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Congress recently enacted an non refundable credit based on the cost of the qualifying alcohol and drug abuse counseling programs provided by and corporate employer to its employees . The credit is limited to 50 % of the total cost of the program .if a corporation elects the credit, none of the program costs are allowed as a deduction. Any credit in excess of current year tax may not be carried back to forward to another year.
A. TMM Corporation spent $ 80,000 for a qualifying counseling program this year .if TMM has $ 500,000 taxable income before considering this expense .should it select the credit or deduct the program's cost as an ordinary business expense?
B. Would your answer change if TMM had only $ 70,000 taxable income before consideration of the expense?
Determine which regional managers should receive bonuses if bonuses are awarded to regional managers whose return on investment (ROI) exceeds 10%. Be sure to show all your work. (this company defines invested capital as total assets minus current ..
The balance sheet for Chaney Resources Inc. at the end of the current fiscal year indicated the following:
The best means to accomplish the revenue-related motive of attracting new sources of demand is to:
How does the auditor's responsibility for detecting errors differ from their responsibility to detect fraud?
Journalize the entry to record the issuance of the installment notes and journalize the first annual note payment
In April 2011, Dan is audited by the IRS for the year 2009. During the course of the audit, the agent discovers that Dan's deductions for business travel and entertainment are unsubstantiated
the following information applies to the questions displayed below. kim ries tere bax and josh thomas invested 30000
On April 20, McLean Company sells merchandise on account to Tazwell Corporation for $3,000 with terms 1/10, n/30. On April 28, Tazwell pays for half of the merchandise and on May 19 it pays for the other half. What is the total amount of cash McLe..
If income tax expense for the current year was $46,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?
Ray Seo has $5,000 to invest in a small business venture. His partner has promised to pay him back $8,200 in five years. What is the return earned on this investment?
A company's overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.
List the advantages and disadvantages of Public versus Private Financing.
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