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1. Salem Corporation uses the calendar year as its tax and financial annual accounting period. Management, because of the seasonality of sales, wants to change to a fiscal year starting April 1st through March 31st. You have been asked to review the tax law criteria for making this modification. Prepare a memo (750-1,000) to your CFO indicating the outcome of such a change on current taxes and outlining the needs for making this change.2. Salem realizes the importance of being a good corporate citizen and makes common contributions to worldwide charitable organizations. For 2009, Salem wants to contribute $1,500,000 to several charities.
Based on 2008 tax laws, if Salem's taxable income before charitable contributions is $11,500,000 in 2009, determine the charitable contribution allowance for 2009. Provide a recommendation (500-750 word memo) to Salem management regarding tax implications of this contribution.3. Corporate ethics and fraud have received much media attention through reporting of scandals at major corporations. Salem needs to make sure that its financial reporting and tax reporting responsibility is of the highest ethical standards. So that you appreciate the kinds of ethical misconducts that corporations are subject to and the penalties that can be provided when uncovered, use the Internet to research and find the following:
The final write-up should be just about 750-1000 words.Make sure to mention the SOX act and perhaps the IMA ethical code of standards.
Advise Brain of the tax consequences arising from the sale - relevant income year, will Stannos be regarded as a resident or non-resident? In any event, what difference does it make?
In calculating its taxable income for the year, Pheasant claimed an $8,000 deduction for the organizational expenses. What is Pheasant's current E & P?
question consider that a taxpayer will choose when he is to receive 10000 of entirely taxable income. if the taxpayer
Because of intense competition, DLK struggled for the first few years of operation and the corporation sustained chronic losses. This year, Lacey, DLK's president, decided to seek additional funds to finance DLK's working capital.
Janice did not keep a record of the sales tax she paid. The amount from the sales tax table is $437 and compute Janice Morgan=s 2011 Federal income tax payable
Describe how the passage of a state tax bill is same to the passage of a Federal law.
questionsuppose that you work for the internal revenue service and congress has tasked you with developing changes to
Michael earned $10,000 at the K-M Resort Golf Club during the summer prior to his senior year in college. He wants to make a contribution to a traditional IRA, but the amount is dependent on whether it reduces his taxable income.
Analyze the tax effects of the two job offers and then explain how each will affect Gretchen. Calculate the total after tax income (taxable and excluded) Gretchen can expect from each. Assume she has no other income and will use the standard de..
Julie Smith commenced a mixed business/sub-newsagency called ALLNews at 45 Orr Street Numurkah on 1st July 2012. She makes an appointment with you to prepare her 2013 income tax return
What is the firms total cost based upon the EOQ calculated above and how many units of safety should the firm hold and what is the firm's re-order point for the item on inventory being evaluated?
What are the tax concepts involved in completing the Schedule B and what are the tax planning considerations you took into account while completing the Schedule?
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