Reference no: EM13972812
For each of the following tax treatments, determine the concept, construct, or doctrine that provides the rationale for the treatment:
a. During the current year, Trafalger Corporation pays $475,000 in estimated tax payments. Trafalger determines that its actual tax liability is $490,000, so it pays only $15,000 with its tax return.
b. The Parsnip Partnership is an accrual basis taxpayer. During 2009, Parsnip deducted as a bad debt expense a $5,000 account receivable that it determined it could not collect. In 2010, Parsnip receives a $1,000 payment on the account. Parsnip must include the $1,000 in its 2010 gross income.
c. Kuri sells land for $30,000; its cost was $20,000. Under the sales agreement, the buyer is to pay Kuri's son $10,000 of the sales price. Kuri must recognize a gain of $10,000 on the sale.
d. Jevon owns 20% of the stock of Cowdery, Inc., an S corporation. During the current year, Cowdery reports income of $45,000 and pays no dividends. Jevon must include $9,000 in gross income.
|
The company produces a single product
: Under wald Corporation has provided the following production and average cost data for two levels of monthly production volume. The company produces a single product.
|
|
Determine the amount of income
: Determine whether the taxpayer in each of the following situations has realized income. Explain why there has or has not been a realization, and determine the amount of income to be reported.
|
|
Find the magnitude of the net torque
: A uniform disk of radius 0.9 m and mass 3.2 kg is rotating about its center of mass. Its moment of inertia about its center of mass is I=1/2mR2. Find the magnitude of the net torque about the center of mass acting on the disk at t= 7 seconds
|
|
Effect of the sale of the land
: Chelsea, who is single, purchases land for investment purposes in 2005 at a cost of $22,000. In 2010, she sells the land for $38,000. Chelsea's taxable income without considering the land sale is $85,000. What is the effect of the sale of the land..
|
|
Determine the concept-construct-doctrine
: For each of the following tax treatments, determine the concept, construct, or doctrine that provides the rationale for the treatment:
|
|
Determine the quality
: Four kg of water at 100°C fills a closed container having a volume of 1 m3. If the water at this state is a vapor, determine the pressure, in bar. If the water is a two-phase liquid-vapor mixture, determine the quality.
|
|
Sub common stock and retained earnings
: Parent purchased 75% of the voting shares of Sub for $525,000 on January 1, 20X1. On that date, Sub's Common Stock and Retained Earnings had a book
|
|
Calculate the value of the deadweight loss
: How much is AT&T willing to pay to be an unregulated monopolist - Derive the price that a regulatory agency would set if it was interested in maximizing con¬sumer welfare subject to AT&T earning at least normal profits.
|
|
The best estimate of the total variable manufacturing cost
: The best estimate of the total variable manufacturing cost per unitis:
|