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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income
ACC 565 Effective Communication - tutorialrank.comBartholomew4
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000.
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income
ACC 565 Effective Communication - tutorialrank.comBartholomew4
For more course tutorials visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
For more course tutorials visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
For more course tutorials visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000.
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
Acc 565 Effective Communication / snaptutorial.comBaileyab
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the
Income Tax Basics by Burnie Maybank, South Carolina Economic Development 101,...Nexsen Pruet
Burnie Maybank hosted the Nexsen Pruet Newbie Seminar on December 1, 2011. The Newbie Seminar is designed for those new to the economic development field in South Carolina or those who would like some brushing up. Covered topics included basic property, sales and income taxes, as well as Bonds, the utility tax credit and FOIA.
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ACC 544 Quiz 1
• Question 1 Imperial Corp. is offering $450,000 of its securities under Rule 504 of Regulation D of the Securities Act of 1933. Under Rule 504, Imperial is required to
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
Acc 565 Effective Communication / snaptutorial.comBaileyab
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the
Income Tax Basics by Burnie Maybank, South Carolina Economic Development 101,...Nexsen Pruet
Burnie Maybank hosted the Nexsen Pruet Newbie Seminar on December 1, 2011. The Newbie Seminar is designed for those new to the economic development field in South Carolina or those who would like some brushing up. Covered topics included basic property, sales and income taxes, as well as Bonds, the utility tax credit and FOIA.
For more course tutorials visit
www.newtonhelp.com
ACC 544 Quiz 1
• Question 1 Imperial Corp. is offering $450,000 of its securities under Rule 504 of Regulation D of the Securities Act of 1933. Under Rule 504, Imperial is required to
For more course tutorials visit
uophelp.com is now newtonhelp.com
www.newtonhelp.com
Please check the Details Below
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
ACC 316 – Corporate Income Tax Accounting Tax Research Proje.docxSALU18
ACC 316 – Corporate Income Tax Accounting
Tax Research Project
OBJECTIVE
The objective of this exercise is to perform appropriate research and analysis and to
prepare reports with the answers to the questions in at least two research problems from
the list below.
SUBMISSION
The research report is due no later than May 1, 2019.
The report should appropriately reference any sources used. Primary sources are, of
course, preferable.
Any electronic submissions in Word 97-2003 format should be sent to
[email protected]
Remember to include your name and course identification in the document as well as in
the file name of any electronic submissions.
RESEARCH PROBLEMS
1. Crest Corporation, a calendar-year taxpayer, was formed in 2015 and incurred
$60,000 in organizational expenditures. Had the corporation made a proper election
under Code Sec. 248, it would have been entitled to a $7,000 deduction in 2015.
However, on its 2015 tax return it erroneously claimed a $60,000 current deduction (i.e.,
it expensed the full amount in the year it was organized). Upon audit in 2018, the IRS
disallowed Crest a $7,000 deduction. Crest Corporation seeks your advise on this issue.
2 Shoots and Ladders Inc. has had taxable income the last three years, but is breaking
even this year. Elsa, the sole shareholder, has a $25,000 basis in her stock. After
consulting with a local CPA, the corporation does the following:
a. Sets up an Employee Stock Ownership Plan (ESOP).
b. Contributes $40,000 to the ESOP, borrowed for the occasion from a local bank.
c. Deducts the $40,000 as a contribution to a qualified plan, thus creating a net
operating loss of $40,000.
d. Permits the ESOP to purchase 49 percent of Elsa’s stock; she reports a long-term
capital gain of $27,750.
Can all of these transactions be executed under the rules applicable to employee stock
ownership plans.
3. What formula is used in Pennsylvania for apportionment of multistate income and
what are the corporate income tax rates?
Compare Pennsylvania’s formula to the formulae used by each the surrounding states.
