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1)The shareholders of a corporation will receive both voting common stock and nonvoting preferred stock. Will this affect an S election? Why or why not?
2) The shareholders of a corporation will receive both voting common stock and nonvoting common stock. Will this affect an S election? Why or why not?
3) The shareholders of a corporation will receive both voting common stock and voting preferred stock. Will this affect an S election? Why or why not?
4) The shareholders of a corporation will receive voting common stock. One shareholder will lend $350,000 to the corporation and receive a promissory note due in 15 years, with interest payable annually at prime plus 1. Will this affect an S election? Why or why not? Cite a specific Code section for your rationale.
5) What if the promissory note in supra is subordinated to all third party creditors, including trade creditors? Cite a specific Code section for your rationale.
What is Whitlaws income tax and complete a Schedule M-1 or a facsimile for the corporation.
Compare and contrast the three types of tax law sources and give examples of each - What are the basic differences between regulations, revenue rulings, and private letter rulings?
HA3042 TAXATION LAW ASSIGNMENT. Your client is a parent who lent $40,000 to her son to provide a short-term housing loan. The agreement is that the son will repay $50,000 at the end of five years. Discuss the effect on the assessable income of the ..
Express Company paid one week's wages of $21,200 in cash (net pay after all withholdings and deductions) to its employees. Income tax withholdings were equal to 17% of the gross payroll, and the only other deductions were 7.65% for FICA tax and $1..
What is Sting Corporation's taxable income as would be shown on Schedule M-1 of its corporate tax return?
What's the result of your research and prepare tax file memoranda to explain you research results.
For the period 1 May 2013 to 31 March 2014, Emma travelled 10,000 kilometres in the car and incurred expenses of $550 (including GST) on minor repairs that have been reimbursed by Periwinkle
Peter purchased the investment property in March 1987 for $100,000. He paid $2,000 in stamp duty on the transfer and incurred legal fees of $1,000 in relation to the purchase.
Calculate Tarass Inc.'s tax liability for 2013. The calculation must be shown to receive full credit and calculate Tarass Inc.'s alternate minimum tax for 2013, if any applies. The calculation must be shown to receive full credit.
Frankfort Company identifies depreciation as the only difference for future taxable amounts. In Year 1, its depreciation for financial reporting purposes is $3,500 and $5,000 for income tax reporting purposes.
The genius financial advisor had taxes withheld on the transfer of annuity in the amount of $22,000.
On July 1, 2015, Stu contributes Land with a FMV of $50,000 and an adjusted tax basis of $10,000 to a General Partnership in exchange for a 20% interest therein. The other 80% partners contribute cash. On January 1, 2016
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