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Accounting TAX
A
1. Organize an outline that lists the advantages and disadvantages of making a consolidated return election. Include at least five advantages and five disadvantages of making the election.?2. From a procedural/tax compliance standpoint what steps must be taken the first year a consolidated tax return is filed?
B
Please brief the following case:?Commissioner v. Duberstein, 363 U.S. 278 (1960)?Your memo to the files should incorporate the following sections:?FACTS?ISSUES?LAW & ANALYSIS?CONCLUSION
C
1. The Jerry Lewis group is conducting an analysis which will determine if it will be advantageous to file on a consolidated basis for federal income tax purposes effective for its tax year beginning January 1, 2017. Their analysis is taking longer than anticipated. What is the latest date that the group can make their decision? What tax forms must be filed by that date?
2. The Dylan consolidated group reports the following results for the 2016 tax year:
Entity Income or Loss
Parent $10,000
SubCo 1 1,500
SubCo 2 4,000
SubCo 3 2,000
Assume that a 35% tax rate applies.
What is the Dylan Group's consolidated taxable income and consolidated tax liability for 2016?
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
A Texas attorney contemplates entering into an employment contract regarding child support arrearage lawsuits with the client based on a (contingency fee) percentage of the amount of arrearage recovered for the client.
What general business factors should be considered when choosing between the branch and subsidiary forms of doing business in the United States - determine which transfer pricing methods applies and compute a transfer price using the appropriate me..
During Year 1, Hans had rental income of $300,000 and operating expenses (depreciation, interest, insurance, etc.) of $220,000. On the advice of his accountant, Hans made a Code Sec. 871(d) election in Year 1.
Calculate Marys taxable gifts for this year. In your answer, you should address the issues of whether such transfers are gifts for gift tax purposes taxable transfers
Discuss whether Triceratops Toys Manufacturing Limited's profits are subject to Hong Kong profits tax for the year of assessment 2012/13.
Liquidation of Subsidiary - Tax Consequences to Subsidiary and Parent
You should also provide a tax return memorandum showing the following items: a summary worksheet of the above calculations of income tax and the refund or additional tax due.
At that time the company had no positive verifiable evidence that it would earn future taxable income. However, due to successful management, the company reported pretax operating income (and taxable income) of $70,000 in 2011. During both years,
Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution.
Taxable income for 2013 is $180 million and the tax rate is 40%. Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2013.
What is Erin and Adam's tax liability if they file a joint return? What is Erin and Adam's total tax liability if they file separate returns and Adam's parents claim him as a dependent?
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