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Termination of the Election. Orlando Corporation, a calender year taxpayer, has been an S corporation for several years. On July 9, 2010, Orlando authorizes a second class of nonvoting preferred stock that pays a 10% annual dividend. The corporation issues the stock to Sid on September 13, 2010, to raise additional equity capital. Sid owns no other Orlando stock.
a. Does Orlando's S election terminate? If so, when is the termination effective?
b. What tax returns must Orlando file for 2010? When are they due?
c. How would your answer to Parts a and b change if instead the second class of stock were nonvoting Class B common stock?
Carson, Letterman, and O'Brien are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $116,000, $69,000, and $34,000, respectively.
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The fixed overhead volume variances is due to:
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Northern Company's actual manufacturing overhead is $2,500,000. Overhead is allocated on the basis of direct labor hours. The direct labor hours were 25,000 for the period. What is the manufacturing overhead rate?
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Suppose Subaru agrees to repay $500 million at the end of 4 years. How much will UBS lend Subaru?
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