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Problem
John Jones, the CFO for Smith Manufacturing, has approached you about changing the tax filing status. Currently, the company files the tax return as a C-Corp. He is inquiring as to whether it should be changed to an S-Corp.
Prepare a memo to Mr. Jones that discusses the legal and tax implications of making the change. Be sure to cite your findings with appropriate laws and tax code.
If a taxpayer has a service business and sells products but it meets the $1 million average gross receipts exception for Rev. Procedure 2001-10 is it still subject to Rev. Procedure 2002-28? If it does then under what circumstance would the service b..
NML Ltd is a public gold mining company that is exploring for gold in the Ballarat and the Bendigo region. Geoff is the managing director and he seeks your advice as to the deductibility of the following expenses which were incurred prior to 30 June ..
Make two journal entries to record the variances for August one for variable overhead and one for fixed overhead.
Compute the after-tax operating cash flows for each model. Compute the NPV for each model, and make a recommendation.
Texas was mentioned as an example of that scenario. Also, the majority of states allow municipalities and counties to add additional taxes such as sale levies to be combined with states sales taxes, which add up to 10% in some places (Block, 2015).
Compute Emma Grace's taxable income assuming she is self-supporting. Compute Emma Grace's taxable income assuming she is a dependent of her parents.
What is the net cash saved in income taxes by using double-declining-balance depreciation over straight-line depreciation?
Advise the directors of Ruby Pty Ltd of the tax deductibility of the above amounts. You must make reference to appropriate authorities and legislation.
Post a paragraph, explaining to your constituents what you think about this proposed amendment, and why you would support or oppose it.
Tax Planning and Fiscal Policy
John was divorced from Joyce in March 2010. Under the divorce agreement. Evaluate John and Sallys taxable income for 2011
Advise Gordon and Pamela about capital gains and income tax consequences and any effect that their son's tax treatment of the payment will have on them. You should discuss possible discounts and exemptions that may be available to them.
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