Indicate when and why each state’s formula might be preferable.
mailto:[email protected]
ACC 316 – Corporate Income Tax Accounting
Tax Research Project
4. Alice White, Bertha Smith, and Carol Jones each has her own computer equipment
and service retail store. In an effort to potentially reduce their costs and increase their
control over supply channels, they buy a plant which manufactures selected computer
supplies and equipment. Each makes an equal cash contribution toward the purchase
of the plant, each has an equal capital and profits interest in the plant, and they agree to
share all losses equally. They own the plant as tenants in common. The co-owners
have a written operating agreement specifying that each has an equal interest in the
plant’s production, each is responsible for her equal share of exp.
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1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from
Question 1 Which of the following indicates that a decision has .docxmakdul
Question 1
Which of the following indicates that a decision has precedential value for future cases?
A.
Stare decicis
B.
Golsen doctrine
C.
En banc
D.
Reenactment doctrine
E.
None of the above
Question 2
The Golsen doctrine applies to which court?
A.
U.S. Tax Court
B.
U.S. District Court
C.
U.S. Court of Federal Claims
D.
U.S. Supreme Court
E.
Some other court
Question 3
Interpret the following citation: 64-1 USTC ¶ 9618, aff’d in 344 F. 2d 966.
A.
A U.S. Tax Court Small Cases Division decision that was affirmed on appeal.
B.
A U.S. Tax Court decision that was affirmed on appeal.
C.
A U.S. District Court decision that was affirmed on appeal.
D.
A U.S. Circuit Court of Appeals decision that was affirmed on appeal.
E.
None of the above.
Question 4
A Memorandum decision of the U.S. Tax Court could be cited as:
A.
T.C. Memo. 1990-650
B.
68-1 USTC ¶ 9200
C.
37 AFTR 2d 456
D.
All of the above
E.
None of the above
Question 5
Bjorn owns a 60% interest in an S corporation that earned $150,000 in 2011. He also owns 60% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $30,000 to Bjorn and the C corporation paid dividends of $30,000 to Bjorn. How much income must Bjorn report from these businesses?
A.
$0 income from the S corporation and $30,000 income from the C corporation.
B.
$90,000 income from the S corporation and $30,000 income from the C corporation.
C.
$90,000 income from the S corporation and $0 income from the C corporation.
D.
$30,000 income from the S corporation and $30,000 of dividend income from the C corporation.
E.
None of the above
Question 6
In 2011, Bluebird Corporation had net income from operations of $75,000. Further, Bluebird recognized a long-term capital loss of $30,000, and a short-term capital gain of $10,000. Which of the following statements is correct?
A.
Bluebird Corporation may use the capital loss to offset the capital gain and must carry the net capital loss of $20,000 forward five years as a long-term capital loss.
B.
Bluebird Corporation may deduct $13,000 of the capital loss in 2011 and may carry forward the remainder of the capital loss indefinitely to offset capital gains.
C.
Bluebird Corporation will have taxable income in 2011 of $55,000.
D.
Bluebird Corporation will have taxable income in 2011 of $75,000 and will have a net capital loss of $20,000 that can be carried back 3 years and forward 5 years.
E.
None of the above
Question 7
Which of the following statements is correct regarding the taxation of C corporations?
A.
The due date for a corporate income tax return (ignoring extensions) is the fifteenth day of the third month following the close of the corporation’s tax year.
B.
A corporation with taxable income of less than $500 need not file a tax return.
C.
The alternative minimum tax does not apply.
D.
In general, the required annual payment for corporate estimated taxes is 90% of the corporation’s final tax for ...
Corporate TAX homework problems. Need help with solving. email is .docxvoversbyobersby
Corporate TAX homework problems. Need help with solving. email is
[email protected]
Notes
Ch1 corporations
Complete the problems as presented in this document. You may create a new document and/or spreadsheet as needed. Any memo should be no more than 3 pages in length. Please state any assumptions used if problems are not clear.
Problem 1
Your client, a physician, recently purchased a yacht on which he flies a pennant with a medical emblem on it. He recently informed you that he purchased the yacht and flies the pennant to advertise his occupation and thus attract new patients. He has asked you if he may deduct as ordinary and necessary business expenses the costs of insuring and maintaining the yacht. In search of an answer, consult RIA’s CHECKPOINT TAX available on-line through the SNHU Shapiro Library. Explain the steps taken to find your answer.
