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Father and son are co-owners of a manufacturing company, with father having transferred some of his stock to his son in previous years. There is no debt in excess of stock basis. The father retained the land and buildings from which the company operates, and leases the land to the company at below market rates. The father's land includes excess property that has development potential and is in an area where property values are appreciating rapidly. Note, however, that the manufacturing process may be generating environmental hazards that could affect land values. The father is nearing retirement and wants to continue transferring ownership to his son. Additionally he believes that his family would face significant estate tax problems due to the dollar value of his assets. He has asked you to review his current situation and discuss the tax and non-tax issues you believe should be considered.
You may consider the following issue as part of your research. These are suggestions to get you started and not necessarily the way that you choose to go or all that should be considered.
1. Advantages and disadvantages of transferring real estate to a corporation, either a C or S, or to a partnership. Consider concerns relative to appreciated property; individual vs. corporate tax rates; flexibility for developing excess property.
2. Any additional tax and non-tax issu??fchat you believe should be addressed.
You manage an investment center (evaluated based on the return on investment). Your production manager brings you a potential deal, a large piece of equipment that can help the company save money.
Management has decided to get a detailed report based on an intensive investigation of the financial position of the sales department, production department and development and research department.
A project will require an initial investment of $750,000 and will return $200,000 each year for five years. If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the com..
Your meeting with the CEO and other officers of the distance learning investment company will last for 35 minutes. You must get them to buy into your idea or the project will fade away.
Using a Governmental Agency or Not-for-Profit organization identify what are considered to be its major funds? In what key ways are major funds reported differently than non-major funds?
On August 1, 2007, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each February 1 and August 1.
A firm has experienced a constant annual rate of dividend growth of 9 percent on its common stock and expects the dividend per share in the coming year to be $2.70.
Assuming that the $7,500 was deducted in calculating net unrelated business income, what is Tan s unrelated business taxable income?
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2007. Prepare the income tax expense section of the income statement for 2007, beginning with the line "Income before income taxes."
The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.
Write an article
The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
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