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Gordon contributed capital and loaned money to a limited partnership called Bushmill Ventures, whose assets after dissolution include $30,000. As a limited partner: - Gordon can assign his partnership interest but cannot manage partnership affairs or dissolve the partnership by withdrawing. - Gordon is entitled to repayment of his loan on a pro rata basis with other creditors. If Bushmill Ventures had instead been formed as a limited liability company, the rights and responsibilities of members would be similar except members can manage LLC affairs and dissolve the LLC upon withdrawing.
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Business organizations
The document discusses different types of business organizations including sole proprietorships, partnerships, corporations, franchises, cooperatives, and non-profits. It provides details on the characteristics, advantages, and disadvantages of each type. Specifically, it notes that sole proprietorships make up 72% of all businesses but only 5% of total profits. Partnerships allow for more capital and sharing of losses but also disagreements among partners. Corporations can raise more capital through stocks and bonds but are subject to more regulations. Franchises provide a proven business model but may impose too many restrictions. The document also provides statistics on the US business population and examples of different types of mergers.
1. Taylor serves on the board of directors for Cabby Company. Taylor.pdf
1. Taylor serves on the board of directors for Cabby Company. Taylor owns a lot of vacant land,
which she tried to sell unsuccessfully for two years. Taylor convinced the board of directors to
purchase 1,000 acres of her land for a price well over what the land is worth. This action may
violate the __________ rule.
A. business judgment B. insider trading C. fairness D. actual authority
2. Which of the following types of company offers protection for personal liability?
A. General partnership B. Term partnership C. Limited liability partnership D. Sole
proprietorship
3. An advantage of an S corporation is that shareholders can avoid
A. bylaws. B. double taxation. C. insider trading. D. estoppel.
4. Ken is the president of a large energy company. Company executives approached Ken about
purchasing some smaller companies to expand the business. Ken read the reports explaining the
potential risk and return of the investment, and he decided the purchase appeared to be a good
investment. Unfortunately, Ken was wrong, and the purchase caused the company to lose
millions of dollars. Based on these facts, Ken
A. should benefit from the business judgment rule. B. violated his duty of due diligence to the
corporation. C. should benefit from the fairness rule. D. violated his duty of loyalty to the
corporation.
5. Herbie owns a pizza parlor in New York. Herbie didn\'t file any documents to create the
business entity, he makes all the business decisions, and he retains all profit after overhead is
paid. Herbie owns a
A. sole proprietorship. B. corporation C. partnership. D. limited liability company.
6. Jennie owns shares in Superstore, Inc. A vote about whether Superstore should expand its
operations to China is coming up. Jennie thinks this is a good idea, but she doesn\'t own enough
shares to control the outcome of the vote. Jennie could increase the chance that the vote will go
her way by
A. entering into a pooling agreement. B. making a shareholder proposal. C. offering to give
someone else a proxy. D. filing a derivative suit.
7. The difference between a limited partnership and a registered limited liability partnership
(RLLP) is that
A. all partners have limited liability in a limited partnership, but not in an RLLP. B. an RLLP can
have secret partners, while a limited partnership can\'t. C. a limited partnership can have secret
partners, while an RLLP can\'t. D. all partners have limited liability in an RLLP, but not in a
limited partnership.
8. Robert owns shares in Products, Inc., and suspects that Zach, one of the directors of the
company, has been stealing corporate assets. Robert complains to the corporation, but no action
is taken. Robert should file a
A. direct suit against Products, Inc. B. direct suit against Zach. C. derivative suit against
Products, Inc., on his own behalf. D. derivative suit against Zach on behalf of Products, Inc.
9. Steve decides to incorporate his business, but he thinks it\'s too expensive to hire an attorney
to adv.
Case Study Three Jeb and Josh are lifelong friends. Jeb is a weal
Case Study Three: Jeb and Josh are lifelong friends. Jeb is a wealthy wind-power tycoon, and Josh is an active outdoor enthusiast. They have decided to open a sporting goods store, Arcadia Sports, using Jeb’s considerable financial resources and Josh’s extensive knowledge of all things outdoors. In addition to selling sporting goods, the store will provide whitewater rafting, rock-climbing, and camping excursions. Jeb will not participate in the day-to-day operations of the store or in the excursions. Both Jeb and Josh have agreed to split the profits down the middle. On the first whitewater rafting excursion, a customer named Jane falls off the raft and suffers a severe concussion and permanent damage to her spine. Meanwhile, Jeb’s wind farms are shut down by government regulators, and he goes bankrupt, leaving extensive personal creditors looking to collect.
Hi Class-
There are many types of business entities, but there are a few main ones. These are sole proprietorship, partnership, corporation, and limited liability companies.
Sole Proprietorship is where once person controls the management and profits (Kubasek, 2015).
Advantages
· Creation of organization is easy
· Sole Proprietor has complete control of management (hiring, expanding business, etc.)
· Sole Proprietor keeps all profits from the business
· Sole Proprietor can terminate the business at their own will
Disadvantages
· Sole Proprietor is responsible for any losses or obligations associated with the business
· Accrue to much debt and not overcome
· Funding is quite a struggle due to large startup costs
Partnership is where the partners equally divide the profits and management responsibilities as well as share unlimited liability for the business’s debt (Kubasek, 2015). Also, with a partnership, the partners are not usually required to create an agreement to establish the partnership (Kubasek, 2015).
Advantages
· Creation of organization is easy
· More resources with two or more people to make decisions and support the business
· Income from business is taxed as individual income for each partner
Disadvantages
· Partners are personally liable for the business’s debts
· The division of authority in decision making
Corporation are a legal entity which is formed by selling shares of stock to investor, or otherwise known as shareholders (Kubasek, 2015).
