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Your client Crimson Corp. (CC) is being audited by the Department of Revenue for the State of New York for the calendar year 2010. CC had been audited by the Internal Revenue Service (IRS) for 2010 and agreed with CC's tax position that the sale of the corporation's stock as described later, was primarily treated as the sale of goodwill. The issue in question is limited to a single question. CC is a Massachusetts (MA) corporation and has made an S election several years ago. The owner of the S corporation shares is a MA resident. It has been in business since 1998. It had operated exclusively in MA from 1998 until 2004 when it began to do business in New York. It has had minimal contacts in NY, hiring a few employees in NY but the majority of the business has been solicited through its MA based sales force. In 2010, approximately 45% of its operating income was apportioned to NY with the remainder allocated to MA. In 2010, the company was sold to NPD, a publicly traded company for $100 million. The proceeds from the sale of the company were allocated entirely to MA. Its normal operating profit was allocated as previously described. NYS is now asserting that 45% of the profit from the sale of the stock must be allocated to NY. How would you respond, on behalf of your client? Are there any arguments that you could make to rebut the NY's assertions?
Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Company.
Analysts use the quick ratio (also known as the acid test ratio) and the current ratio. The use of both ratios has become common because
How are journals and ledger used in processing transactions? If a manufacturing company were to maintain special journals for purchases, sales, cash receipts, and cash disbursements, describe five journal entries that an AIS might make directly to..
Justify the time it takes to put together a budget for a human resource project. Support your justification by creating a hypothethical example of a human resource project. Relate specific elements of your example to support your justification.
In the perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28, its marginal cost is $20, and its average variable cost is $20.
Strong Wood Company is a distributor of patio furniture. Data concerning the next month's budget appear below. What is the company's margin of safety? What is the company's margin of safety as a percentage of sales?
Dave Ganz started a sole proprietorship by depositing $30,000 cash in a business checking account. During the accounting period the business earned $6,000 of net income and Ganz withdrew $2,000 cash from the business.
Describe situations where you have effectively demonstrated each of the forms of communication mentioned. What did you do to help you communicate effectively?
Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of 1 and 1/2 times for hours over 40 in a work week.
Your recommendation for any company who processes the ordering technology relates to Accounting Information System. Specifically discuss internal controls.
When can information about two operating segments be aggregated? How is accounting for pensions different than accounting for other post-retirement benefits?
Financial markets are the forums in which buyers and sellers of financial assets such as stocks and bonds, and commodities such as grains, oil and gold, meet. Write a paper of not more than 10 pages on business and financial risk, as follows:
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