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Question - Owl, Inc., was owned entirely by Jeri Bell and Jerry Gore, each owning 620,000 of the 1,240,000 shares of common stock outstanding. On January 1, 2014, Owl established an employee stock ownership plan (ESOP) which later received a favorable determination letter from the IRS. On February 1, 2014, Bell and Gore each sold 500,000 of their shares to the ESOP, each receiving $2.5 million. To facilitate the transaction, the ESOP borrowed $5 million from a local bank; the loan was guaranteed by Owl. During the year, Owl paid $1.4 million in cash dividends to the ESOP with respect to its stock. The ESOP transferred the cash to the bank as payment of principal and interest under the note. Jeri Bell calls you and asks if Owl may claim a deduction under § 404(k) for the $1.4 million cash dividends. Does Owl have to include the dividends in its computation of ACE, thus avoiding any AMT? Write a memo for the tax files in response to Ms. Bell.
Tim is a Senor audit of Two Be Gone, a large publicly held company. The company recently completed an acquisition of its fifth largest competitor. What risks might this present? How will you, the auditor, respond to these risks (i.e. what actions ..
when computing the amount of tax to be withheld from anemployees salary can tax credits under the ordinance towhich an
viewpoint of the shareholders of the parent company?
at the beginning of the year goren company had total assets of 811100 and total liabilities of 558400. treat each item
Two friends, Guppy and Jobling, are engaged in preliminary discussions with a view to setting up in business as retailers.
What type of process project, job shop, flow shop, and continuous flow would most likely be used for a wedding? Why?
Justin Company had the following data for the current fiscal period: Calculate the number of units completed and transferred out during the period
If Harvey is an active participant in the rental and his AGI is $80,000, how much of the loss can he deduct against ordinary income in 2009
Why must preferred stock dividends be subtracted from net income in computing earnings per share? Why is common stock usually not issued at a price that is less than par value?
Discuss the time and material pricing method.
at december 31 2011 and 2010 miley corp. had 180000 shares of common stock and 10000 shares of 5 100 par value
Trent files his tax return 35 days after the due date. Along with the return, Trent remits a check for $8,000, which is the balance of the tax owed.
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