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Consider you are a CPA and are hired by an elected official to recommend changes to the present tax code related to corporate taxes.
1. Based on your research, assess which proposal you consider to be the most viable and financially attractive proposal for U.S. corporate taxpayers showing how this proposal could be implemented. Provide support for your rationale.
2. Explore the impact to corporations and the US economy if U.S. companies would repatriate foreign profits earned without incurring a federal tax liability. Give support for your rationale.
3. Based on your research, which corporate taxes would you propose to remove and why?
4. Evaluate the impact, positive or negative, that your proposed eliminations would have on corporations and the economy. Give evidence to support your position.
5. Propose an alternative tax method for corporations and show how your proposed changes would be beneficial to corporate taxpayers compared to the existing system for both corporations and the economy. Give support for your rationale.
Evaluate the income tax consequences to Azure Company and to Sasha during the year for each of the subsequent independent situations. Azure is a C corporation and pays no salary or dividends to Sasha.
On December 31, 2011, Ivory accrued a bonus of $50,000 to each shareholder. Assuming that the bonuses are paid to the shareholders on February 1, 2012, compute Ivory Corporation's 2011 deduction for the above amounts.
comparisons of operating and sales type leaseson january 1 2013 nelson company leases get property to queens company at
Advise John Jones what amounts would be included in his assessable income. Your answer should include a discussion of the following: Whether he return on a cash or accrual basis.
Discuss the difference between the straight-line method of depreciation and the accelerated methods. Why do companies use different depreciation methods for tax and financial reporting?
Natural Selection's liabilities-to-equity ratio Times interest earned ratio Times burden covered What percentage decline in earnings before interest and taxes could Natural Selection have sustained before failing to cover: Interest payment req..
Tax Project - Past tax season and two sets of colorful clients have come in with tax problems seeking your advice
What amount of property tax revenue could the county report in its government-wide statements for 2012 and 2013? Describe.
The IRS only enforces the law Congress makes. However, it's widely known that many Congressman find the tax law to complex and have a CPA prepare their taxes.
Scarlet Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.
Kerry is an employee of the university. She is provided with 10 gift vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advise Kerry and the University of the Tax Consequences of this transaction.
Conduct basic tax research and tax planning on individual federal taxation issues and determine how to minimize individual income tax within specific risk and legal parameters.
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