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You are currently working in a mid-size certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has $690,000 available in his 401k ad he is thinking of using that money to open a used car business. Bob thinks the business might make $300,000 in taxable income Bob's personal wealth including investments in land, stocks, and bonds, is $14,000,000. He reported an interest income of $20,000 and dividend income of $6,000 last year. The $14M includes land worth $9M bought in 1966 for $450,000. Should e operate as a sole prop, partnership, S Corp, or C Corp? Considering transferring a 40% interest in the new business to his daughter, 23 and single. Need to prepare a memorandum to the client recommending a type of business entity, including an appendix of supporting IRS tax schedules and forms. Identify the tax consequences on the sale or exchange of the land consistent with capital gain rules. Consider the selling expense, brokers fees, closing costs, appraisals and surveys and the correct schedule form to complete. Describe the after tax effects on the clients cash flow based on the sale of the land that is needed to provide the funds necessary to start the business . Consider including capital gains tax rules. Explain whether or not the client and his child should take a salary or cash distribution according to tax purposes and IRS Code and regulations. Consider the type of business and the tax effect whether is is salary, dividends, or cash withdrawal.
A condominium is purchased for $80,000 with a down payment of $12,000 at an annual interest rate of 9% for 15 years. Calculate the unpaid balance after 10 years of making payments. What would be the market value of the condominium in Exercise 21 afte..
Demonstrate an understanding of governmental and not-for-profit accounting and financial statements. Analyze transactions unique to governmental and not-for-profit entities to determine potential outcomes
question 1 prepare a short essay for each of the subsequent questions. where possible illustrate with an appropriate
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You’ve observed the following returns on Hacker Corporation’s stock over the past five years: -25%, 36%, 9%, 11%, and 17%. Suppose the current T-bill rate is 0.15%. What is the risk premium of owing Hacker Corporation s stock. What range of returns w..
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Suppose an individual invests $40,000 in a load mutual fund for two years. The load fee entails an up-front commission charge of 4.4 percent of the amount invested and is deducted from the original funds invested. In addition, annual fund operating e..
Apocalyptica Corp. pays a constant $9.80 dividend on its stock. The company will maintain this dividend for the next 14 years and will then cease paying dividends forever. If the required return on this stock is 11 percent, what is the current share ..
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Create a college savings plan for your 3 year-old son. Assume that he will begin college in 15 years. You plan to pay for 4 years of college at $17,000 per year (tuition is due at the beginning of each year). What will it take to fund it via a lump s..
Present Value of an Annuity What is the present value of a $1,800 annuity payment over 8 years if interest rates are 8 percent?
The expected return on the market portfolio is 15%. The standard deviation of return on the market portfolio is 12%. Beta of stock A is 1.2 and the standard deviation of return on stock A is 18%. What could be the expected return of stock A?
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