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Jessica plans to invest $150,000 in her own small business. She expects to generate a 12 percent before-tax return on her investment the first year. Her marginal tax rate is 35 percent because she has a significant amount of income from other sources. She needs to decide whether to establish her business as a sole proprietorship or a C corporation.
a. Compute the after-tax cash flow from a sole proprietorship if she withdraws 50 percent of the profits from the business the first year. (Ignore employment taxes.)
b. Compute the after-tax cash flow from a C corporation if she receives a dividend equal to 50 percent of the before-tax profits from the business the first year.
c. What nontax factors should Jessica consider in making this decision?
d. What do you recommend?
What is the net cash saved in income taxes by using double-declining-balance depreciation over straight-line depreciation?
Sam Tangy feels that the top management group should own a substantial amount of Tangy stock to ensure that the interest of management correspond with the shareholder interests (i.e., the maximization of shareholder wealth).
Clarify the role of the generations skipping transfer tax and Gene purchases an insurance policy on Mary's life and designates Ashley as beneficiary. Ashley dies first one year later.
Prepare the Federal Individual Income Tax Return (Form 1040) and supporting forms and schedules for Carrie A. Morgan for 2012. She is a procrastinator and is just getting around to getting her 2012 tax return completed.
Ignoring income taxes, what journal entry is needed to adjust the 2014 books to reflect this change? Assume that the 2014 closing entries have not yet been made.
The following financial information relates to a suburban retail business, Serendipity Pty Ltd that owns and operates a retail giftware business in High Street Uptown.
cases in the past 15 years or so where corporations have committed unethical business practices and the resulting
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Cassie is a single mother providing the sole support of her three children, who all live with her. Her 16 year-old daughter, Tammy, earned $15,200 modeling during the year and her two sons, R.J. and Will, ages 10 and 8, have no income.
Ward owns 50 percent of Teal Company- Ward's individual tax return may report:
a religious grade school in an inner city area with a large minority population restricts its students to baptized
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