Chapter 6 presentation
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Christina owns all shares of Orange Corporation and wants to retire in 5-7 years, transferring ownership to her children. Orange stock is currently worth $6 million and expected to be $8 million at retirement. A stock redemption could help Christina transfer control to her children given they likely won't have funds to purchase the stock. The document discusses various types of stock redemptions and their tax treatment, including redemptions qualifying as sales and those treated as dividends. It also covers attribution rules and restrictions to prevent bailouts of corporate earnings.
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Although still in Beta, Software Heritage has already archived more than 2.5 billion unique source code files and 600 million unique commits, spanning more than 20 million projects from major software development hubs, GNU/Linux distributions, and upstream software collections.
Software Heritage is developed transparently as a collaborative project and all its own source code is available as Free/Open Source Software. Currently incubated by Inria, the project will graduate soon to an independent charitable, nonprofit organization.
La Casa Invisible
O documento discute estratégias vencedoras para conquistar direitos, renda e poder para os cidadãos através da criatividade, conflito com o poder e consenso com a cidadania. Algumas estratégias incluem vencer através de instituir espaços, serviços e infraestruturas geridos diretamente pelos cidadãos e falar muitas línguas para refletir a diversidade da sociedade.
Project NGX - Proposal
Our Air Hockey Game project will be based on these trends, making a simple air hockey game in web platform. This game will be remote controlled using user’s own smart devices such as Galaxy or iPhone and they can see their game play view through web pages in their laptop or PC.
Dziękuję solidarności
Europejskie Centrum Solidarności (ECS) w Gdańsku było organizatorem zakrojonych na szeroką skalę i rozłożonych na wiele miesięcy obchodów 30. Rocznicy Sierpnia’80, których kulminację stanowiły dwa wydarzenia: spektakularne widowisko plenerowe na terenie Stoczni Gdańskiej przygotowane przez wybitnego amerykańskiego artystę Roberta Wilsona oraz spektakl „2xStrajk” w Hucie Warszawa.
Agencja Ciszewski PR zajmowała się obsługą medialną kulminacyjnych obchodów oraz przeprowadziła dodatkowe niestandardowe działania mające na celu promocję idei „Solidarności” oraz wzmocnienie wizerunku Europejskiego Centrum Solidarności.
Giethoon villagewithoutstreets
Giethoorn is a village in Holland without streets, as residents travel between homes by boat through 125 kilometers of waterways. Known as the "Venice of the North", the village has no roads, only footpaths and boat canals. Tourism is a major part of the local economy as visitors explore the scenic waterways by boat or electric boat.
What Do You Feel 2008
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
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Similar to Chapter 6 presentation
Vol 02 chapter 7 2012
Rock & Water Corporation (R&W) wants to acquire three of its suppliers, BrineCo, AcidCo, and ChemCo, in order to control their production practices and ensure more environmentally friendly processes. BrineCo is a profitable, long-established company. AcidCo has been struggling with fines for not meeting EPA standards. ChemCo is new but inexperienced, resulting in inefficiencies and environmental harm, and has not yet become profitable. R&W seeks advice on how to structure the acquisitions of each supplier.
Vol 02 chapter 7 2012
Rock & Water Corporation (R&W) wants to acquire three of its suppliers, BrineCo, AcidCo, and ChemCo, in order to control their production practices and ensure more environmentally friendly processes. BrineCo is a profitable, long-established company. AcidCo has faced legal issues and fines for not meeting EPA standards. ChemCo is new but inexperienced, resulting in inefficiencies and environmental harm, and has not yet become profitable. R&W seeks advice on how to structure the acquisitions of each supplier.
Chapter 12
This document summarizes key issues related to S corporations. S corporations provide partnership-like taxation while giving owners limited liability protection. To qualify, a corporation must elect S status and meet requirements such as having 100 or fewer shareholders and only one class of stock. Tax items flow through to shareholders and are allocated based on ownership. Distributions may be tax-free or taxable depending on accumulated earnings. The document outlines taxation of distributions, shareholder basis rules, loss limitations, built-in gains tax, and passive investment income rules.