Problem 2
Stacey Small has a small salon that she has run for a few years as a sole proprietorship. The proprietorship uses the cash method of accounting and the calendar year as its tax year. Stacey needs additional capital for expansion and knows two people who might be interested in investing. One would like to practice hairdressing in the salon. The other would only invest.
Stacey wants to know the tax consequences of incorporating the business. Her business assets include a building, equipment, accounts receivable and cash. Liabilities include a mortgage on the building and a few accounts payable, which are deductible when paid.
Write a memo to Stacey explaining the tax consequences of the incorporation. As part of your memo examine the possibility of having the corporation issue common and preferred stock and debt for the shareholders’ property and money.
Problem 3
Five years ago, Lacey, Kaylee, and Doug organized a software corporation, DLK, which develops and sells Online Meetings software for businesses. DLK is a C corporation. Each individual contributed $10,000 to the company in exchange for 1,000 shares of DLK stock (for a total of 3,000 shares). The corporation also borrowed $250,000 from ACME Venture Capital to finance operating costs and capital expenditures.
Because of intense competition, DLK struggled for the first few years of operation and the corporation sustained chronic losses. This year, Lacey, DLK’s president, decided to seek additional funds to finance DLK’s working capital.
CME declined to extend additional funds because of the money already invested in DLK. High Tech Venture Capital Inc. proposed to lend DLK $100,000, but at a 10% premium over the prime rate. (Other software manufacturers in the same market can borrow at a 3% premium.) First Round Capital proposed to invest $50,000 of equity capital into DLK, but on the condition that the investment firm be granted the right to elect five members to DLK’s board of directors. Discouraged by the “high cost” of external borrowing, Lacey decides to approach Kaylee and Doug.
Lac.
Answer both questions (50 points each total = 100 points). Pl.docxrossskuddershamus
Answer both questions (50 points each: total = 100 points). Please show all work, including calculator keystrokes or Excel functions for time value of money calculations, so the maximum partial credit may be given.
1.
The president of Receding Airlines has asked you to calculate the company's cost of capital. To start, you have gathered the following information:
(1)
RecedingAir has the following securities outstanding:
· $1,000 face value, 8% annual coupon bonds with 15 years remaining to maturity and a current market price of $1,150.
· $100 par value preferred stock that pays an 11% annual dividend and has a current market price of $92.
· Common stock with a current market price of $50/share. Investors expect the next annual dividend to be $4.00 and to grow after that at a constant rate of 7% per year into the foreseeable future.
(2)
If RecedingAir were to issue new securities today:
· New bonds would pay interest annually, have a 15-year life, and incur a flotation cost of 3%.
· A new issue of preferred stock would pay annual dividends and incur flotation costs of 6%
· A new issue of common stock would incur flotation costs of 8%.
(3)
RecedingAir’s income is taxed at a 35% marginal rate.
(4)
RecedingAir’s target capital structure is 35% long-term debt, 15% preferred stock, and 50% common equity.
(5)
RecedingAir forecasts it will retain $25,000,000 of earnings in the coming year.
Required
a.
What is the required rate of return of RecedingAir’s bondholders?
b.
What is RecedingAir’s cost of debt?
c.
What is the required rate of return of RecedingAir’s preferred stockholders?
d.
What is RecedingAir’s cost of preferred stock financing?
e.
What is the required rate of return of RecedingAir’s common stockholders?
f.
What is RecedingAir’s cost of retained earnings financing?
g.
What is RecedingAir’s cost of a new common stock issue?
h.
What is RecedingAir’s weighted-average cost of capital (WACC) for its first dollar of new financing?
i.
How much total new financing can RecedingAir raise before its supply of new retained earnings financing is exhausted and there is a break in the cost of capital schedule?
j.
What would RecedingAir’s weighted-average cost of capital (WACC) become should it require more financing this year than the amount you calculated in part h, above?
2.
You have just been hired by Edifice Wrecks, Inc. (the demolition company) to evaluate a proposal to purchase a new solar-powered, web-enabled building smasher to replace an existing hand-powered smasher. You have discovered that:
· The old hand-powered smasher was purchased 5 years ago for $90,000 and is being depreciated for tax purposes using the straight-line method over an 8-year life to a $10,000 salvage value. The old smasher’s salvage value remains $10,000, however, it could be sold today for $25,000. $15,000 is invested in working capital in support of this smasher.
