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Erica is a citizen of a foreign country, and is employed by a foreign-based computer manufacturer. Erica's job is to provide technical assistance to customers who purchase the company's mainframe computers. Many of Erica's customers are located in the United States. As a consequence, Erica consistently spends about 100 working days per year in the United States. In addition, Erica spends about 20 vacation days per year in Las Vegas, since she loves to gamble and also enjoys the desert climate. Erica does not possess a green card. Assume that the United States has entered into an income tax treaty with Erica's home country that is identical to the United States Model Income Tax Convention of November 15, 2006.How does the United States tax Erica's activities? How would your answer change if Erica were a self-employed technician rather than an employee?
For the month of April, actual direct labor hours amounted to 2,000. In April, Thorp's standard direct labor rate per hour was:
On January 2, 2010, it purchased for cash $25,300 of equity securities that it classified as available-for-sale. It received cash dividends of $4,070 during the year on these securities. In addition, it has an unrealized holding gain on these secu..
If a gain of $18,000 is incurred in selling (for cash) office equipment having a book value of $120,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is:
On January 1, 2009, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $140,000 at the time, but Rand issued 12,000 shares having a par value of $1 per shar..
On August 1, 2009, the company is paid $3,840 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in August. When the cash was received, the full amount was credited to the Ext..
In 2006 Bombay Corporation had cash receipts of $14,000 and cash disbursements of $8,000. Their ending cash balance at December 31, 2006 was $22,000. What was their beginning cash balance?
You are considering a five-year lease of office space for R&D personnel. Once signed, the lease cannot be canceled. It would commit your firm to six annual $100,000 payments, with the first payment due immediately.
This week, Airbus announced it was building new plant in Alabama. Can you aid me in answering the following questions based on information in conjunction with Foreign Direct Investment.
Journalize the Transactions and Posting them into ledger and Preparation of Trial Balance.
Analyze the need for changing to a new system and the potential benefits and risks associated with this change. Identify three (3) advantages and three (3) disadvantages for each of the following choices:
Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city's ten separate special revenue funds.
Sale of Property Acquired by Gift. In 2008 F gave his son S, 100 shares of IBM stock which at that time were worth $30,000. F paid a gift tax on the transfer of $5,000. Assuming F had purchased stock in 2004 for $40,000 what are the tax consequenc..
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