the dividend shares ..
General Products Company bought Special Products Division in 2010 and appropriately recorded 500,000 of goodwill related to the purchase.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd