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Your client supplies water to a housing development. The company requires new customers to pay for the extension of the water lines to the customer's home. The water lines are the company's property. The company has consistently treated the amounts received from its customers as a nontaxable contribution to capital and used the amounts received as a reduction in the cost of the water lines for tax purposes. In recent decisions, the courts have consistently ruled that the payments received from the utility customers in similar circumstances should be treated as income from services, rather than as a contribution to capital. Your client has concluded that it is only a matter of tome before the IRS will apply the recent court decisions to the company. The client would like you to explain the tax consequences of the IRS's likely adjustment based on these decisions.
wesley who is single listed his personal residence with a real estate agent on march 3 2013 at a price of 390000. he
athens company processes 15000 gallons of direct materials to produce two products product x and product y. product x
for each of the situations that follow determine whether aliability should be reported on the balance sheet. if
a company produces bird food. during april itproduced147 batches of food each batch weighing 100 lbs. to produce this
at the beginning of the year goren company had total assets of 877200 and total liabilities of 547600. treat each item
Why do you think present value is an important concept for management to understand? Do you think it should be used for all financial statements items, why or why not?
If revenues and costs are equally sensitive to exchange rate movements, MNCs may reduce their economic exposure by restructuring their operations to shift the sources of costs or revenues to other locations so that:
assume that the 400000 in manufacturing overhead was driven by the following activities.how much of the 400000 in
1.by converting dollars to be received in the future into current dollars the present value methods take into
amie inc. has 100000 shares of 2 par value stock outstanding. prairie corporation acquired 30000 of amies shares on
using the statement on auditing standard as your source list one standard you think relates directly to gathering audit
Suppose in year 2011 the risk free rate was 6% the market free rate was 9% and the beta of the share was 1.54. Calculate the costs of equity.
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