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On April 3, 2008, Mark filed his 2007 Income tax return, which showed a tax due of $80,000. On June 1, 2010, he filed an amended retrun for 2007 that showed an additional tax of $10,000. Mark paid the additional amount. On May 18, 2011, Mark filed a claim for a 2007 refund of $45,000.
a. If Mark's claim for a refund is correct in amount, how much tax will he recover?
b. What is the period that government paid itnerest runs with respect to Mark's claim for a refund?
c. How would you have advised him differently?
Paul invest $10,000 cash in an equipment leasing activity for 15% ownership share in the business. The remaining 85% owner is Amanda. Amanda contributes $10,000 and personally borrows $75,000 that she also invests in the business. What are the at-..
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
A corporation had stockholders' equity on January 1 as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; Contributed Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $3,000,000. Prepa..
Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.
A company has taxable income of $1,760 with a tax rate of 38 percent. Owners equity is: $400 in stock, $200 in capital surplus, and $200 in retained earnings. What is the return on equity (ROE)?
Provide an example of financial institutions, and state what role they play in securities markets.
Allison is the sole shareholder of Destiny Corporation, which operates a travel agency for business travelers. Allison would like the corporation to donate some used computers to a local private school dedicated to the education of young ladies.
Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that you feel made the biggest impact.
The committee which is responsible for holding hearings on tax legislation for the House of Representatives is the
Finally, Giovanni estimates that he needs to withdraw $55,000 from the business (as dividends) to cover his own personal living expenses this year. Will Giovanni have enough cash to get through the year? What is his budgeted cash balance on Decemb..
Basis of Inherited Property. The basis of property acquired from a decedent is generally fair market value at date of death. What are the two exceptions to this rule ( do not include property subject to special-use valuation)?
Illustrate journal entries required and demonstrate the calculations necessary. How to calculate a change in the periodic rate is also shown. Plant asset disposal slides illustrate the following situations: retirement, loss on sale, and gain on sa..
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