Advantages
· Shareholders have limited liability
· Profits are taxed as income to the shareholders (not the partners)
· Easy to raise capital by issuing stock
· Protected from being personally liable for the business debts
· Shares can be passed onto family members making a corporation a life business
Disadvantages
· Corporate income is taxed twice
· Formalities are mandatory in establishing and keeping corporate form
· Separate legal entity that can be sued
· Corporations can only operate in the state it was created, unless permission is given by other states
· Cost to establish a corporation already being high, hu ...
Exam Business Organizations 1. Sal is a shareholder in XY.docx
Exam: Business Organizations
1. Sal is a shareholder in XYZ Corporation. XYZ Corporation made defective products, and many individuals have filed
lawsuits due to the defects. As a shareholder, Sal may
A. be held personally liable only if the plaintiffs name Sal as a defendant.
B. not be held personally liable for the defects.
C. be held personally liable only if the corporation was aware of the defects.
D. be held personally liable for the defects.
2. Tom is president of Big Drug, Inc. Tom receives a phone call from a federal agency informing him that a new drug
owned by Big Drug will be approved for sale to the public. Tom knows that this drug will be very popular and will cause
a significant increase in the company's profits. Tom quickly purchases as much Big Drug stock as he can afford. Then,
when the federal agency formally announces approval of the drug, Big Drug stock triples in value, and Tom becomes
rich. Tom has violated the
A. fairness rule.
B. business judgment rule.
C. insider trading rule.
D. corporate opportunity doctrine.
3. Under the Revised Uniform Partnership Act,
A. partners are co-owners of partnership property.
B. partners don't have transferable economic interests.
C. partnership property is owned by the partnership.
D. the partnership is an aggregate rather than an entity in its own right.
4. Robert owns shares in Products, Inc., and suspects that Zach, one of the directors of the company, has been stealing
corporate assets. Robert complains to the corporation, but no action is taken. Robert should file a
A. derivative suit against Products, Inc., on his own behalf.
B. direct suit against Zach.
C. derivative suit against Zach on behalf of Products, Inc.
D. direct suit against Products, Inc.
5. Jennie owns shares in Superstore, Inc. A vote about whether Superstore should expand its operations to
China is coming up. Jennie thinks this is a good idea, but she doesn't own enough shares to control the outcome of the
vote. Jennie could increase the chance that the vote will go her way by
A. entering into a pooling agreement.
B. filing a derivative suit.
C. offering to give someone else a proxy.
D. making a shareholder proposal.
6. If a regulation affecting corporations is federal, the authority for that regulation likely derives from
A. the Commerce Clause.
B. police power.
C. the Supremacy Clause.
D. executive orders.
7. In a general partnership, management decisions are made by
A. majority vote, with partners votes weighted in proportion to the interest owned.
B. unanimous vote in all business decisions.
C. two-thirds votes of the partners.
D. majority vote, with each partner having an equal vote.
8. A shareholder's preemptive rights refers to a right to
A. purchase a proportionate share of every new share offering by the company.
B. share in any profits insiders made from insider trading.
C. preempt the board of director's ...
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
Business law 20 questions part.docx
A merger between Company A and Company B would result in a newly created third company that exists after the merger (C). Stuart and Cole have entered into a partnership by agreeing to contribute funds, time, and equally split profits to a new sporting goods store (A). Tricia purchased preferred stock, which ensures her ownership and priority as to payment of dividends and assets upon dissolution (B). Brenda likely violated her duty of due diligence as a board member by rarely attending meetings and voting without paying attention (D). A limited partnership limits the partners' liability (C). Crawford could attempt a takeover bid to acquire the assets of Toxic Waste since it is a publicly held company (D).
Bob files suit to enjoin and the Nova.docx
The document discusses 5 legal cases involving corporate law issues:
1) A minority shareholder is suing to block a company from purchasing other companies' stocks.
2) A shareholder is suing to block a merger agreement made without his presence.
3) A company is denying liability for asbestos products after transferring operations to a subsidiary.
4) A shareholder is seeking dissolution of a company after being fired by the other shareholder.
5) Dissenting shareholders dispute the consideration of market price in valuing their shares post-merger.
Bob files suit to enjoin and the Nova.docx
The document discusses 5 legal cases involving corporate law issues:
1) A minority shareholder is suing to block a company from purchasing other companies' stocks.
2) A shareholder is suing to block a merger agreement made without his presence.
3) A company is denying liability for asbestos products after transferring operations to a subsidiary.
4) A shareholder is seeking dissolution of a company after being fired by the other shareholder.
5) Dissenting shareholders dispute the consideration of market price in valuing their shares post-merger.
Recommended
Business organizations
The document discusses different types of business organizations including sole proprietorships, partnerships, corporations, franchises, cooperatives, and non-profits. It provides details on the characteristics, advantages, and disadvantages of each type. Specifically, it notes that sole proprietorships make up 72% of all businesses but only 5% of total profits. Partnerships allow for more capital and sharing of losses but also disagreements among partners. Corporations can raise more capital through stocks and bonds but are subject to more regulations. Franchises provide a proven business model but may impose too many restrictions. The document also provides statistics on the US business population and examples of different types of mergers.
1. Taylor serves on the board of directors for Cabby Company. Taylor.pdf
1. Taylor serves on the board of directors for Cabby Company. Taylor owns a lot of vacant land,
which she tried to sell unsuccessfully for two years. Taylor convinced the board of directors to
purchase 1,000 acres of her land for a price well over what the land is worth. This action may
violate the __________ rule.
A. business judgment B. insider trading C. fairness D. actual authority
2. Which of the following types of company offers protection for personal liability?
A. General partnership B. Term partnership C. Limited liability partnership D. Sole
proprietorship
3. An advantage of an S corporation is that shareholders can avoid
A. bylaws. B. double taxation. C. insider trading. D. estoppel.
4. Ken is the president of a large energy company. Company executives approached Ken about
purchasing some smaller companies to expand the business. Ken read the reports explaining the
potential risk and return of the investment, and he decided the purchase appeared to be a good
investment. Unfortunately, Ken was wrong, and the purchase caused the company to lose
millions of dollars. Based on these facts, Ken
A. should benefit from the business judgment rule. B. violated his duty of due diligence to the
corporation. C. should benefit from the fairness rule. D. violated his duty of loyalty to the
corporation.
