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Your client supplies water to a housing development. The company requires new customers to pay for the extension of the water lines to the customer's home. The water lines are the company's property. The company has consistently treated the amounts received from its customers as a nontaxable contribution to capital and used the amounts received as a reduction in the cost of the water lines for tax purposes. In recent decisions, the courts have consistently ruled that the payments received from the utility customers in similar circumstances should be treated as income from services, rather than as a contribution to capital. Your client has concluded that it is only a matter of tome before the IRS will apply the recent court decisions to the company. The client would like you to explain the tax consequences of the IRS's likely adjustment based on these decisions.
iguana inc. manufactures bamboo picture frames that sell for 25 each. each frame requires 5 linear feet of bamboo which
at the end of its accounting period december 31 the allowance for doubtful accounts for far-fetch corp. showed a debit
Carson Inc., a retail establishment, expects sales of $500,000 of a particular item in March. Its gross profit percentage is 60 percent. The ending inventory in February of this item cost $40,000 and the company wants an ending inventory of $38,00..
true or false1. the net present value of a project will be negative if the required rate of return is greater than the
What was the correct cash balance at May 31, assuming the bookkeeper reported a balance of $12,475 after posting all 50 entries?
Using the following table, calculate the SLE, ARO, and ALE for each threat category listed
From the e-Activity, discuss the primary advantages and disadvantages of using dollar-value LIFO, as compared to specific goods. Imagine you are an accounting consultant hired by management. Recommend to management the method most beneficial durin..
The 2008 annual report for Fortune Brands, the seller of Pinnacle golf balls and MasterLock padlocks,disclosed that 750 million shares of common stock have been authorized.
At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 10% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2011. What is the dollar amount that is to be report..
At the December 31, 2010 balance sheet date, Unruh Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2011, a future taxable amount will occur and
materials used by the industrial divison of crow manufacturing are currently purchased from outside suppliers at a cost
Raymond provides the following information related to assets used in a trade or business which have been sold in 2011. All assets have been held for over one year.
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