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Search the Internet for at least four (4) stories about major charitable contributions by individuals, including Bill Gates, Warren Buffett, Steve Jobs, and at least one (1) other individual. Be mindful that you are not researching foundations, such as the Bill and Melinda Gates Foundation for this assignment.
Write a 3-4 page paper in which you:
1. For each article, determine the appropriateness of the charitable contribution based on IRS tax rules.
2. For each article, discuss the tax issues related to the contributions.
3. Determine what the ethical considerations in this situation might be and their impact on future charitable contributions.
4. As a tax expert, discuss whether or not you would advise the taxpayer to make charitable contributions in the future.
Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
The best investor of all time, Warren Buffet, talks about investing in "capital efficient" businesses. Coca Cola falls into this category since it generates great sums of cash with minimal investment in capital.
Generally Accepted Accounting Principles (GAAP) is based on accrual accounting. Define and describe accrual accounting and provide examples
Analysts use the quick ratio (also known as the acid test ratio) and the current ratio. The use of both ratios has become common because
Journalize the Transactions and Posting them into ledger and Preparation of Trial Balance.
On January 1, 2010, Parabolic Company issued 8% bonds with a face amount of $72.9 million, dated January 1. The bonds mature in 2025 (15 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually.
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells.
Who should pay the external costs of driving? Identify the strongest two arguments in favor of such a tax and the strongest two arguments against such a tax.
Identify the components of internal control to which each policy or procedure relates. For each item, identify one other policy or procedure for that internal control component that is not on the preceding list.
What are some of the differences between depreciation methods allowed by the IRS and others permitted by GAAP? Why does the IRS have accelerated method of cost recovery for tax payers? Explain
CAPM and Venture Capital
Identify the authoritative literature that provides guidance on the zero-interest-bearing note. Use some of the examples to explain how the standard applies in this setting.
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