Vol 01 chapter 20 2015
The document provides an overview of different types of business entities including sole proprietorships, partnerships, S corporations, and regular C corporations. It discusses key aspects of forming and operating corporations, such as corporate tax rates, distributions, and Subchapter S corporations. The Todd sisters are considering starting a catering business and forming a corporate entity, and the document suggests they consider an S corporation or LLC to obtain liability protection while also allowing losses to flow through to offset their individual income in early years when losses are anticipated.
Chapter 13
The document discusses and compares various forms of doing business from a tax perspective, including sole proprietorships, partnerships, S corporations, and C corporations. It covers topics such as income taxation, loss allocation, capital gains and losses, fringe benefits, and the sale of ownership interests. The limited liability company is described as a hybrid form that combines partnership tax treatment with corporate limited liability for owners.
Issue, forfeiture and re issue of shares by N. Bala Murali Krishna
The document discusses various aspects of accounting for share capital. It defines types of share capital such as authorized, issued, subscribed, called up and paid up share capital. It explains journal entries for receipt and payment of application money, allotment money, call money. It discusses accounting treatment of shares issued at premium and discount. It also covers concepts of oversubscription of shares, calls in arrears, calls in advance, forfeiture and reissue of shares. The document provides detailed explanation of these concepts along with related journal entries.
2. Mott Company uses the units-of-activity method in computing dep.docx
2. Mott Company uses the units-of-activity method in computing depreciation. A new plant asset is purchased for $36,000 that will produce an estimated 100,000 units over its useful life. Estimated salvage value at the end of its useful life is $3,000. What is the depreciation cost per unit? (Points : 3)
$3.30
$3.60
$.33
$.36
5. In most companies, current liabilities are paid within (Points : 3)
one year through the creation of other current liabilities.
the operating cycle through the creation of other current liabilities.
one year or the operating cycle out of current assets.
the operating cycle out of current assets.
Question 6. 6. Cash receipts from interest and dividends are classified as (Points : 3)
financing activities.
investing activities.
operating activities.
either financing or investing activities.
Question 7. 7. From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that (Points : 3)
bond interest is deductible for tax purposes.
interest must be paid on a periodic basis regardless of earnings.
income to stockholders may increase as a result of trading on the equity.
the bondholders do not have voting rights.
9. If a company has both an inflow and outflow of cash related to property, plant, and equipment, the (Points : 3)
two cash effects can be netted and presented as one item in the investing activities section.
cash inflow and cash outflow should be reported separately in the investing activities section.
two cash effects can be netted and presented as one item in the financing activities section.
cash inflow and cash outflow should be reported separately in the financing activities section.
Question 10. 10. With an interest-bearing note, the amount of assets received upon issuance of the note is generally (Points : 3)
equal to the note's face value.
greater than the note's face value.
less than the note's face value.
equal to the note's maturity value.
13. When stock dividends are distributed, (Points : 3)
Common Stock Dividends Distributable is decreased.
Retained Earnings is decreased.
Paid-in Capital in Excess of Par is debited if it is a small stock dividend.
no entry is necessary if it is a large stock dividend.
Question 14. 14. Of the items below, the one that appears first on the statement of cash flows is (Points : 3)
noncash investing and financing activities.
net increase (decrease) in cash.
cash at the end of the period.
cash at the beginning of the period.
Question 15. 15. Moreno Company purchased equipment for $675,000 on January 1, 2011, and will use the double-declining-balance method of depreciation. It is estimated that the equipment will have a 3-year life and a $30,000 salvage value at the end of its useful life. T.
Family Limited Partnership ("FLIPS") - Real Estate Portfolio
An example of forming a Family Limited Partnership to own your Real Estate Portfolio. Note the Tax savings by using Discounts for Lack of Marketability and Lack of Control, to defer tax on Gift or Estate Transfers of Ownership
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This Presentation highlights the accounting treatment for the forfeiture, reissue and surrender of shares in the case of a company.
BEE Ownership Options
This document outlines three options for multinational companies operating in South Africa to facilitate black economic empowerment (BEE) ownership as required:
1) Selling equity in the local business to BEE investors. This provides representation and voting rights but the company cannot participate in an equity equivalent program.
2) Selling assets, businesses, or equity instruments to associated BEE enterprises. Points are based on the value and growth of assets sold. The company cannot participate in an equity equivalent program if using this option.
3) Contributing financially to approved BEE development programs through an Equity Equivalent Investment Program. Contributions are calculated as a percentage of revenue or value and provide ownership points over time. This allows
all intermediate chapter new.pptx
This document discusses key concepts from the conceptual framework for financial reporting, including:
1) The objective of financial reporting is to provide useful information to present and potential investors and creditors.
