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The books of Seal Company, a calendar year taxpayer, had assets and related information (as detailed below) as of December 31, 2011. Seal's policy is to record depreciation on December 31 by way of a journal entry. Seal also takes advantage of any early write-offs of its purchased assets allowed by law. Based on the information given calculate Seal's maximum depreciation deduction for 2012. The office equipment purchased is new and Seal's taxable income for the year is $1,000,000. Bonus depreciation in effect for 2012 is 50%. Seal purchased office equipment of $240,000 on February 1, 2012.
Asset Basis Year Purchased
Manufacturing Tools 120,000 2011
Trucks 300,000 2010
Water Trans, Equip 150,000 2009
Fencing-Plant 90,000 2008
Toggle's Fishing Fleet had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2012. These data apply to each
After calculating a positive NPV, Renew Inc. has decided to undertake a four-year project to manufacture guardrails from recycled plastic. The project requires a $250,000 machine t
how work contract tax is to be shown in the invoice?
The following 2012 projected income statement is provided by your new client, John Green, single, and sole proprietor of Green Industries. Green Industries started business in Marc
(i) Discuss, using appropriate examples, the concept of ‘transfer pricing’ and explain why tax authorities around the world have become concerned about it.
In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the organization
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Suppose there are 40 commuters in Apple Valley, Minnesota who commute to downtown Minneapolis. They have two options for getting downtown: they can take the light rail or they can
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds
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