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1. Identify the features common to the gift tax formula and the estate tax formula.
2. What is the lifetime gift tax exemption in tax year 2012? What is that exemption amount in 2013?
3. What is gift tax? Identify two types of transfers (for inadequate consideration) that are specifically excluded from imposition of the gift tax.
4. Describe the unified credit and the purpose it serves in the gift and estate tax.
5. How easy is it for an S corp to be converted back to a C corporation status?
6. What is the definition of active participation? How is it different from "material" participation?
7. Examples of de minimis fringe benefit?
8. What is considered active participation in a rental property?
Propose a minimal classification scheme that can be used to protect any business and provide examples of the type of information that would fall into each category.
Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair value. Suppose that Got Em Co. had operating income of $64,300 and net assets with a fair market value of $184,000. Ta..
The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Given these facts, the number of units of product in the beginning inventory last year must have been:
What types of information must be disclosed in the management discussion and analysis? Explain.
Green Systems sold and delivered modems to the Blue Computers for $660,000 to be paid by Blue in 3 equal instalments over the next 3 months. The journal entry made by the Blue Computers to record the last of 3 instalment payments will include:
Describe Parts I and II of the Foreign Corrupt Practices Act. What is the impact of this act on companies and public accountants? Explain.
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
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.
Jon Johnson an accountant with local CPA firm, has just completed an inventory count for Mom & Pop's Groceries. Mom and Pop provide audited financial statements to their bank annually, and part of that audit requires an inventory count.
When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire-Journalize World Media's acquisition of The Dandy Dime.
Surprise Corporation's sales budget showed expected sales of 13,400 widgets. Starting finished goods contained 1,200 widgets. The firm determined that 14,100 units should be produced.
The stockholder's equity accounts of Lawrence Company have the folowing balance on December 31, 2010. Common stock, $10 par, 274,000 shares issued and outstanding $2,740,000, Paid-in capital in excess of par $1,200,000, Retained Earnings $5,600,00..
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