2) The qualitative characteristics that make accounting information useful are relevance, faithful representation, comparability, verifiability, timeliness, and understandability.
3) The basic elements of financial statements are assets, liabilities, equity, investments by owners, distributions to owners, comprehensive income.
ch03 (1).ppt
This document provides an overview of key concepts related to consolidated financial statements at the date of acquisition. It defines control and subsidiary, explains why companies acquire subsidiaries rather than assets, and outlines the requirements for inclusion of subsidiaries in consolidated statements. The learning objectives cover recording the investment at acquisition, preparing consolidated workpapers and eliminating entries, computing any difference between implied and book value, and comparing U.S. GAAP and IFRS treatment. Worked problems demonstrate journal entries to record stock acquisitions and the computation and allocation of differences between implied and book values.
Buy-back of shares.pptx
This document discusses the meaning, effects, objectives, and accounting treatment of buybacks of shares by a company. A buyback refers to a company purchasing its own shares from shareholders. This reduces share capital and returns part of the issued capital to shareholders. Objectives include increasing share value and EPS as well as using excess cash. Accounting entries debit equity share capital and credit the shareholders for the buyback amount. Compliance with conditions requires ensuring sufficient free reserves and a maximum buyback of 25% of paid-up capital. Calculations determine the number of shares and offer price within these limits.
Client Alert: November 2011
The document summarizes new IRS forms and procedures related to ESOP administration and reporting. Form 8955-SSA must now be filed separately from Form 5500 to report participant data to the Social Security Administration. Failure to file can result in penalties of $1 per unreported participant per day. Form 5558 has been updated to specifically include extensions for Form 8955-SSA in addition to Form 5500. Third parties may sign extension requests unless power of attorney has been granted. The changes aim to improve reporting accuracy and compliance.
shut down or continue decision
The document discusses whether a business that is continuously suffering losses should be shut down or continued. It notes that losses can occur due to reduced demand, financial problems, changes in technology, high taxes, or mismanagement. When deciding whether to shut down or continue, tax implications should be considered. Losses can be carried forward if the business is discontinued, and unabsorbed depreciation can be set off against any income. Exceptions exist for cases involving business relocation, department closures, reconstruction after damage, succession, family partition, and amalgamation/demerger. The document provides an illustration comparing the tax implications of continuing versus discontinuing a loss-making business unit. It recommends discontinuing the loss-making unit
Plan Fee Levelization - Going "Back to the Future"
A new paradigm in defined contribution plan pricing is emerging in response to the onslaught of excess fee lawsuits brought against plan sponsors and providers, new and complex fee disclosure rules, and the more recent Department of Labor’s (DOL) Conflict of Interest Rule.
During this BFSG program you will learn:
- The Evolution of Defined Contribution Plan Pricing Models
- Fiduciary Responsibilities of Plan Sponsors
- New Marketplace Solutions – Fee Levelization
Chapt 11 dividend policy and internal financing
This document discusses dividend policy and internal financing. It describes the tradeoff between paying dividends and retaining profits, and how dividend policy affects stock prices. There are three views on the impact of dividends: that policy is irrelevant, that high dividends increase prices, or that low dividends increase prices. The document also outlines dividend payout ratios, procedures for paying dividends, and alternatives like stock dividends, splits, and repurchases.
Chapter Two CFS.pptx consolidated financial statements
This document discusses consolidated financial statements (CFS) based on IFRS 10. It defines CFS as presenting the financials of a parent and its subsidiaries as a single economic entity. A parent that controls one or more other entities must present CFS. Control exists when a parent has power over a subsidiary and exposure or rights to variable returns, and can use its power to affect returns. The document outlines the criteria for CFS, accounting requirements, steps to prepare CFS including eliminating intercompany transactions and the parent's investment account, and provides examples.
Ch8
Common stock valuation methods include:
1. Discounting future dividends using the required return rate for the stock. This works best when dividends are constant or grow at a known rate.
2. Using the earnings per share and an industry benchmark PE ratio when dividends are not paid, as the PE ratio captures expected future earnings and dividend growth.
