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1.On June 30, 2013, Papa Phil Inc. leased 200 pizza ovens for its chain of restaurants from Pizza Inc. The lease agreement calls for Papa Phil to make semiannual lease payments of $562,907 over a three year lease term, payable each June 30 and December 31, with the first payment at June 30, 2013. Pizza Inc. calculated lease payment amounts using an interest rate of 10%. Pizza Inc. manufactured the ovens at a cost of $2.5 million. Their fair value is $3,000,000.Required:1. Determine the price at which Pizza Inc. is selling the pizza ovens (present value of the lease payments) at June 30, 2013 (to the nearest $000).2. What pretax amounts related to the lease would Pizza Inc. report in its balance sheet at December 31, 2013?3. What pretax amounts related to the lease would Pizza Inc. report in its income statement for the year ended December 31, 2013?
They are interested in taking advantage of any tax-free fringe benefits that may be available to them. Discuss the advantages and disadvantages from a fringe-benefit perspective of each form of business entity.
Advise Angelina and Bradley on the capital gains tax consequences regarding the abovementioned transactions for the 2014/2015 income year.
Robert files his return on August 3, paying the full $4,000 balance. How much can Robert expect to be charged for late-payment/late-filing penalties?
George Large (SSN 000-11-111) and his wife Marge Large (SSN 000-22-222) live at 2000 Lakeview Drive,Cleveland, OH 4901 and want you to prepare their 2012 income tax return based on the informatio
Calculate the taxable income of Oscar Troskie for the 2008 year of assessment. Indicate where amounts are to be carried forward or are to be disregarded.
Remember all written assignments are run through plagiarism detection software and the University has a very strict policy on this. You may want to re-read the policy on plagiarism and academic dishonesty.
How can Sally achieve her desired result of not paying more than $15,000 of additional tax on the transaction? If required, round to the nearest dollar.
schopp inc. has been manufacturing its own shades for its table lamps. the company is presently operating at 100
Prepare the 2014 Federal Individual Income Tax Return for your client -
As a result of these things happening Rachel decides that she no longer wants to purchase Lizzybellas for $1million and tells Lizzy of her decision. Advise Lizzy of her legal rights and possible remedies
Write a three- to four-page (12-point, double-spaced) memo to Alex Lee, explaining the following in terms that he will understand. Explain the purpose behind the AMT. Describe how and when the AMT is applicable. Discuss what can be done to minimize ..
Discuss the Hong Kong tax implication of the profits earned by Trouble Ltd in respect of the sales made to the Hong Kong customers through Marfan Ltd.
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