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Hernandez which has been an S corporation since inception, is subject to tax in States Y and Z. On schedule K of its federal form 1120S, Hernandez reported ordinary income of $500,000 from its business, taxable interest income of $10,000, capital loss of $30,000 and $40,000 of dividend income from a corporation in which it owns 30%." Both states apportion income by use of three-factors formula that equally weights sales, payroll, and the average cost of property; both states treat interest and dividends as business income. In addition Y and Z follow Federal provisions with respect to the determination of taxable income for the corporation. Y recognizes S status, but Z does not. Based on the following information, write a memo to the shareholders of Hernandez detailing the amount of taxable income on which Hernandez will pay tax in Y and Z. Hernandez corporate offices are located at 5678 Alabaster Circle, Koopville, KY 47697
Which of the following is correct in regard to equity trading securities?
In an Advertiser's records, a newspaper ad submitted and publisdhed this week with the agreement to pay for it next week would:
If the cost of ZZ is allocated to the X and Y products on the basis of the number of gallons produced, how much of the total cost of the 400 drums should be charged to each product?
Burger and more business is worth 250,000. it is expected to grow at 12% per year compounded annually for the next 5 years. Find the expected future value.
At the end of the current year, the following information is available for both Kumar Company and Asher Company.
Compare and contrast sole proprietorships and partnerships - organization, operation and taxation. Be sure to organize your answer so that you address each of the aspects of this question - organization, operation and taxation - completely for eac..
Calculate Suzy's recognized gain or loss on the distributions, if any. Calculate Suzy's basis in the inventory received.
B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the TC Partnership. At the same time Chen will invest a building which is worth $90,000 to the partnership. What will be the journal entry to record the formation of t..
Each year the supervisor prepares an operating budget for the motor pool. The budget informs university management of the funds needed to operate the pool. Depreciation on the automobiles is recorded in the budget in order to determine the costs p..
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
Conduct literature and internet research of sole proprietorships, partnerships, and corporations. Discuss the three business forms in terms of how they are formed, managed, and how they operate as business entities.
They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 71/2% of adjusted gross income ,$3,000 in property taxes ,$4,000 in housing interest ,and $5,000 in miscellaneous itemized deductions that exceed 2 perce..
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