5. Herbie owns a pizza parlor in New York. Herbie didn\'t file any documents to create the
business entity, he makes all the business decisions, and he retains all profit after overhead is
paid. Herbie owns a
A. sole proprietorship. B. corporation C. partnership. D. limited liability company.
6. Jennie owns shares in Superstore, Inc. A vote about whether Superstore should expand its
operations to China is coming up. Jennie thinks this is a good idea, but she doesn\'t own enough
shares to control the outcome of the vote. Jennie could increase the chance that the vote will go
her way by
A. entering into a pooling agreement. B. making a shareholder proposal. C. offering to give
someone else a proxy. D. filing a derivative suit.
7. The difference between a limited partnership and a registered limited liability partnership
(RLLP) is that
A. all partners have limited liability in a limited partnership, but not in an RLLP. B. an RLLP can
have secret partners, while a limited partnership can\'t. C. a limited partnership can have secret
partners, while an RLLP can\'t. D. all partners have limited liability in an RLLP, but not in a
limited partnership.
8. Robert owns shares in Products, Inc., and suspects that Zach, one of the directors of the
company, has been stealing corporate assets. Robert complains to the corporation, but no action
is taken. Robert should file a
A. direct suit against Products, Inc. B. direct suit against Zach. C. derivative suit against
Products, Inc., on his own behalf. D. derivative suit against Zach on behalf of Products, Inc.
9. Steve decides to incorporate his business, but he thinks it\'s too expensive to hire an attorney
to adv.
Case Study Three Jeb and Josh are lifelong friends. Jeb is a weal
Case Study Three: Jeb and Josh are lifelong friends. Jeb is a wealthy wind-power tycoon, and Josh is an active outdoor enthusiast. They have decided to open a sporting goods store, Arcadia Sports, using Jeb’s considerable financial resources and Josh’s extensive knowledge of all things outdoors. In addition to selling sporting goods, the store will provide whitewater rafting, rock-climbing, and camping excursions. Jeb will not participate in the day-to-day operations of the store or in the excursions. Both Jeb and Josh have agreed to split the profits down the middle. On the first whitewater rafting excursion, a customer named Jane falls off the raft and suffers a severe concussion and permanent damage to her spine. Meanwhile, Jeb’s wind farms are shut down by government regulators, and he goes bankrupt, leaving extensive personal creditors looking to collect.
Hi Class-
There are many types of business entities, but there are a few main ones. These are sole proprietorship, partnership, corporation, and limited liability companies.
Sole Proprietorship is where once person controls the management and profits (Kubasek, 2015).
Advantages
· Creation of organization is easy
· Sole Proprietor has complete control of management (hiring, expanding business, etc.)
· Sole Proprietor keeps all profits from the business
· Sole Proprietor can terminate the business at their own will
Disadvantages
· Sole Proprietor is responsible for any losses or obligations associated with the business
· Accrue to much debt and not overcome
· Funding is quite a struggle due to large startup costs
Partnership is where the partners equally divide the profits and management responsibilities as well as share unlimited liability for the business’s debt (Kubasek, 2015). Also, with a partnership, the partners are not usually required to create an agreement to establish the partnership (Kubasek, 2015).
Advantages
· Creation of organization is easy
· More resources with two or more people to make decisions and support the business
· Income from business is taxed as individual income for each partner
Disadvantages
· Partners are personally liable for the business’s debts
· The division of authority in decision making
Corporation are a legal entity which is formed by selling shares of stock to investor, or otherwise known as shareholders (Kubasek, 2015).
Advantages
· Shareholders have limited liability
· Profits are taxed as income to the shareholders (not the partners)
· Easy to raise capital by issuing stock
· Protected from being personally liable for the business debts
· Shares can be passed onto family members making a corporation a life business
Disadvantages
· Corporate income is taxed twice
· Formalities are mandatory in establishing and keeping corporate form
· Separate legal entity that can be sued
· Corporations can only operate in the state it was created, unless permission is given by other states
· Cost to establish a corporation already being high, hu ...
Exam Business Organizations 1. Sal is a shareholder in XY.docx
Exam: Business Organizations
1. Sal is a shareholder in XYZ Corporation. XYZ Corporation made defective products, and many individuals have filed
lawsuits due to the defects. As a shareholder, Sal may
A. be held personally liable only if the plaintiffs name Sal as a defendant.
B. not be held personally liable for the defects.
C. be held personally liable only if the corporation was aware of the defects.
D. be held personally liable for the defects.
2. Tom is president of Big Drug, Inc. Tom receives a phone call from a federal agency informing him that a new drug
owned by Big Drug will be approved for sale to the public. Tom knows that this drug will be very popular and will cause
a significant increase in the company's profits. Tom quickly purchases as much Big Drug stock as he can afford. Then,
when the federal agency formally announces approval of the drug, Big Drug stock triples in value, and Tom becomes
rich. Tom has violated the
A. fairness rule.
B. business judgment rule.
C. insider trading rule.
D. corporate opportunity doctrine.
3. Under the Revised Uniform Partnership Act,
A. partners are co-owners of partnership property.
B. partners don't have transferable economic interests.
C. partnership property is owned by the partnership.
D. the partnership is an aggregate rather than an entity in its own right.
4. Robert owns shares in Products, Inc., and suspects that Zach, one of the directors of the company, has been stealing
corporate assets. Robert complains to the corporation, but no action is taken. Robert should file a
