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Describe the components of the common body of tax law (CBOTL). Include in your response answers to the following questions:
a. What role does the U.S. Congress play in creating the tax law? Briefly explain how a tax bill becomes a tax law.
b. Guidance on the tax law - what types of tax law guidance are published by the IRS?
Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that you feel made the biggest impact.
If Discount Electronics used the specific identification method instead of the FIFO method, what would Bargain's cost of goods sold be if the company wished to maximize earnings?
Maude exchanges a business machine for a new business machine. The adjusted basis of the old machine is $70,000 and the fair market value of the new machine is $62,000. The recognized gain or loss and the basis of the new machine is:
Assume the CFO of your organization approaches you to ask your advice about implementing the Balanced Scorecard at your organization.
The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances:
In the current year, Sue received a liquidating distribution of real estate from UTSRQ Partnership, a general partnership. The real estate had an adjusted basis to the partnership of $35,000 and a fair market value of $90,000 on the date of the di..
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the company is responsible for the application of a change in an accounting principle? Why?
Assume that any distribution involving Sec. 751 property is pro rata and that any precontribution gains have been recognized before the distribution.
Differences between the amount of cash reported on a company's bank statement and the balance in the company's Cash account before the bank reconciliation are primarily due to:
What is the appropriate balance for the Allowance for Doubtful Accounts on Dec. 31?
Mark paid $40,000 in German income taxes related to the $100,000 in branch income. Assuming a U.S. tax rate of 35%, what is Mark's U.S. tax liability after any allowable foreign tax credits?
Lyman Nurseries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. How much will the firm pay if it takes the cash discount? What is the approximate cost of giving up the cash discount, using the simplified formula?
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