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In late 2007, the board of directors adopted the following: Salary payments made to an officer of the corporation that shall be disallowed in whole or in part as a deductible expense for Federal income tax purposes shall be reimbursed by such officer to the corporation to the full extent of the disallowance. It shall be the duty of the board of the directors to enforce payment of each such amount. In 2008, Osprey Corporation paid Patrick $560,000 and dan $400,000. in 2011, the IRS found compensation excessive and disallowed deductions for Patrick for $200,000 and $150,000 for Dan. The IRS recharacterized the disallowed payment as constructive dividends.Both repaid the disallowed compensation to Osprey in early 2012. Both have asked to me determine how their repayments should be treated for tax purposes. Dan is still working as a highly compensated executive while Patrick is retired and living off his savings.
a 400000 capital investment proposal has an estimated life of four years and no residual value. the minimum desired
on may 23 2007 abc company purchased inventory for 3450 on account. the discount terms were 415 n30. abc paid one-half
heathrow issues 2100000 of 5 15-year bonds dated january 1 2011 that pay interest semiannually on june 30 and december
fallgatter inc. expects to sell 17500 units. each unit requires 3 pounds of direct materials at 12 per pound and 2
the may 1 work in process inventory consisted of 54000 pounds with 50760 in materials cost and 27000 in conversion
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services.
effect of inventory cost flow assumption on financial statements required for each of the following situations fill in
Briefly discuss the financial statement impacts of postponing the purchase of the equipment. Would the market price of the firm's common stock be affected by any or all of these impacts?
mark captains a ferryboat. this ferryboat carries tourists on roundtrips from seattle to victoria and back each trip of
How would you change the accounting system for the business? What additional accounts would be needed? How would the financial statements change?
which of the following would result in a decrease in cash flow and a use of cash?a. a decrease in notes payableb. an
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