3. Special cases exist when dividends are constant forever or grow at a constant rate, allowing the stock value to be directly calculated using perpetuity or dividend growth models. However, these ideal cases are rare in practice.
2. IFM - 2- Issue of Shares.pptx
Here are the journal entries for the issue of shares at a discount of 10% by A Ltd:
Dr. Bank A/c
Cr. Share Application A/c
(Being amount received on application on 1000 shares @ Rs. 4 per share)
Dr. Share Application A/c
Cr. Share Capital A/c (Rs. 9000)
Cr. Discount on Issue of Shares A/c (Rs. 1000)
(Being transfer of application money to share capital and discount accounts)
Dr. Share Allotment A/c
Cr. Share Capital A/c (Rs. 3000)
(Being amount due on allotment of 1000 shares @ Rs. 3 per
Similar to Chapter 6 presentation (20)
Issue, forfeiture and re issue of shares by N. Bala Murali Krishna
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Representation techniques july 16, 2014
This document discusses various tax representation techniques. It begins by outlining the typical audit process, noting that audits are usually office or field audits and provide tips for cooperating with audits. It then discusses options for appealing an auditor's findings like fast track settlements, which use mediators to resolve cases in around 60 days. The document also covers collection issues like different collection tiers, working with revenue officers, tax liens, levies, and collection due process hearings which allow taxpayer challenges to liens or levies.
Ppt ch 19
SEP plans allow employers to make deductible contributions to traditional IRAs established for each eligible employee; contributions are discretionary but must be based on a written allocation formula and cannot exceed a certain percentage of compensation for each employee; SEP plans provide an easy way for small businesses to offer retirement benefits to employees.
Ppt ch 18
The document discusses accounting periods and methods for partnerships and S corporations. It states that a partnership's tax year must end on the tax year of the majority interest partners, or if no majority, the principal partners. If there is no majority or principal partners, the tax year that results in the least aggregate deferral of income is used. Exceptions allow other fiscal year ends if valid business purposes or section 444 elections are met. The document also discusses short tax years, accounting methods, and provisions that mitigate the effects of an arbitrary accounting period.
Ppt ch 17
Hazel Brown owns an arts and crafts store. In 2012, she is planning to sell the store equipment she purchased in 2009 for $450,000 and has since depreciated.
- If she sells the equipment for $128,000, she will have a $53,040 gain. This full amount will be treated as ordinary income under §1245 recapture rules rather than potential §1231 capital gain, since the gain is less than her total depreciation of $375,040.
- If she sells the equipment for more than its original $450,000 cost, the portion of gain up to her $375,040 in total depreciation would be ordinary income under §12
Ppt ch 16
Maurice inherited $500,000 and invested it in various assets on the advice of a financial advisor. He is now considering selling some investments and moving money between bonds. The summary provides an overview of the tax treatment of capital gains and losses, including the classification of different assets as capital or ordinary assets, what qualifies as a "sale or exchange," and how gains or losses from various transactions are treated for tax purposes. It also notes that long-term capital gains may be taxed at a lower rate than ordinary gains.
Ppt ch 14
Alice owns a house that she inherited from her mother 7 months ago. She is considering selling the house to her nephew Dan for $275,000 and thinks she will have no gain or loss. As Alice's tax advisor, you need information to determine the tax consequences, such as whether Alice received the house as a gift or inheritance, the basis of the property, and whether it has been her primary residence. You will also need to advise Alice on the tax consequences of selling her car that she has owned for 4 months, as well as transactions involving the sale of stock at a loss and subsequent repurchase.
Ppt ch 13
The document discusses several tax credits available to individuals and businesses, including:
1) Education tax credits that can help offset tuition and other education expenses.
2) The research and experimentation tax credit that incentives private sector investment in research.
3) Tax credits for rehabilitation expenditures, hiring targeted groups of employees, and other activities.
Ppt ch 12
Bob and Carol paid different amounts of federal income tax even though they had identical incomes, deductions, and investments. Carol paid $15,000 more than Bob due to an oversight in the treatment of interest from private activity bonds they both owned. These bonds were issued in 2010 and interest from such bonds is not a tax preference item for the alternative minimum tax in that year. After reviewing the returns, Adam determined Carol was eligible for a $15,000 refund due to an error on her Form 6251 in treating the bond interest as a tax preference.