A. derivative suit against Products, Inc., on his own behalf.
B. direct suit against Zach.
C. derivative suit against Zach on behalf of Products, Inc.
D. direct suit against Products, Inc.
5. Jennie owns shares in Superstore, Inc. A vote about whether Superstore should expand its operations to
China is coming up. Jennie thinks this is a good idea, but she doesn't own enough shares to control the outcome of the
vote. Jennie could increase the chance that the vote will go her way by
A. entering into a pooling agreement.
B. filing a derivative suit.
C. offering to give someone else a proxy.
D. making a shareholder proposal.
6. If a regulation affecting corporations is federal, the authority for that regulation likely derives from
A. the Commerce Clause.
B. police power.
C. the Supremacy Clause.
D. executive orders.
7. In a general partnership, management decisions are made by
A. majority vote, with partners votes weighted in proportion to the interest owned.
B. unanimous vote in all business decisions.
C. two-thirds votes of the partners.
D. majority vote, with each partner having an equal vote.
8. A shareholder's preemptive rights refers to a right to
A. purchase a proportionate share of every new share offering by the company.
B. share in any profits insiders made from insider trading.
C. preempt the board of director's ...
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
Business law 20 questions part.docx
A merger between Company A and Company B would result in a newly created third company that exists after the merger (C). Stuart and Cole have entered into a partnership by agreeing to contribute funds, time, and equally split profits to a new sporting goods store (A). Tricia purchased preferred stock, which ensures her ownership and priority as to payment of dividends and assets upon dissolution (B). Brenda likely violated her duty of due diligence as a board member by rarely attending meetings and voting without paying attention (D). A limited partnership limits the partners' liability (C). Crawford could attempt a takeover bid to acquire the assets of Toxic Waste since it is a publicly held company (D).
Bob files suit to enjoin and the Nova.docx
The document discusses 5 legal cases involving corporate law issues:
1) A minority shareholder is suing to block a company from purchasing other companies' stocks.
2) A shareholder is suing to block a merger agreement made without his presence.
3) A company is denying liability for asbestos products after transferring operations to a subsidiary.
4) A shareholder is seeking dissolution of a company after being fired by the other shareholder.
5) Dissenting shareholders dispute the consideration of market price in valuing their shares post-merger.
Bob files suit to enjoin and the Nova.docx
The document discusses 5 legal cases involving corporate law issues:
1) A minority shareholder is suing to block a company from purchasing other companies' stocks.
2) A shareholder is suing to block a merger agreement made without his presence.
3) A company is denying liability for asbestos products after transferring operations to a subsidiary.
4) A shareholder is seeking dissolution of a company after being fired by the other shareholder.
5) Dissenting shareholders dispute the consideration of market price in valuing their shares post-merger.
060469 rr – business organizations assignments
Melanie and Clay are partners in a law firm partnership. Melanie failed to respond to a lawsuit against a client on time, resulting in a $1 million verdict against the client. The client is now suing Melanie and Clay. As partners, they are both jointly and severally liable for the debt.
Adam is president of a corporation. The board instructed another employee, Bob, not to borrow money on behalf of the company. Bob borrowed money anyway, and now Bob will be personally liable for the debt because he exceeded his actual authority.
Crawford wants to acquire land from another company, Toxic Waste, but does not want Toxic Waste's liabilities. An asset acquisition would
1. Which, if either, of the following statements is or are true .docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distributed $8,000 to Bobbie and $12,000 to Fran. Their respective bases ...
OBJECTIVE The objective of this exercise is to perform appropr.docx
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.
1. Which, if either, of the following statements is or ar.docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distri ...
(7)company law rgsc ppt
A company, formed and registered under the Companies Act (1994), is regarded by law as a single person, having specified rights and obligations (Duties/Responsibilities). The law confers on a company a distinct legal personality, with perpetual succession and a common seal. Therefore a company is different from its members and the individuals composing it.
What do you understand about Bankruptcy Laws - David Ford Avon CT
This document provides information about various topics related to creditors' remedies and bankruptcy proceedings:
1. It defines different types of creditors' liens like mechanic's liens, artisan's liens, and innkeeper's liens. It also outlines prejudgment attachments and writs of execution that creditors can use.
2. It differentiates between suretyship, where a third party agrees to be liable for a debt, and guaranty arrangements.
3. It provides an overview of the typical steps in a bankruptcy proceeding and compares the different chapters available under the bankruptcy code.
Chapter 1 nature of company
This document provides an introduction to the nature and definition of a company. It defines a company as an artificial legal person created by law for the purpose of carrying out business. The key characteristics of a company include separate legal identity, limited liability for members, transferable shares, perpetual succession, and being managed by a board of directors who are separate from the company's owners. The document also discusses the principle of separate legal entity, which establishes that a company is legally distinct from its members and managers. Exceptions when the court may "pierce the corporate veil" and hold individuals liable for a company's debts are also outlined.
Corporate TAX homework problems. Need help with solving. email is .docx
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.
nature and definition of a company
A company is a separate legal entity created by law that has an existence distinct from its owners and managers. It is an incorporated association with key characteristics like perpetual succession, separate legal identity, limited liability for members, and separation of ownership and control. A company comes into existence as a separate legal person once the necessary registration formalities are complete. It can own property, enter into contracts, and sue or be sued in its own right.
TC12 ACCOUNTING JUNE-2012
This document contains suggested solutions to examination questions for an Accounting Technician Programme paper on Company Law. It addresses topics such as the principle of incorporation established in Salomon v Salomon, lifting the veil of incorporation, altering a company's share capital, shareholders' rights and duties, debentures, remedies for debenture holders, the rule in Foss v Harbottle regarding shareholder actions, and remedies for oppressive conduct under Section 203 of the Companies Act. The document provides detailed explanations and examples for each question.
