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Cokea, a corporation of Turkey, is engaged in the production and grapes and operates a branch in Texas. The branch's "U.S. net equity" was $1,000,000 as of the end of 2011. During 2012, the Texas branch had taxable income effectively connected with a U.S. trade/business of $1,000,000 and a U.S. income tax liability of $350,000. During 2012, the corporation purchased a new field in Texas for $500,000. At the end of 2012, the branch's "U.S. net equity" was $1,300,000. The Texas branch remitted $200,000 in cash to the head office in Turkey on September 30, 2012. What, if any, is the dividend equivalent amount for 2012?How would your answer change if the "U.S. net equity" of the branch was $1,650,000 at the end of 2012? How much tax would be owed?
Which of the following is an internal control activity that could prevent a paid disbursement voucher from being presented for payment a second time?
Comparative analysis - should include discussion of whether the share price measures line up with your other assessments Please include copies of the financial statements (attached as a file, if possible in .pdf format) or, alternatively, provide ref..
Assuming that the spot rate in 90 days is $.71, what is the net amount paid, assuming FAB wishes to minimize its cost?
Evaluate and discuss how the under billings should have been accounted for in the original financial statements.Should the under billings be treated as gain contingencies? Explain your position.
R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Total overhead costs assigned to deluxe racquets, using a single overhead rate, are
Compare and contrast the deductive, inductive and pragmatic research methods. Discuss human information processing research and the consequences of its findings on accounting.
What are the two basic methods of accounting that may be used by taxpayers? How do the two basic methods differ?
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170.
Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy.
Sampras Company purchased a machine for $30 000 on 1 January 2007 with an estimated life of 5 years and a residual value of zero. The straight-line method of depreciation is used. What is the carrying value of the machine on the 31 December 2008 i..
Chev Corporation, a calendar year corporation, has alternative minimum taxable income (before any exemption) of $1.28 million for 2008. The company is not a small corporation. If the regular corporate tax is $209,000, Chev's alternative minimum ta..
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