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(1) Durrabusiness is organized as a regular C corporation in 1986. At the beginning of the present year, Durrabusiness elects to be an S corporation. Will the election cause a recapture of the general business investment credit taken on any property purchased while a C corporation?
(2) Several individuals form Lang Corporation on May 1, 2011. The corporation begins acquiring assets on June 1, 2011, and begins business on August 1, 2011. What is the latest date that Lang can file Form 2553 requesting S corporation status?
(3) A shareholder purchases 30 percent of the stock of an S corporation two-thirds of the way through the year for $20,000. The S corporation incurs an operating loss of $300,000 for the year. What is the amount that the shareholder may deduct on his personal income tax return, assuming the at-risk and passive activity rules do not apply?
The income from operations and the amount of invested assets in each division of Devon Industries are as follows:
Which one of the following will increase the operating cycle?
Prepare accounting report by Using the Peachtree Accounting Software
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
Section 351 allows the tax-free creation of a corporation, or, rather, the tax free contribution of money or property to a corporation in exchange for stock in that corporation.
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
Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated. Prepare the journal entry recording the scrapping of the truck.
Mark Mayer, a cash basis taxpayer, leased property on June 1, 2011 to Perry Purly at $325 a month. Perry paid Mark $325 as a security deposit, which will be returned at the end of the lease.
Your investment adviser wants you to purchase an annuity that will pay you $25,000 per year for 10 years. If you require a 7% return, what is the most you should pay for this investment?
Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?
Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)
The $1,000 face value bonds issued by the Springfield Fabrication Corporation are perceived by investors as being less attractive than other bonds sold by other businesses ate the same time.
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