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The following items were taken from the 2009 financial statements of Texas Instruments, Inc. (All dollars are in millions.)
Common stock $2,826 Cash and cash equivalents $1,182Prepaid expenses 164 Accumulated depreciation 3,547Property, plant, and equipment 6,705 Accounts payable 1,344Other current assets 546 Other noncurrent assets 2,210Other current liabilities 115 Noncurrent liabilities 810Long-term investments 637 Retained earnings 6,896Short-term investments 1,743 Accounts receivable 1,277Income taxes payable 128 Inventories 1,202
Instructions
Prepare a classified balance sheet in good form as of December 31, 2009.
Minimize the current years tax liability. That is, they would like to defer income when possible and take the largest deductions possible, a practice they have followed in the past.
Peter sold an investment property in Sydney and the transaction was settled on 30 June 2012 for $800,000. He incurred legal fees of $1,100 and a real estate agent's commission of $9,900 in relation to the sale.
If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported taxable income of $175,000. What is the couple's marriage penalty or benefit?
The income tax is 25 percent of operating income and is payable in April. Using accrual based accounting, prepare an income statement for the three months ending March 31 and a balance sheet as of March 31.
Assuming Chen elect not to claim bonus depreciation, what is the maximum current year cost recovery deduction on the asset purchased?
Comment on the proposals as submitted by the HKICPA and evaluate whether they are desirable or undesirable in terms of the ideal objectives and characteristics of a good tax system.
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As of what date can the IRS no longer pursue Kevin with the threat of collection of the related tax, interest, and penalties?
Employer gives employee a $50 gift certificate each month to encourage eating lunch at a nearby healthy eatery instead of fast food - Would you advocate taxing capital gains at ordinary income rates or preferential rates?
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the sanding department of richards furniture company has the subsequent production and manufacturing cost data for
Ricardo is a professional football player. In negotiating his contract for the upcoming season, Ricardo is given two options. He can receive (1) twelve monthly checks of $325,000 with no deferred payments.
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