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After-Tax Costs
Solve each of the following parts independently:
1. Stoffer Company has hired a management consulting firm to review and make recommenda- tions concerning Stoffer's organizational structure. The consulting firm's fee will be $100,000. What will be the after-tax cost of the consulting firm's fee if Stoffer's tax rate is 30%?
2. The Green Hills Riding Club has redirected its advertising toward a different sector of the market. As a result of this change in advertising, the club's annual revenues have increased by $40,000. If the club's tax rate is 30%, what is the after-tax benefit from the increased revenues?
3. The Golden Eagles Basketball Team has just installed an electronic scoreboard in its playing arena at a cost of $210,000. For tax purposes, the entire original cost of the electronic score- board will be depreciated over seven years, using the straight-line method. Determine the yearly tax savings from the depreciation tax shield. Assume that the income tax rate is 30%.
Advise Justin of the capital gains tax implications if he sells these assets now
Set down in statement form full details of Jess's assessable income and allowable deductions for the 2012/2013 year of income and determine her taxable income for that year.
(1) Determine Andrew and Carol's taxable income.
Fees related to the lodgment of Leighton's income tax return ($300) and the advice regarding the sale ($400). Advise Leighton as to whether the $700 paid to his accountant is deductible for income tax purposes.
Blue Corporation, a cash basis taxpayer, has taxable income of $700,000 for the current year. Blue elected $80,000 of § 179 expense. It also had a related party loss of $30,000 and a realized (not recognized) gain from an involuntary conversion of..
How would your answer to Part a change if Karen had initially purchased the stock from another shareholder rather than organizing corporation?
Based on the information above, determine Scott's net capital gain or net capital loss for the year ended 30 June of the current tax year - How would your answer to (a) differ if Scott sold the property to his daughter for $200,000?
What are the year 1 tax consequences of these transactions to Jessica, assuming her marginal tax rate is 33 percent and her long-term capital gains rate is 15 percent?
All depreciable assets are for 100% business use and Alpha uses a low-value pool for all eligible assets. The closing value of the low-value pool at 30 June 2013 was $5,300. Alpha purchased a printer on S June 2014 for $700.
Should the sales tax be recorded at the time of sale or when payment is received?
Explain to Count Drac Ula whether he is a resident of Australia for income tax purposes. Cite relevant references (i.e. cases and/or ATO rulings) to support your answer. Ignore double tax agreements and temporary resident issues.
Write the journal entry to record income tax expense, deferred taxes, and income taxes payable.
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