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TAX HOMEWORK
1. How does the Tax Code define a dividend?
2. How does the Tax Code define earnings and profits?
3. Explain how a corporate distribution to a shareholder is impacted in the following cases:
• The distributing corporation has sufficient current and accumulated earnings and profits to cover the distribution amount.
• The distributing corporation has sufficient current and accumulated earnings and profits to cover one-half of the distribution amount.
• The distributing corporation has no current and accumulated earnings and profits to cover any of the distribution amount and the distribution amount exceeds the shareholders stock basis.
The fixed manufacturing overhead cost was $8 per unit in the beginning inventory - The company uses a last-in-first-out inventory flow assumption
Compute the target selling price assuming a 40 percent markup on total per unit cost.
Prepare an income tax return for the Frosts for 2013 - examine the bullets on requirements to add that may pertain to these paragraphs.
You are required to create a flowchart describing the general process and information flows at Top Notch T-Shirt Printing.
Bad debts: on the advice of her accountant, the company raised for the first time a Provision for Bad Debts. No amounts have been debited to the account but there is concern for an amount of $1200 owed by a business that is insolvent.
Consider initial time interest is more than 1 and others are less than Want to understand if there is an increase, decrease, or no effect.
Fireplace Restaurant is a well-established restaurant solely owned by Mr Lam. It makes up its accounts to 31 December annually. During the two years ended 31 December 2012, Fireplace Restaurant had the following transactions in respect of plant an..
Determine whether Renew should lease or purchase the machine if its before-tax cost of borrowing is 8% and briefly describe three motivations for leasing.
Compare and contrast how bad debt expense is determined for financial accounting purposes and how the deduction for bad debts is determined for accrual-method taxpayers.
Advise Jack and Jill of their income tax consequences arising out of the above information under both the diminishing value method and the prime cost method (if relevant) for the year ended 30 June 2015.
on plant depreciation section how did you come out with percentages 100000002.461 on first year. second year and so on
What amount of the cost of the repairs can Matt deduct in year 0 if he uses the cash method of accounting for his business?
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