· The new smasher would cost $125,000 and be depreciated for .
OBJECTIVE The objective of this exercise is to perform appropr.docxdunhamadell
OBJECTIVE
The objective of this exercise is to perform appropriate research and analysis and to prepare reports with the answers to the questions in at least two research problems from the list below.
-The report should appropriately reference any sources used. Primary sources are, of course, preferable.
RESEARCH PROBLEMS
1. Crest Corporation, a calendar-year taxpayer, was formed in 2015 and incurred $60,000 in organizational expenditures. Had the corporation made a proper election under Code Sec. 248, it would have been entitled to a $7,000 deduction in 2015. However, on its 2015 tax return it erroneously claimed a $60,000 current deduction (i.e., it expensed the full amount in the year it was organized). Upon audit in 2018, the IRS disallowed Crest a $7,000 deduction. Crest Corporation seeks your advise on this issue.
2 Shoots and Ladders Inc. has had taxable income the last three years, but is breaking even this year. Elsa, the sole shareholder, has a $25,000 basis in her stock. After consulting with a local CPA, the corporation does the following: a. Sets up an Employee Stock Ownership Plan (ESOP). b. Contributes $40,000 to the ESOP, borrowed for the occasion from a local bank. c. Deducts the $40,000 as a contribution to a qualified plan, thus creating a net operating loss of $40,000. d. Permits the ESOP to purchase 49 percent of Elsa’s stock; she reports a long-term capital gain of $27,750. Can all of these transactions be executed under the rules applicable to employee stock ownership plans.
3. What formula is used in Pennsylvania for apportionment of multistate income and what are the corporate income tax rates? Compare Pennsylvania’s formula to the formulae used by each the surrounding states. Indicate when and why each state’s formula might be preferable.
4. Alice White, Bertha Smith, and Carol Jones each has her own computer equipment and service retail store. In an effort to potentially reduce their costs and increase their control over supply channels, they buy a plant which manufactures selected computer supplies and equipment. Each makes an equal cash contribution toward the purchase of the plant, each has an equal capital and profits interest in the plant, and they agree to share all losses equally. They own the plant as tenants in common. The co-owners have a written operating agreement specifying that each has an equal interest in the plant’s production, each is responsible for her equal share of expenses, and each owns a proportionate, undivided part of the plant’s equipment. The agreement also provides that the plant, as such, does not have the right to market the manufactured computer supplies and equipment. In lieu of the plant’s selling the manufactured comp-0uter supplies and equipment to other purchases, Alice, Bertha, and Carol agree that each will take one-third of the plant’s annual output. Each takes her share of the output, commingles it with other computer equipment and supplies in their respe.
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1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from individuals or companies. 2. Three accounting issues associated with accounts receivable are depreciating
ACC 291 NEW Become Exceptional--acc291new.comclaric123
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1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
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1. ACC 565 Final Exam Guide
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for
$120,000. From this transaction, Barbara is deemed to have made a
gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act,
which of the following statements is correct?
Question 3
Jackson and Tanker Corporations are members of an affiliated group.
The two corporations have been affiliated since they were formed last
year. Both corporations have always used a calendar year as their tax
year. Tanker, the subsidiary, has a separate return year NOL of
$14,000 from last year. Jackson Corporation has a separate return
year NOL of $16,000 from last year. Commencing this year, the two
corporations filed a consolidated tax return. The NOLs can be carried
over
Question 4
Virginia gave stock with an adjusted basis of $8,000 and an FMV of
$10,000 to Carmen. No gift tax was paid on the transfer. Carmen then
sold the stock for $9,000. The gain or loss Carmen will recognize on
the sale is
Question 5
If a partnership chooses to form an LLC, under the check-the-box
rules, and assuming no elections are made, the entity will be taxed as
Question 6
2. Revocable trusts means
Question 7
Identify which of the following statements is true.
Question 8
Identify which of the following statements is true.