P pt ch 10
The document discusses itemized deductions for individuals, including medical expenses, taxes, interest expenses, and qualified residence interest. It provides examples to illustrate how these deductions are calculated and applied. It also summarizes how these deductions would apply to the specific scenario of John and Susan Williamson purchasing their first home, as presented in an earlier example.
Ppt ch 09
Morgan has accepted a new sales job that requires travel and some entertainment expenses. She will work out of her apartment and be reimbursed for some travel expenses. Some of Morgan's expenses may be deductible, including transportation between client sites, home office expenses if the office space is exclusively used for work, and moving expenses if she meets certain tests. However, commuting costs and some education or entertainment expenses would not be deductible.
P pt ch 08
Dr. Payne correctly calculated the depreciation expense for his dental practice assets using MACRS depreciation rates. He will also be able to claim depreciation deductions for the rental properties he converted his original residence and purchased condo into, using the fair market value of the residence as its basis since it was previously used for personal purposes. The document provides an overview of depreciation, amortization, and depletion deductions for business and rental property assets, and examples and rules for calculating MACRS depreciation using conventions like half-year and mid-quarter.
P pt ch 07
Martha experienced significant financial losses in the current year. She loaned a friend money to start a business that failed, resulting in a bad debt. She also lost money investing in a pharmaceutical company that declared bankruptcy. Additionally, her sole proprietorship bookstore experienced losses due to increased competition. Martha is hoping that tax law provisions related to deductions and losses can provide some relief.
P pt ch 06
Dr. Payne has incorrectly calculated some of the business expenses deductible on Schedule C of his tax return. Specifically, the contributions to political campaigns are not deductible, and hobby losses are only deductible up to the amount of hobby income. Dr. Payne should re-examine the expenses from his dental practice to ensure they meet the requirements of being ordinary, necessary, and substantiated to be deductible as trade or business expenses.
P pt ch 05
Paul received a $1,500 bonus from his summer internship employer that must be included in his gross income as it was compensation for services. His $400 monthly stipend from his graduate assistantship teaching accounting must also be included in gross income. However, the $6,000 tuition waiver can be excluded. Most of the damages from his accident settlement can be excluded from income as compensation for personal physical injuries, except the punitive damages which are taxable.
P pt ch 04
Dr. Cliff Payne, a dentist, opened a sole proprietorship dental practice at the beginning of the year with a December 31 year-end. He contracted to have a building constructed for his medical practice and used extra money to purchase stock. The document discusses the calculation of gross income for Dr. Payne's dental practice and whether he correctly calculated it as the $385,000 billed to patients. It then provides an overview of the concepts of gross income, accounting periods and methods, income sources including dividends and partnerships, and other inclusions like imputed interest.
P pt ch 03
Polly supports her unemployed husband Nick, stepdaughter Paige, and family friend Maude who lived with Polly. Paige works part-time but trains for a college scholarship. Nick left in March. Polly sold her wedding rings for $8,000. Polly may be able to claim dependency exemptions for Paige and Maude depending on whether they meet the tests for qualifying child, qualifying relative, gross income, support and other rules. Polly should review her tax situation considering these dependency exemption rules.
P pt ch 02
This document provides an overview of the statutory and administrative sources of US tax law, as well as the federal judicial system for tax disputes. It discusses the Internal Revenue Code, Treasury regulations, revenue rulings, revenue procedures, letter rulings, and other administrative pronouncements. It also describes the four courts that have original jurisdiction over tax cases and their roles, as well as the appeals process. Precedent and citations for Tax Court, District Court, Court of Appeals, and Supreme Court decisions are covered.
P pt ch 01
The document provides an overview of US taxation including:
1) It describes different types of taxes such as income taxes, property taxes, employment taxes, and gift/estate taxes.
2) It discusses key concepts related to taxation including tax bases, tax rates, tax structures, and criteria for evaluating tax systems.
3) It provides examples and explanations of how different taxes could apply to a fictional married couple described in the introductory scenario.
Ppt ch 15
The document discusses different property transaction options for Alice regarding a house she inherited, including selling it, converting it to a vacation home, or exchanging it for her current home. It also covers the tax rules around nontaxable like-kind exchanges and involuntary conversions, such as allowing the deferral of capital gains if certain requirements are met for the replacement property. The options aim to minimize taxes for Alice given her objectives of reducing recognized gains and maximizing recognized losses.
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