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A corporation has decided to replace an existing asset with a newer model. Two years ago, the existing asset originally cost $30,000 and was being depreciated under MACRS using a five-year recovery period. The existing asset can be sold for $25,000. The new asset will cost $75,000 and will also be depreciated under MACRS using a five-year recovery period. If the assumed tax rate is 40 percent on ordinary income and capital gains, the initial investment is ________. a. $42,000
b. $54,240
c. $52,440
d. $50,000
Can the state revenue agency collect the outstanding payroll tax from greater under the Federal joint and several liability rules for tax obligation of consolidated return affiliates?
Visit a nearby factory and carefully see its shops and departments. On completion of your visit draw a list of fixed assets noticed by you in the factory. Also comment on business location and its plant layout.
What are the advantages of acquiring the majority of the voting shares of another company rather than acquiring all of its voting stock?
Stroth Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools-Machining, Order Filling, and Other.
Tanver Corporation, a calendar year corporation, has alternative minimum taxable income of $7 million in 2010 (before adjustment for adjusted current earnings). If Tanver's adjusted current earnings is $16 million, its tentative minimum tax for 20..
The other 35 percent is owned by Gloria, who acquired it several years ago. What are the tax consequences to Juan due to his transfer of property for stock in Green Corporation?
what was the character of that gain and what is the corporation's basis in the equipment.
Rhonda, a calendar year taxpayer, filed her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25,000.
What is Canteen's total US gross income reported as a result of the $8000 cash dividend?
In Walker's December 31, Year 1 elimination of the intercompany sales transaction, the intercompany profit that must be eliminated from ending inventory is:
Assuming that no other costs are involved in processing potatoesor in selling products, how much money does the company make from processing one batch of the common input into the end products Xand Y? Show work
If you could pick a single source of cash for your business, what would it be? Why? How can a business earn large profits but have a small balance in Retained Earnings? How can a business lose money for many years and still have plenty cash?
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