Question 9
Cactus Corporation, an S Corporation, had accumulated earnings and
profits of $100,000 at the beginning of 2009. Tex and Shirley each
own 50% of the stock and have a basis in their stock of $50,000 on
January 1, 2009. Cactus does not make any distributions during 2009,
but had $200,000 of ordinary income. In 2010, ordinary income was
$100,000 and distributions were $100,000. What is Tex's basis at
January 1, 2011?
Question 10
Tax return preparers can be penalized for the following activities
except
Question 11
An intervivos trust may be created by all of the following except
Question 12
Identify which of the following statements is true.
Question 13
Michael died in 2013 with a taxable estate and estate tax base of
$6,000,000. Michael's estate owed no state death taxes. Michael's
estate includes $250,000 of income in respect of a decedent (IRD),
none of which is received by his surviving spouse. His estate had no
DRD. The estate collects $200,000 of the IRD during its current tax
year. The Sec. 691(c) deduction for the estate in current year is
Question 14
Which of the following corporations is entitled to join in a
consolidated tax return without making a special election?
Question 15
Susan contributed land with a basis of $6,000 and an FMV of $10,000
to the SH Partnership two years ago to acquire her partnership
interest. This year, the land is distributed to Harry when its FMV is
$11,000. No other distributions have been made since Susan became a
partner. When the land is distributed, the partnership's basis in the
land immediately before distribution is increased by
3. Question 16
What is the penalty for a tax return preparer who willfully attempts to
understate taxes, or intentionally disregards the tax rules and
regulations?
Question 17
When computing the partnership's ordinary income, a deduction is
allowed for
Question 18
Identify which of the following statements is true.
Question 19
A consolidated return's tax liability is owed by
Question 20
Terry files his return on March 31. The return shows taxes of $6,000,
and Terry pays this entire amount when he files his return. By what
time must he file a claim of refund?
Question 21
The IRS provides advice concerning an issue that arises during an
audit by issuing
Question 22
In computing the ordinary income of a partnership, a deduction is
allowed for
Question 23
Damitria transfers her rights in a $100,000 insurance policy on June 1
to Tremayne. The policy has a cash value of $9,000 and an
interpolated terminal reserve of $8,500. The annual policy premium
of $12,000 had been paid on January 1. Damitria's gift (before the
annual gift tax exclusion) to Tremayne is
Question 24
Diana Corporation owns stock of Tomika Corporation. For Diana and
Tomika to qualify for the filing of consolidated returns, at least what
percentage of Tomika's total voting power and total value of stock
must be directly owned by Diana?
Question 25
The executor or administrator is responsible for all the following
estate duties except
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4. ACC 565 Midterm Exam Guide
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ACC 565 Midterm Exam Guide
Question 1
Identify which of the following statements is false.
Question 2
Which of the following transactions does nothave the potential of
creating a constructive dividend?
Question 3
The citation "Reg. Sec. 1.199-2" refers to
Question 4
Bruce receives 20 stock rights in a nontaxable distribution. The stock
rights have an FMV of $5,000. The common stock with respect to
which the rights are issued has a basis of $4,000 and an FMV of
$120,000. Bruce allows the stock rights to lapse. He can deduct a loss
of
Question 5
Identify which of the following statements is true.
Question 6
A corporation cannot reasonably accumulate earnings to
Question 7
Small case procedures of the U.S. Tax Court requires that the amount
in dispute not exceed
Question 8
For purposes of determining current E&P, which of the following
items cannot be deducted in the year incurred?
Question 9
5. What are the consequences of a stock redemption to the distributing
corporation?
Question 10
Under a plan of complete liquidation, Coast Corporation distributes
land with a $300,000 adjusted basis and a $400,000 FMV to William,
a 25% shareholder. William has a $200,000 basis in his Coast stock.
The land is inventory in the hands of Coast Corporation. Coast
Corporation must recognize
Question 11
The phrase "Entered under Rule 155" indicates that
Question 12
You need to locate a recent tax case that was tried in a Federal district
court. The decision is an "unreported" decision. This means the
decision was
Question 13
When using the Bardahl formula, an increase in accounts payable
(while holding purchases and operating expenses constant) has which
of the following effects on the working capital
Question 14
Which of the following steps, related to a tax bill, occurs first?