Can the corporation enforce stock subscription against.docx
The document discusses 6 different legal cases involving issues of corporate liability and whether corporations were conducting business in states where they were not registered or qualified to do business. The cases involve whether individuals can be held personally liable for corporate debts, if a parent company can be held liable for a subsidiary's actions, and whether corporations were required to register in states where they conducted business activities.
Can the corporation enforce stock subscription against.docx
The document discusses 6 different legal cases involving issues of corporate liability and whether corporations were conducting business in states where they were not registered or qualified to do business. The cases involve whether individuals can be held personally liable for corporate debts, if a parent company can be held liable for a subsidiary's actions, and whether corporations were required to register in states where they conducted business activities.
1 Some past LAW00004 Company Law NB – There are no a.docx
1
Some past LAW00004 Company Law
NB – There are no answers available to these questions, but a forum
Question
Giving an example, distinguish between the capacity of a company and the capacity
of its agents. Your answer should highlight why the distinction is important.
Question
In relation to a public company issuing debentures through a prospectus explain the
actual or potential roles of the trustee for debenture holders, the prospectus, the
debenture trust deed, the register of charges and a receiver.
Question
“Partners are in a fiduciary relationship with each other”. Explain and illustrate this
concept. Also explain when the fiduciary relationship may begin and when it ends.
Question
“In Salomon v Salomon & Co. Ltd [1897] AC22, Mr Salomon was very lucky.
Today, on the same facts, he would be personally liable for the debts of the company,
and the security (debenture) given to him by the company would be invalid as a
priority over the unsecured creditors”. Do you agree? Comments.
Question
Explain the following:
(a) Special Resolution
(b) Statutory Demand
Question
The Board of Directors of Lackcash ( a proprietary co) are considering the following
options:
(a) To raise capital of $6 million by an issue of shares to its shareholders; or
(b) To utilise any method of obtaining the $6 million without contravening Ch 6D of
the Corporations Act. Advise the Board of Lacklash Pty Ltd of the corporations law
involved.
Question
In Gambotto v WCP Ltd (1995) 182 CLR432. the High Court laid down certain tests
which apply to assessing the validity of alterations to a company’s constitution in
relation to minority shareholders interests.
Briefly outline the facts of Gambotto and provide a brief explanation of those tests.
Question
After news of a takeover offer being made for Boon Ltd, its Directors enter into
discussions with Hand Ltd to purchase certain business activities of Hand Ltd. In
consideration, Boon Ltd will issue shares to Hand Ltd. The purchase will increase the
2
profits of Boon Ltd and enable large dividends to be paid to its shareholders. Millie, a
shareholder in Boon Ltd, learns of the proposed purchase and is strongly opposed to
the transaction. Advise Millie of any legal rights she may have to prevent the
transaction
Question
Giving examples from both the Partnership Act 1892 (NSW) and the Corporations
Act 2001 (Cth), explain what is meant at law by apparent or ostensible authority.
Question
Esanda Finance v Peat Marwick (1997) 188 CLR 241 and Daniels v Anderson (1995)
16 ACSR 607 are important decisions regarding auditor’s liability. Explain why.
Question
In relation to a company meeting briefly explain the rights of a member to demand a
poll, appoint a proxy, dismiss a director, and place an item on the agenda of a
meeting.
Question
Samuel was a promoter of a company called Edmanuals Pty Ltd. S.
For each question on the midterm exam, unless the question expressly.docx
Corporation sold land known as the Parcel to its 60% shareholder Jack for $65,000, its fair market value. Jack then gifted the Parcel to his friend Tom, when it was worth $70,000. Tom later sold the Parcel to Sue for $75,000. Corporation realized a $3,000 loss on the sale to Jack but did not recognize it. Jack realized a $5,000 gain on the gift to Tom, which he recognized. Tom realized a $5,000 gain on the sale to Sue, of which he recognized $2,000.
Tutorial 1 Answer.pptx
This document provides a tutorial on corporate law classifications of companies. It discusses how companies can be classified by liability (limited by shares, limited by guarantee, unlimited) and by status (public, private). It examines the characteristics of each type of company and distinguishes between exempt private companies and private companies. The document also provides examples of advising clients on the most suitable company structure for different business scenarios. Overall, the document serves as a comprehensive guide to the different types of companies and how they are classified under corporate law.
L:\Principles Of Business Notes\2 01 Notes
The document discusses different types of business ownership including sole proprietorships, partnerships, and corporations. It provides a table comparing the key aspects of each type such as owners, managers, formation process, advantages, disadvantages, and liabilities. The document also discusses other specialized types of partnerships and corporations as well as franchise formats.
Legal InfluencesDo we have too many laws Does the existence o.docx
Legal Influences
Do we have too many laws? Does the existence of so many laws and regulations hinder or help American Business today. Feel free to give examples of some “stupid” laws! Have fun with this discussion!
Unions and Video Surfing!
Please go to You Tube, bing.com videos, or any Video sharing web site and add the Key Word: "Unions”
Find a video that interests you of the thousands that are on the net on any aspect on Unions
Watch the Video that you selected and take notes on what you viewed.
1 In a paper of at least two and not more than three, double spaced pages, no Title Page, tell me what video you viewed.
2 Make sure that you provide the Internet address and the Title on what you viewed.
3 Explain what you viewed and what you learned.
4 You may supplement your viewing with any other information or your opinion.
ENJOY YOUR SURFING!
Chapter 1
26. LO.4, 5 A question on a state income tax return asks the taxpayer if he or she made any out-of-state Internet or mail-order catalog purchases during the year. The question requires a yes or no answer, and if the taxpayer answers yes, the amount of such purchases is to be listed.
a. Does such an inquiry have any relevance to the state income tax? If not, why is it being asked?
b. Your client, Harriet, wants to leave the question unanswered. As the preparer of her return, how do your respond?
