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Stacey Small has a small salon that she has run for a few years as a sole proprietorship. The proprietorship uses the cash method of accounting and the calendar year as its tax year. Stacey needs additional capital for expansion and knows two people who might be interested in investing. One would like to practice hairdressing in the salon. The other would only invest.
Stacey wants to know the tax consequences of incorporating the business. Her business assets include a building, equipment, accounts receivable and cash. Liabilities include a mortgage on the building and a few accounts payable, which are deductible when paid.
Write down a memo to Stacey explaining the tax consequences of the incorporation. As part of your memo examine the possibility of having the corporation issue common and preferred stock and debt for the shareholders’ property and money.
Preparing a list of pros and cons do not mean just giving a definition of three entities. Your information presented should be structured toward their prospective business. Please make sure your responsive comprise the necessary references and rule..
The standard hours allowed for actual output of month totaled 7,070 machine-hours. What was the variable overhead efficiency variance for the month?
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Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?
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Write down an essay on legal issues surrounding Solyndra, the California based solar panel manufacturer.
Dick’s Sporting Goods makes customized uniforms. The Great Northwest League has offered to buy 80 basketball jerseys for $16 per jersey-If Dick’s accepts the special order from The Great Northwest League, its operating profit will
The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.
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