Question 15
Dexer Corporation is owned 70% by Amy and 30% by Brad. Dexer
Corporation owns Eagle Corporation stock with a $50,000 adjusted
basis and a $30,000 FMV. The stock is not disqualified property. As
part of a complete liquidation, the Eagle Corporation stock is
distributed to Amy. Amy's basis in her Dexer stock is $40,000. Dexer
Corporation will recognize
Question 16
Which of the following requirements must be met for a redemption to
be treated as substantially disproportionate?
Question 17
During the course of an audit, a CPA discovers an error in a prior
return. According to the Statements on Standards for Tax Services,
the CPA should
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6. ACC 565 Week 2 Assignment 1 Client Letter (2
Papers)
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This Tutorial contains 2 Different Papers
ACC 565 Assignment 1 Client Letter
Assignment 1: Client Letter
Imagine that you are a Certified Public Accountant (CPA) with a new
client who needs an opinion on the most advantageous capital
structure of a new corporation. Your client formed the corporation in
question to provide technology to the medical profession to facilitate
compliance with the Health Insurance Portability and Accountability
Act (HIPAA). Your client is very excited because of the ability to
secure several significant contracts with sufficient capital.
Use the Internet and Strayer databases to research the advantages and
disadvantages of debt for capital formation versus equity for capital
formation of a corporation. Prepare a formal letter to the client using
the six (6) step tax research process in Chapter 1 and demonstrated in
Appendix A of your textbook as a guide.
Write a one to two (1-2) page letter in which you:
1. Compare the tax advantages of debt versus equity capital formation
of the corporation for
the client.
2. Recommend to the client whether he / she should use debt or equity
for capital formation of the new corporation, based on your research.
Provide a rationale for the response.
7. 3. Use the six (6) step tax research process, located in Chapter 1 and
demonstrated in Appendix A of the textbook, to record your research
for communications to the client.
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12),
with one-inch margins on all sides; citations and references must
follow APA or school-specific format. Check with your professor for
any additional instructions.
• Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the date.
The cover page and the reference page are not included in the
required assignment page length.
The specific course learning outcomes associated with this
assignment are:
• Analyze tax issues regarding corporate formations, capital
structures, income tax, non-liquidating distributions, or other
corporate levies.
• Use technology and information resources to research issues in
organizational tax research and planning.
• Write clearly and concisely about organizational tax research and
planning using proper writing mechanics.
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ACC 565 Week 4 Assignment 2 Constructive
Dividends, Redemptions, and Related Party
Losses (2 Papers)
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8. This Tutorial contains 2 Different Papers
This paper of ACC 565 Week 4 Assignment 2
Assignment 2 :Constructive Dividends, Redemptions, and Related
Party Losses
Suppose you are a CPA hired to represent a client that is currently
under examination by the IRS. The client is the president and 95%
shareholder of a building supply sales and warehousing business. He
also owns 50% of the stock of a construction company. The
remaining 50% of the stock of the construction company is owned by
the client’s son. The client has received a Notice of Proposed
Adjustments (NPA) on three (3) significant issues related to the
building supply business for the years under examination. The issues
identified in the NPA are unreasonable compensation, stock
redemptions, and a rental loss. Additional facts regarding the issues
are reflected below:
· Unreasonable compensation: The taxpayer receives a salary of $10
million composed of a $5 million base salary plus 5% of gross
receipts not to exceed $5 million. The total gross receipts of the
building supply business are $300 million. The NPA by the IRS
disallows the salary based on 5% of gross receipts as a constructive
dividend
· Stock redemptions: During the audit period, the construction
company redeemed 50% of the outstanding stock owned by the client
and 50% of the stock owned by the client’s son, leaving each with the
same ownership percentage of 50%. The redemption was treated as a
distribution under Section 301 of the IRC by the IRS.
· Rental loss: The rental loss results from a building leased to the
construction company owned by the client and his son.