36.LO.5 Assess the probability of an audit in each of the following independent situations:
a. As a result of a jury trial, Linda was awarded $3.5 million because of job discrimination. The award included $3 million for punitive damages.
b. Mel operates a combination check-cashing service and pawnshop.
c. Jayden, a self-employed trial lawyer, routinely files a Schedule C (Form 1040) that, due to large dedcti8ons, reports little (if any) profit from his practice.
d. Bernard is the head server at an upscale restaurant and recently paid $1.8 million for a residence in an exclusive gated community.
42.LO.5, 6 On a Federal income tax return filed five years ago, any inadvertently omitted a large amount of gross income.
a. Andy seeks your advice as to whether the IRS is barred from assessing additional income tax in the event he is audited. What is your advice?
b. Would your advice differ if you were the person who prepared the return in question? Explain.
c. Suppose Andy asks you to prepare his current year’s return. Would you do so? Explain.
50. LO.7, 8 Discuss the probable justification for each of the following aspects of the tax law:
a. A tax credit is allowed for amounts spent to furnish care for minor children while the parents work.
b. Deductions for interest on home mortgage and property taxes on personal residence.
c. The income splitting benefits of filing a joint return.
d. Gambling losses in excess of gambling gains.
e. Net operating losses of a current year can be carried back to profitable years.
f. A taxpayer who sells pr ...
Companies laws complete notes
Complete Notes on Companies Ordinance, Paper LL.B. Part II.
.....................All students are advised to download and Prepare yourself. Shah Muhammad Zarkoon.
University Law College Quetta.
Dividing the Debts in a California Divorce
My spouse ran up huge credit card debts during the marriage. In dividing assets and debts in the settlement agreement, who should be responsible for these debts?
In California, Family Code section 910 provides that the community is liable for all debts incurred during the marriage and prior to separation. It doesn’t matter whether the debt was incurred by one spouse for his or her own benefit or for the family. It also doesn't matter whose name appears on the bill or the credit card statements. If it was incurred during the marriage and prior to separation, it’s a community property debt and both spouses are equally liable. This means that when the parties are negotiating a settlement and tallying the marital balance sheet such debts should be divided equally. A better option might be that one spouse agrees to pay off the joint debts in return for a greater share of the community property. The spouse paying off the debts can at least make sure that joint debts are paid, because as long as debts are jointly owed both spouses are financially responsible to the creditors.
companies act on mostly differevvnt paper
1. The document discusses the applicability of the Companies Act and defines what constitutes a company.
2. It then summarizes key features of a company, including that it is a separate legal entity from its owners, has perpetual succession, limited liability, and is an artificial legal person.
3. Salomon v Salomon & Co. Ltd. established that a company is a separate legal entity from its members or shareholders, even if it is owned entirely by one person.
Range of.docx
The document provides instructions for writing a 250-300 word paragraph analyzing a specific point from Okakura Kakuzō's essay "The Range of Ideals" to explain why his thesis that "Asia is one" is problematic. The paragraph should directly engage with one point Okakura makes, provide specific details on its logical or factual mistakes, acknowledge the diversity of Asian nations and cultures, and cite the specific page(s) being referred to.
Ralph Waldo Emerson.docx
Ralph Waldo Emerson was an American essayist and philosopher born in 1803 who is considered the father of American literature. He developed the philosophy of transcendentalism and emphasized nonconformity, self-reliance, and finding inspiration from nature. Emerson had a profound influence on writers like Thoreau, Whitman, Hawthorne, Poe, and Dickinson and developed a complicated relationship with Thoreau as his former student and friend.
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060469 rr – business organizations assignments
Melanie and Clay are partners in a law firm partnership. Melanie failed to respond to a lawsuit against a client on time, resulting in a $1 million verdict against the client. The client is now suing Melanie and Clay. As partners, they are both jointly and severally liable for the debt.
Adam is president of a corporation. The board instructed another employee, Bob, not to borrow money on behalf of the company. Bob borrowed money anyway, and now Bob will be personally liable for the debt because he exceeded his actual authority.
Crawford wants to acquire land from another company, Toxic Waste, but does not want Toxic Waste's liabilities. An asset acquisition would
1. Which, if either, of the following statements is or are true .docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distributed $8,000 to Bobbie and $12,000 to Fran. Their respective bases ...
OBJECTIVE The objective of this exercise is to perform appropr.docx
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.
1. Which, if either, of the following statements is or ar.docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distri ...
(7)company law rgsc ppt
A company, formed and registered under the Companies Act (1994), is regarded by law as a single person, having specified rights and obligations (Duties/Responsibilities). The law confers on a company a distinct legal personality, with perpetual succession and a common seal. Therefore a company is different from its members and the individuals composing it.
What do you understand about Bankruptcy Laws - David Ford Avon CT
This document provides information about various topics related to creditors' remedies and bankruptcy proceedings:
1. It defines different types of creditors' liens like mechanic's liens, artisan's liens, and innkeeper's liens. It also outlines prejudgment attachments and writs of execution that creditors can use.
2. It differentiates between suretyship, where a third party agrees to be liable for a debt, and guaranty arrangements.
3. It provides an overview of the typical steps in a bankruptcy proceeding and compares the different chapters available under the bankruptcy code.
Chapter 1 nature of company
This document provides an introduction to the nature and definition of a company. It defines a company as an artificial legal person created by law for the purpose of carrying out business. The key characteristics of a company include separate legal identity, limited liability for members, transferable shares, perpetual succession, and being managed by a board of directors who are separate from the company's owners. The document also discusses the principle of separate legal entity, which establishes that a company is legally distinct from its members and managers. Exceptions when the court may "pierce the corporate veil" and hold individuals liable for a company's debts are also outlined.
Corporate TAX homework problems. Need help with solving. email is .docx
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.
nature and definition of a company
A company is a separate legal entity created by law that has an existence distinct from its owners and managers. It is an incorporated association with key characteristics like perpetual succession, separate legal identity, limited liability for members, and separation of ownership and control. A company comes into existence as a separate legal person once the necessary registration formalities are complete. It can own property, enter into contracts, and sue or be sued in its own right.
