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A taxpayer is considering buying a fully taxable corporate bond. The bond has a remaining maturity of 5 years, promises to pay 6% interest annually (assume interest is payable annually) and has a face value of $1000 The taxpayer faces a 31% tax rate on the interest income and requires a pretax rate of return 6% to invest. What price is considered is the taxpayer willing to pay for the bond? The same taxpayer is considering buying a tax-exempt municipal bond. The municipal bond as a remaining maturity of 5 years, also promises to pay 6% interest annually (again the coupon interest is payable annually), and has a face value of $1,000. Assume the corporate and municipal bonds are equally risky. At what price is the taxpayer indifferent between the corporate and municipal bond? (Alternatively stated, what is the taxpayer willing to pay for the municipal bond assuming he requires a pretax rate of return of 6% and faces a marginal tax rate of 31%?) How does this example relate to the discussion of implicit taxes in the text? (This exercise assumes you are familiar with present value techniques and pricing of bonds.)
Identify some specific strategies that might elevate consciousness about white collar crime. What are some of the major policy options for responding to white collar crime generally? Which overall strategy, if any, is most likely to succeed, and w..
chapman company obtains 100 percent of abernethy companys stock on january 1 2009. as of that date abernethy has the
an employee receives an hourly rate of 24 with time and a half for all hours worked in excess of 40 during a week.
1. what are the main pros and cons of a job-order costing system?2. what do you think would be the greatest challenge
If Kelly deposits $10,000 into an account that pays 8 percent interest, compounded annually, and she makes no further deposits or withdrawals, how much will Kelly have in her account at the end of 5 years?
Cost and fair value data for the trading securities of Clifford Company at December 31, 2010, are $100,000 and $74,000, respectively. Which of the following correctly presents the adjusting journal entry to record the securities at fair value?
the estimated factor sensitivities of terranova energy to fama-french factors and the risk premia associated with those
your company has negotiated the purchase of some land a building equipment and vehicles for 2000000. the appraised
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1.which of the following characteristics may result in the classification of a liability being changed from current to
a shana purchased a car for 30000 by putting 20 down in cash with the balance due as a note payable. journalize this
acme co. has a capital structure based on current market values that consists of 50 percent debt 10 percent preferred
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