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Haig simmons operates an anthracite coal home heating and delivery service in Baltimore and Anne Arundel counties. She must have a supply of anthracite coal on hand so that customers may get the coal they need to heat their homes. As a convenience to her customers (and to prevent high bills over the winter and low bills in the summer), she allows them to buy coal in advance at set prices and to pay for the coal ratably over a calendar year. To ensure herself a steady, reliable, and affordable supply of coal and to protect against price fluctuations, Haig Simmons enters into certain futures contracts to buy coal at a future date and at a set price. Haig Simmons clearly indicates before hand that the futures contract in which she enters to buy coal is simply to secure a supply of coal and to protect her from losses on her futures contracts with her customers to sell coal, and that she does not intend to profit from the contract itself. Assume that Haig Simmons realizes a loss on the futures contract in which she entered to buy coal. That is, the price per her contract to buy coal is higher than the actual spot market price of coal the day she acquires a new supply of coal. How should Haig Simmons classify the loss--as ordinary or as capital? Be sure to demonstrate the research skills you have learned. You must cite the relevant code section(s) (including section 1221), and at least two (2) Supreme Court cases (the two key cases are dated 1955 and 1988). You must also address the general principle of classifying assets--as capital or as operating--and the exceptions thereto. The format for ALL tax briefings is as follows (for this class, don't forget your name and the date): Subject (one line here) Facts (Taxpayer xxx. Xxx. Xxxx.)
Issue (May taxpayer deduct xxxxxxx?) Conclusion (In this situation, xxxxxx.)
what would you pay for the following bond coupon 8 required yield 5 over the risk-free rate remaining term 12 years. at
Calculate the after-tax cost of each payment assuming she has a 25 percent marginal tax rate. $800 to reimburse the cost of meals incurred by employees while travelling for the business $1,200 for football tickets to entertain out-of-town clients ..
Prepare a system flowchart, following good flowcharting practices including annotations, documenting the GCO system as described above. Use VISIO or another flowcharting tool of your choice.
During the calendar year 2011, S Company earned $840,000 evenly throughout the year and declared a dividend of $300,000 on November 1. What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated wo..
John and Ellen Brite are married and file a joint return. They have no dependents. John owns an unincorporated specialty electrical lighting retail store, Brite-On. Brite-On had the following assets on January 2, 2013:
a firm uses a single discount rate to compute the npv of all its potential capital budgeting projects even though the
simmons corporation owns stock of armstrong inc. prior to 2012 the investment was accounted for using the equity
Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2011 relative to its investment in Jill?
a company estimates that warranty expense will be exp of sales. a company estimates that warranty expense will be 1 of
presented below are selected ledger accounts of tucker corporation as of december 31 2014.cash50000administrative
Identify the balance sheet accounts that Phil will likely need to record the transactions needed to open his business (a corporation). Indicate whether the normal balance of each account is a debit or credit.
on october 1 white way stores inc. is considering leasing a building and purchasing the necessary equipment to operate
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