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Describe the advantages and disadvantages of selecting a sole proprietorship, a partnership, or a corporation as the tax reporting entity for a new business. How do each of these taxable entities account for payments to owners who work at the business?
When working as an accountant, one issue that often arises is the need to assist a new business owner in identifying the correct form a business should take, mainly for tax purposes. Choose one of the three taxable entities and present an example of a business situation that would correspond with that particular taxable entity. For example, if you are opening a chain of gas stations and you have three other investors, what business entity would be best to handle the tax reporting for your business venture? Explain your reasoning.
Note that this discussion regarding the choice of business entity for business owners is the first step in completing the final project.
When considering your peers' posts, do you agree with the taxable entity chosen for the situation described? Why or why not? Add additional relevant information or describe some situations that need to be considered when choosing the type of taxable entity your peer chose.
Support your initial posts and response posts with scholarly sources.
Suppose your credit card issuer states that it charges a 8.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate?
If profit from the lettings is measured as revenue minus maintenance costs, find an expression for profit in terms of the number of units let.
in comparing u.s. gaap and international financial reporting standards ifrs with regard to a basis for measurement of a
Explain the necessity for performing substantive testing even for audit clients with strong internal controls and sophisticated IT systems.
In 2007, at the time of the purchase, should Construct record a liability for environmental liabilities? If so, how much and In 2008, should the company record any liability due to BigMix filing for Chapter 11? If so, how much?
What is the common stock, retained earnings, cost of goods sold and net income. I have 5000 cash, 10000 inventory,45000 building,5000accounts payable.total liabitities stockholders 60000,revenues 80000 and administrative expeneses 10000
paul age 62 suffers from emphysema and severe allergies and upon the recommendation of his physician has a dust
write a paper of no more than 750 words in which you discuss the difference between comparative and ratio analysis.
How much gain is recognized by Nathan? What is the character of the gain? What are the tax consequences and alternatives to Michelle? Is there a difference if Ben sold his entire interest?
the information below is taken from the december 31 2014 adjusted trial balance of rummer company all numbers are
Uses the average cost method of pricing inventory.
dougs conveyor systems inc. is considering two investment proposals 1 and 2. data for the two proposals are present
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