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Water Corporation reports $500,000 of taxable income for the current year. The following additional information is available:• For the current year, Water reports an $80,000 long-term capital loss and no capital gains.• Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation.• Water paid fines and penalties of $6,000 that were not deducted in computing taxable income.• In computing this year's taxable income, Water deducted a $20,000 NOL carryoverfrom a prior tax year.• Water claimed a $10,000 U.S. production activities deduction.• Taxable income includes a deduction for $40,000 of depreciation that exceeds the depreciation allowed for E&P purposes.Assume a 34% corporate tax rate. What is Water's current E&P for this year?
Find the effects be of the overall transactions on reported income for 2009? Why would Steinbach take these actions - Is this ethical? Why or why not?
How would your answer to (a) differ if Emma used the $50,000 to purchase the shares herself, instead of lending it to her husband and advise Alpha of the income tax consequences arising out of the above information for the 2013-14 income year.
Ethical standards for corporations and recent changes to financial and reporting laws to take into account ethical standards as a result of the earlier corporate scandals
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Advise Periwinkle of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2014.
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Carl's Video adds the amount of sales taxes collected directly in price charged for merchandise, and total amount is credited to Sales. During January, Sales was credited for $239,680. The 31st January adjusting entry to account for a 7 percent st..
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What are the U.S. tax consequences of liquidation for Winco and what is the maximum amount of income that Acme can allocate to its IC-DISC? (Assume combined taxable income equals the $400 of net income from qualifi ed export receipts.)
Do you agree with Ann's technique of comparing foreign companies with one another and find what are some factors that must be considered when conducting cross-country comparisons among companies?
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