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Blue Power and Light Corporation is an energy company. It produces electricity, sells wholesale and retail electricity, and delivers electricity to customers. Blue also provides street and highway lighting and area lighting for public and private entities. The equipment used to provide street and area is called streetlights. Blue wants to know the appropriate asset class to determine the cost recovery deductions for the streetlights.
On Thomson-Reuters Checkpoint, do a keyword search of primary source materials using the following search string: "street lights" & "asset class". You should find a court case that provides an answer to the problem.
Submit a tax file memorandum with proper citations of all sources: I want to see citations of the court case, a revenue procedure, and a specific section of the IRC.
The University Café has seen sales drop since classes have been scheduled during the noon hour and only 5 minutes between classes. Students don't have enough time to choose from the buffet line.
If operating lease commitments are considered equivalent to debt, what percentage of the American's debt is represented by the lease liabilities?
Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)
With the globalization of corporate business and cross border security listings, the need for a common set of accounting standards to be applied worldwide emerged to the surface. Both the IASB and the FASB have taken steps towards this goal.
It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this legal rule assure good financial management for each government? Why or why not?
Find out the amount of Milt's income which is subject to income tax by each state. Make sure to compute the full taxable income and show all computations.
Mary has a three-stock portfolio and is interested in estimating its overall return next year. She has $25,000 invested in Orange Corp-Calculate the portfolio beta and then apply the SML.
Discuss how to calculate how much Marbury Bank loaned to the maker of the note and how must Marbury would receive when the note was rediscounted.
What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and factory overhead cost?
Please describe the accounting treatment when a company purchases less than 20% of another company's stock. Please describe how revenue and dividends are treated when the equity method is used.
Orange has a $20,000 charitable contribution carryover to 2010 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
A lawyer allocates overhead costs based on his hours working with different clients. The lawyer expects to have $200,000 in overhead during the year and expects to work on clients' cases for 2,000 hours during the year.
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