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NetCo, a US corporation, is planning to start operating in Argentina. NetCo has formed a 100% owned subsidiary in Argentina, ArgCo. NetCo contributes a number of assets to ArgCo in exchange for all of ArgCo's stock. ArgCo will use the assets in an active trade/business. The assets contributed include the following: - Accounts receivable with a basis of $20,000 and a fair market value of $65,000, - Equipment that was purchased for $250,000 and depreciated over the years such that the current adjusted basis is $190,000. The fair market value of the equipment is $260,000, - Inventory that cost $50,000 has a value of $80,000, and - Non-depreciable equipment that was purchased for $110,000 and has a fair market value of $165,000. What are the tax consequences for NetCo when it contributes these assets to ArgCo in exchange for ArgCo stock? (transfer pricing rules)
What is meant by variance power? Suppose that a charitable foundation receives a gift that the donor specifies must be used to support the college education of a particular individual. Of what relevance is variance power to how the foundation acco..
A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2012. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,109. Using effective-interest amortization, how much interest expense will be re..
Discuss in at least two WELL-DEVELOPED paragraphs your ORIGINAL personal insights about understanding the importance of the cost drivers and the types of cost behavior that influence managerial decision making.
If an individual taxpayer acquires a mortgage to buy his principle residence and then, several years later, refinances that mortgage with a new mortgage, the interest on that new mortgage is:
Write a summary of asset treatment in a business. Examine the aspects of acquisition, depreciation, revising periodic depreciation, expenditures during useful life, and the three different means of disposal.
Robins Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company's financial statements.
Rob, Bill, and Steve form Big Company. Rob performs $45,000 of services for his shares of the company. Bill transferred property with a basis of $5,000 for $75,000 of stock. Steve contributes cash of $100,000 for his shares. Which of the three must r..
Classic Accessories manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel allow is the best raw material of the shaping process. The steel is molded according to the design specifications of automobile manufactu..
The company sold 153 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars)
The total fixed costs of $50,000 are allocated on the basis of sales volume across the three product lines. The small product line has 30% of the sales volume. What is the differential income or loss from discontinuing the small speaker product li..
At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for the machinery. The depreciation expense for 2011 would be:
construct a bond amortization table for this problem to indicate the amount of interest expenses and discount amortization at each May 31. Include only the first four years.
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