TC12 ACCOUNTING JUNE-2012
This document contains suggested solutions to examination questions for an Accounting Technician Programme paper on Company Law. It addresses topics such as the principle of incorporation established in Salomon v Salomon, lifting the veil of incorporation, altering a company's share capital, shareholders' rights and duties, debentures, remedies for debenture holders, the rule in Foss v Harbottle regarding shareholder actions, and remedies for oppressive conduct under Section 203 of the Companies Act. The document provides detailed explanations and examples for each question.
Can the corporation enforce stock subscription against.docx
The document discusses 6 different legal cases involving issues of corporate liability and whether corporations were conducting business in states where they were not registered or qualified to do business. The cases involve whether individuals can be held personally liable for corporate debts, if a parent company can be held liable for a subsidiary's actions, and whether corporations were required to register in states where they conducted business activities.
Can the corporation enforce stock subscription against.docx
The document discusses 6 different legal cases involving issues of corporate liability and whether corporations were conducting business in states where they were not registered or qualified to do business. The cases involve whether individuals can be held personally liable for corporate debts, if a parent company can be held liable for a subsidiary's actions, and whether corporations were required to register in states where they conducted business activities.
1 Some past LAW00004 Company Law NB – There are no a.docx
1
Some past LAW00004 Company Law
NB – There are no answers available to these questions, but a forum
Question
Giving an example, distinguish between the capacity of a company and the capacity
of its agents. Your answer should highlight why the distinction is important.
Question
In relation to a public company issuing debentures through a prospectus explain the
actual or potential roles of the trustee for debenture holders, the prospectus, the
debenture trust deed, the register of charges and a receiver.
Question
“Partners are in a fiduciary relationship with each other”. Explain and illustrate this
concept. Also explain when the fiduciary relationship may begin and when it ends.
Question
“In Salomon v Salomon & Co. Ltd [1897] AC22, Mr Salomon was very lucky.
Today, on the same facts, he would be personally liable for the debts of the company,
and the security (debenture) given to him by the company would be invalid as a
priority over the unsecured creditors”. Do you agree? Comments.
Question
Explain the following:
(a) Special Resolution
(b) Statutory Demand
Question
The Board of Directors of Lackcash ( a proprietary co) are considering the following
options:
(a) To raise capital of $6 million by an issue of shares to its shareholders; or
(b) To utilise any method of obtaining the $6 million without contravening Ch 6D of
the Corporations Act. Advise the Board of Lacklash Pty Ltd of the corporations law
involved.
Question
In Gambotto v WCP Ltd (1995) 182 CLR432. the High Court laid down certain tests
which apply to assessing the validity of alterations to a company’s constitution in
relation to minority shareholders interests.
Briefly outline the facts of Gambotto and provide a brief explanation of those tests.
Question
After news of a takeover offer being made for Boon Ltd, its Directors enter into
discussions with Hand Ltd to purchase certain business activities of Hand Ltd. In
consideration, Boon Ltd will issue shares to Hand Ltd. The purchase will increase the
2
profits of Boon Ltd and enable large dividends to be paid to its shareholders. Millie, a
shareholder in Boon Ltd, learns of the proposed purchase and is strongly opposed to
the transaction. Advise Millie of any legal rights she may have to prevent the
transaction
Question
Giving examples from both the Partnership Act 1892 (NSW) and the Corporations
Act 2001 (Cth), explain what is meant at law by apparent or ostensible authority.
Question
Esanda Finance v Peat Marwick (1997) 188 CLR 241 and Daniels v Anderson (1995)
16 ACSR 607 are important decisions regarding auditor’s liability. Explain why.
Question
In relation to a company meeting briefly explain the rights of a member to demand a
poll, appoint a proxy, dismiss a director, and place an item on the agenda of a
meeting.
Question
Samuel was a promoter of a company called Edmanuals Pty Ltd. S.
For each question on the midterm exam, unless the question expressly.docx
Corporation sold land known as the Parcel to its 60% shareholder Jack for $65,000, its fair market value. Jack then gifted the Parcel to his friend Tom, when it was worth $70,000. Tom later sold the Parcel to Sue for $75,000. Corporation realized a $3,000 loss on the sale to Jack but did not recognize it. Jack realized a $5,000 gain on the gift to Tom, which he recognized. Tom realized a $5,000 gain on the sale to Sue, of which he recognized $2,000.
Tutorial 1 Answer.pptx
This document provides a tutorial on corporate law classifications of companies. It discusses how companies can be classified by liability (limited by shares, limited by guarantee, unlimited) and by status (public, private). It examines the characteristics of each type of company and distinguishes between exempt private companies and private companies. The document also provides examples of advising clients on the most suitable company structure for different business scenarios. Overall, the document serves as a comprehensive guide to the different types of companies and how they are classified under corporate law.
L:\Principles Of Business Notes\2 01 Notes
The document discusses different types of business ownership including sole proprietorships, partnerships, and corporations. It provides a table comparing the key aspects of each type such as owners, managers, formation process, advantages, disadvantages, and liabilities. The document also discusses other specialized types of partnerships and corporations as well as franchise formats.
Legal InfluencesDo we have too many laws Does the existence o.docx
Legal Influences
Do we have too many laws? Does the existence of so many laws and regulations hinder or help American Business today. Feel free to give examples of some “stupid” laws! Have fun with this discussion!
Unions and Video Surfing!
Please go to You Tube, bing.com videos, or any Video sharing web site and add the Key Word: "Unions”
Find a video that interests you of the thousands that are on the net on any aspect on Unions
Watch the Video that you selected and take notes on what you viewed.
