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Accounting TAX
A
1. Organize an outline that lists the advantages and disadvantages of making a consolidated return election. Include at least five advantages and five disadvantages of making the election.?2. From a procedural/tax compliance standpoint what steps must be taken the first year a consolidated tax return is filed?
B
Please brief the following case:?Commissioner v. Duberstein, 363 U.S. 278 (1960)?Your memo to the files should incorporate the following sections:?FACTS?ISSUES?LAW & ANALYSIS?CONCLUSION
C
1. The Jerry Lewis group is conducting an analysis which will determine if it will be advantageous to file on a consolidated basis for federal income tax purposes effective for its tax year beginning January 1, 2017. Their analysis is taking longer than anticipated. What is the latest date that the group can make their decision? What tax forms must be filed by that date?
2. The Dylan consolidated group reports the following results for the 2016 tax year:
Entity Income or Loss
Parent $10,000
SubCo 1 1,500
SubCo 2 4,000
SubCo 3 2,000
Assume that a 35% tax rate applies.
What is the Dylan Group's consolidated taxable income and consolidated tax liability for 2016?
How does the tax benefit rule apply in the following cases:In 2013, the Orange Furniture Store, an acrual.
Lockwood Company currently sells its deadbolt locks for $30 each. The locks have a variable cost of $10, and the company's annual fixed costs are $150,000. The company's tax rate is 40 percent.
Relevant facts follow. When necessary make reasonable assumptions about the facts you don't know, or describe how unknown facts may alter the tax treatment.
Determine the Federal income tax for 2014 for the Deans on a joint return by completing the appropriate forms. They do not want to contribute to the Presidential Election Campaign Fund.
Determine how much tax the business will pay and how much additional tax they will personally pay if they form the business as a partnership, S corporation, or C corporation. Consider only income taxes.
A snow resort group is considering investing in a ski resort at the Pocono's Mountains. The initial investment required is $3 millions but the revenues and operating costs depends on the number of days of the winter season.
During 2014, Pet Kingdom made estimated tax payments of $90,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2014. Suggested software: 1-1&R BLOCK Tax Software.
Discuss in detail the needs of incorporating the business, the advantages and disadvantages, and provide JJ with recommendations.
What was the property tax levy in 2015? What is the maximum property tax levy that would be allowed in 2016? What is the market value of taxable property in 2016?
amelie is an employee who uses her personal automobile in connection with her job. during 2013 amelie drove her car a
In 1983 Bruce purchases 10 hectares of land for $1 million in an area that was ripe for subdivision. At the time of purchase he intended to get planning permission from the local council to develop the land by subdivision and then resell it at a prof..
The tax election is the calendar year or fiscal year and the accounting year would follow the one choose. For the calendar year, the corporation reports income and expense from January first to December 31.
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