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Your client, Alternate Fuel, Inc. (a regular corporation) owns three sandwich shops in the Philadelphia area. In 2011, the year Alternate Fuel incorporated, it acquired land on the outskirts of Philadelphis with the hope of someday farming the land, to cultivate humanely harvested meat and grow organic fruits and vegetables to use inits sandwich shops. In 2013, Alternate Fuel drew up plans for the farm and began consulting with agricultural experts about the best locations for crops and the number of animals that could be sustained on the acreage. After reviewing those plans, Alternate Fuel's CEO decided that the plans are not currently financially feasible and would like to sell the land in 2014. The land has appreciated substantially in value, and the company could use the cash infusions. Given that the land has not actually been used in the business, will any gain realized be categorized as a 1231 gain or as a long-term capital gain?
the county administrator is trying to decide whether to replace the old equipment. because of rapid changes in
what are the possible benefits to the company of having a share election scheme? the solvency test must be satisfied by
What is the purpose of GAAP in the accounting cycle? Is it possible to deviate from GAAP and still prepare financial statements?
following are the amounts of the assets and liabilities of st. kitts travel agency at december 31 2010 the end of the
Messersmith Company is constructing a building. Construction began in 2010 and the building was completed 12/31/10. Messersmith made payments to the construction company of $1,000,000 on 7/1, $2,100,000 on 9/1, and $2,000,000 on 12/31. Average acc..
in early january burger mania acquired 100 of the common stock of the crispy taco restaurant chain. the purchase price
Gottberg has 2,000 pounds of resin in beginning inventory and wants to have 2,400 pounds in ending inventory. How much is the total amount of budgeted direct labor for April?
l. a. and paula file as married taxpayers. in august of this year they received a 5200 refund of state income taxes
indicate in each case whether the item has been handled in accordance with generally accepted accounting principles
Southern Company's accountant failed to accrue as of 12/31/08 some employee fringe benefit program expenses that were incured in 2008 and that will be paid in 2009. The result of this ommision is to:
What is the difference between pretax financial income and taxable income? Explain the meaning of temporary and permanent differences. Give at least two unique examples of each (please do not repeat what other students have posted)
1. bob johnson is the sole owner of johnsons carpet cleaning service. bob purchased a personal automobile for 10000
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