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a) what happens when a shareholder in a subchapter S corporation has losses and deductions allocated to him in excess of his basis in his corporate shares?
b) would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
c) what are the principal advantages of a Subchapter Selection?
What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and factory overhead cost?
Current social trends in corporate taxation have a tremendous impact on how corporations run their business activities. For instance, tax liabilities will affect where a corporation runs its activities-in the United States or in a foreign country-..
Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances..
The concept of operating leverage Signifies to which of the following?
The role and process of recognising depreciation in accounting reports, and by identifying accounting concepts which provide the justification for recognising depreciation.
Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.
How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?
If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.
(a) Compute the actual cost per foot for materials for March. (b) Compute the materials price variance and a total variance for materials.
Using Delta Airlines, discuss the portfolio associated with it (other products or services offered by the same company). Think of the associated products and apply them to the Boston Consulting Group's portfolio analysis grid. Which ones are stars..
Spock Corporation's unadjusted trial balance at Dec 31, 2007, included the following accounts. Spock Corporation estimates its bad debt expense to be 1.5% of net sales.
Tax professional to decide on the best course of action from a tax perspective on their issues. make a three page memo (at least 300 words per page) to John and Jane Smith addressing the issues presented.
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