1 In a paper of at least two and not more than three, double spaced pages, no Title Page, tell me what video you viewed.
2 Make sure that you provide the Internet address and the Title on what you viewed.
3 Explain what you viewed and what you learned.
4 You may supplement your viewing with any other information or your opinion.
ENJOY YOUR SURFING!
Chapter 1
26. LO.4, 5 A question on a state income tax return asks the taxpayer if he or she made any out-of-state Internet or mail-order catalog purchases during the year. The question requires a yes or no answer, and if the taxpayer answers yes, the amount of such purchases is to be listed.
a. Does such an inquiry have any relevance to the state income tax? If not, why is it being asked?
b. Your client, Harriet, wants to leave the question unanswered. As the preparer of her return, how do your respond?
36.LO.5 Assess the probability of an audit in each of the following independent situations:
a. As a result of a jury trial, Linda was awarded $3.5 million because of job discrimination. The award included $3 million for punitive damages.
b. Mel operates a combination check-cashing service and pawnshop.
c. Jayden, a self-employed trial lawyer, routinely files a Schedule C (Form 1040) that, due to large dedcti8ons, reports little (if any) profit from his practice.
d. Bernard is the head server at an upscale restaurant and recently paid $1.8 million for a residence in an exclusive gated community.
42.LO.5, 6 On a Federal income tax return filed five years ago, any inadvertently omitted a large amount of gross income.
a. Andy seeks your advice as to whether the IRS is barred from assessing additional income tax in the event he is audited. What is your advice?
b. Would your advice differ if you were the person who prepared the return in question? Explain.
c. Suppose Andy asks you to prepare his current year’s return. Would you do so? Explain.
50. LO.7, 8 Discuss the probable justification for each of the following aspects of the tax law:
a. A tax credit is allowed for amounts spent to furnish care for minor children while the parents work.
b. Deductions for interest on home mortgage and property taxes on personal residence.
c. The income splitting benefits of filing a joint return.
d. Gambling losses in excess of gambling gains.
e. Net operating losses of a current year can be carried back to profitable years.
f. A taxpayer who sells pr ...
Companies laws complete notes
Complete Notes on Companies Ordinance, Paper LL.B. Part II.
.....................All students are advised to download and Prepare yourself. Shah Muhammad Zarkoon.
University Law College Quetta.
Dividing the Debts in a California Divorce
My spouse ran up huge credit card debts during the marriage. In dividing assets and debts in the settlement agreement, who should be responsible for these debts?
In California, Family Code section 910 provides that the community is liable for all debts incurred during the marriage and prior to separation. It doesn’t matter whether the debt was incurred by one spouse for his or her own benefit or for the family. It also doesn't matter whose name appears on the bill or the credit card statements. If it was incurred during the marriage and prior to separation, it’s a community property debt and both spouses are equally liable. This means that when the parties are negotiating a settlement and tallying the marital balance sheet such debts should be divided equally. A better option might be that one spouse agrees to pay off the joint debts in return for a greater share of the community property. The spouse paying off the debts can at least make sure that joint debts are paid, because as long as debts are jointly owed both spouses are financially responsible to the creditors.
companies act on mostly differevvnt paper
1. The document discusses the applicability of the Companies Act and defines what constitutes a company.
2. It then summarizes key features of a company, including that it is a separate legal entity from its owners, has perpetual succession, limited liability, and is an artificial legal person.
3. Salomon v Salomon & Co. Ltd. established that a company is a separate legal entity from its members or shareholders, even if it is owned entirely by one person.
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What do you understand about Bankruptcy Laws - David Ford Avon CT
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Corporate TAX homework problems. Need help with solving. email is .docx
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Can the corporation enforce stock subscription against.docx
Can the corporation enforce stock subscription against.docx
Can the corporation enforce stock subscription against.docx
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In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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- 1. Discuss when a member of a limited liability company does ASSIGNMENTGordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited partnership interest and loaned the partnership $7,500. Daniels and McKenna each contributed $5,000 by way of capital. After a year, the partnership is dissolved, at which time it owes $12,500 to its only creditor, Dickel, and has assets of $30,000.a. How should these assets be distributed?b. If Bushmill Ventures had been formed as a limited liability company with Gordon, Daniels, and McKenna as members, how should these assets be distributed?7. Discuss when a limited partner does or does not have the following rights or powers: (a) to assign his interest in the limited partnership, (b) to receive repayment of loans made to the partnership on a pro rata basis with general creditors, (c) to manage the affairs of the limited partnership, (d) to receive his share of the profits before the general partners receive their shares of the profits, and (e) to dissolve the partnership upon his withdrawing from the partnership.8. Discuss when a member of a limited liability company does or does not have the following rights or powers:(a) to assign her interest in the LLC, (b) to receive repayment of loans made to the LLC on a pro rata basis with general creditors, (c) to manage the affairs of the LLC, and (d) to dissolve the LLC upon her withdrawing from the LLC.9. Albert, Betty, and Carol own and operate the Roy Lumber Company, a limited liability partnership (LLP). Each contributed one-third of the capital, and they share equally in the profits and losses. Their LLP agreement provides that all purchases exceeding $2,500 must be authorized in advance by two partners and that only Albert is authorized to draw checks. Unknown to Albert or Carol, Betty purchases on the firm’s account a $5,500 diamond bracelet and a $5,000 forklift and orders $5,000 worth of logs, all from Doug, who operates a jewelry store and is engaged in various activities connected with the lumber business. Before Betty made these purchases, Albert told Doug that Betty is not the log buyer. Albert refuses to pay Doug for Betty’s purchases.Doug calls at the mill to collect, and Albert again refuses to pay him. Doug calls Albert an unprintable name, and Albert then punches Doug in the nose, knocking him out. While Doug is lying unconscious on the ground, an employee of Roy Lumber Company negligently drops a log on Doug’s leg, breaking three bones.The firm and the three partners are completely solvent.What are the rights of Doug against Roy Lumber Company, Albert, Betty, and Carol?