Write a three page paper in which you:
1. Based on your research and the facts stated in the scenario, prepare
a recommendation for the client in which you advise either
acceptance of the proposed adjustments or further appeal of the issue
based on the potential for prevailing on appeal.
9. 2. Create a tax plan for the future redemption of the client’s stock
owned in the construction company that will not be taxed according to
Section 301 of the IRC.
3. Propose a strategy for the client to receive similar amounts in
compensation in the future and avoid the taxation as a constructive
dividend.
4. Use the six (6) step tax research process to record your research for
communications to the client.
Use the Internet and databases to research the rules and income tax
laws regarding unreasonable compensation, stock redemptions treated
as dividends and related party losses. Be sure to use the six (6) step
tax research process in Chapter 1 and demonstrated in Appendix A of
your textbook as a guide for your written response.
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ACC 565 Week 7 Assignment 3 Reorganizations
and Consolidated Tax contains (2 Papers)
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This Tutorial contains 2 Different Papers
ACC 565 Week 7 Assignment 3 Reorganizations and Consolidated
Tax contains
Due Week 7 and worth 250 points
Suppose you are a CPA, and you have a corporate client that has
been operating for several years. The company is considering
10. expansion through reorganizations. The company currently has two
(2) subsidiaries acquired through Type B reorganizations. The client
has asked you for tax advice on the benefit of a Type A, C, or D
reorganization over a Type B reorganization. Additional facts
regarding the issues are reflected below.
The company currently files a consolidated income tax return with the
two (2) subsidiaries acquired through a Type B reorganization.
ABC Corporation, a subsidiary targeted by the client for takeover,
has substantial net operating losses.
XYZ Corporation and BB Corporation will be acquired as
subsidiaries in the next six (6) months.
Use the Internet and Strayer databases to research the rules and
income tax laws regarding Types A, B, C, and D reorganizations and
consolidated tax returns. Be sure to use the six (6) step tax research
process in Chapter 1 and demonstrated in Appendix A of your
textbook as a guide for your written response.
Write a four to six (4-6) page paper in which you:
Compare the long-term tax benefits and advantages of each type of
reorganization, and recommend the type of reorganization that will
be most beneficial to the client.
Suggest the type of reorganization the client should use for the ABC
Corporation based on your research. Justify the response.
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ACC 565 Week 10 Assignment 4 Tax-Planning
Client Letter on Irrevocable Trusts, Gift Tax,
and Estate Tax
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ACC 565 Week 10 Assignment 4 Letter to Client
TAX-PLANNING CLIENT LETTER ON IRREVOCABLE
TRUSTS, GIFT TAX, AND ESTATE TAX
Suppose you are a CPA, and your client has requested advice
regarding establishing an irrevocable trust for his two (2)
grandchildren. He wants the income from the trust paid to the children
for 20 years and the principal distributed to the children at the end of
20 years.
Use the Internet and Strayer databases to research the rules regarding
irrevocable trusts, gift tax, and estate tax. Be sure to use the six (6)
step tax research process in Chapter 1 and demonstrated in Appendix
A of your textbook as a guide for your written response.
Write a one to two (1-2) page letter in which you:
Analyze the effect of an irrevocable trust on the gift tax and future
estate taxes.
Suggest other significant alternatives that the client could use both to
reduce estate tax and to maximize potential advantages of the
payment of gift taxes on transfers of property.
Use the six (6) step tax research process, located in Chapter 1 and
demonstrated in Appendix A of the textbook, to record your research
for communications to the client.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12),
with one-inch margins on all sides; citations and references must
follow APA or school-specific format. Check with your professor for
any additional instructions.
Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the date.
12. The cover page and the reference page are not included in the
required assignment page length.
The specific course learning outcomes associated with this
assignment are:
Prepare client, internal, and administrative documents that
appropriately convey the results of tax research and planning.
Create an approach to tax research that results in credible and current
resources.
Analyze tax issues regarding the gift tax and the estate tax.
Analyze tax issues regarding trusts and estates.
Use technology and information resources to research issues in
organizational tax research and planning.
Write clearly and concisely about organizational tax research and
planning using proper writing mechanics.
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