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Allison is the sole shareholder of Destiny Corporation, which operates a travel agency for business travelers. Allison would like the corporation to donate some used computers to a local private school dedicated to the education of young ladies. The private school is a tax-exempt organization that qualifies donors for the charitable deduction. The corporation purchased the computers two years ago for a total cost of $90,000, and for tax purposes expensed this entire amount in the year of the purchase under the first-year expensing rule of Section 179 of the Internal Revenue Code. Currently the fair market value of the computers is $40,000. Allison has asked you to determine what the corporation's tax deduction will be for this donation. The corporation's taxable income is sufficient for it deduct up to $50,000 in charitable contributions. Using internet sources, find the answer to her question.
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
Hayden's outside basis in his interest in the HIGH Partnership is $420,000. In a proportionate nonliquidating distribution, the partnership distributes to him cash of $100,000, inventory
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
Describe the risks which are faced by the firm. Evaluate the risk management measures available to firm.
They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
Top management has decided the transfers between the two divisions should be at $19. Compute the effect of the transfer on the net income for the Battery Division, Automotive Division, and the total company
What is its new target variable cost per skier / snowboarder? Compare this to the current variable cost per skier / snowboarder. Comment on your results.
McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.
What individual characteristics and qualifications should a company consider when choosing managerial candidates for foreign assignments?
How would you predict that the short-run equilibrium that you have identified in question 1 will change? Illustrate your answer using appropriate diagrams. What will be the long-run equilibrium number of fishing rod manufacturers?
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?
Prepare a proposal for what consulting services SLL should offer and to whom, inlcuding current auditing clients, other clients, or both.
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