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IRC Section 351

How many distinct steps or requirements are contained in the language of IRC Section 351 (a) for non-recognition treatment, and what are they?

Taxation: Ownership and Income

1.Bendetta, a high-tax-rate taxpayer, owns several rental properties and would like to shift some income to her daughter, Jenine. Bendetta instructs her tenants to send their rent checks to Jenine so Jenine can report the rental income. Will this shift the income from Bendetta to Jenine? Why, or why not? 2.Latrell recently us

Accounting Information Systems Questions

What important information, related to the accounting equation, is captured by accounting information systems? How does this information get translated to the financial statements? Is it necessary for the accounting information systems to record debits and credits? Why or why not? Why do some organizations continue to use

Government and Institutional Accounting

In your role as the financial manager, you routinely review your firm's financial statements and financial ratios to evaluate the financial health of your company. How does one review and analyze financial statements in a for-profit company? How does this compare to how financial statements are analyzed for a nonprofit orga

Variable Costing vs. Absorption Costing

You are the vice president of operations for a small manufacturing company that uses the absorptive method of accounting for fixed manufacturing overhead, and you are approaching the end of the year. The accounting manager just visited some of your supervisors and said that the profitability of the company can appear better if m

Home office deductions

The following individuals maintained offices in their home: (1) Dr. Austin is a self-employed surgeon who performs surgery at four hospitals. He uses his home for administrative duties as he does not have an office in any of the hospitals. (2) June, who is a self-employed plumber, earns her living in her customer's homes. S

Deduction for moving expenses

In which of the following situations is the taxpayer not allowed a deduction for moving expenses? A. Marva moves from Dallas to Washington D.C. in her job as an IRS agent. She is still working at the IRS Washington office after one year. B. Pam moves from Phoenix to Los Angeles to take a new job. She works at the Los Angeles

Deducting Entertainment Expenses

Joe is a self-employed tax attorney who frequently entertains his clients at his country club. Joe's club expenses include the following: Annual dues $ 5,400 Initiation fees

Non payment of loan

Last year, Abby loaned Pat $10,000 as a gesture of their friendship. Although Pat had signed a note payable that contained interest payments and a maturity date, the loan had not been repaid this year when Pat died insolvent. For this year, assuming that the loan was bona fide, Abby should account for nonpayment of the loan as a

Auto accident and 2013 AGI

Juanita, who is single, is in an automobile accident in 2012 and her car sustains $6,200 in damages. Because both drivers received tickets in the accident, Juanita does not expect to recover any of the loss from her insurance company. Juanita's 2012 AGI is $31,000, and she deducts a $3,000 loss on her 2012 tax return. Her other

Discussion Questions

Discussion questions for federal income tax: Types and Benefits John and Jill, who are married, reported 2012 itemized deductions of $7,500 and $500 respectively. John suggests that they file their Federal income tax returns separately-he will itemize his deductions from AGI, and she will claim the standard deduction. Expl

How Inventory Tracking Technology Relates to Accounting Information Systems

Please access the link below: and discuss how inventory tracking technology relates to Accounting Information System . Please relate to internal controls. Do you think this technology can be used effectively?

30 Accounting Study Questions

1) The statement of cash flows is used for . 2) Non-operating items on the income statement . 3) The difference between a single-step and multiple-step income statement is that a single-step income statement . 4) Which one of the following statements is true? 5) The accounting convention uses the acquisition cost minus d

Tax Considerations

Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan. His bill would scrap the current tax system and replace it with a flat 9% corporate income tax, a 9% tax on individual income and a

Kirsi Products' East Division

Kirsi Products is decentralized. Division bonuses are based on return on investment (ROI), and so division managers are very careful about their ROI. Operating results for the company's East Division for last year are given below when the company's overall ROI was 18%: Sales $ 25,200,000 Variable expenses 14,000,000 Contr

Market Values and Book Values

1. Klingon Cruisers, Inc.., purchased new cloaking machinery three years ago for $9.5 million. The machinery can be sold to the Romulans today for $6.5 million. Klingon's current balance sheet shows net fixed assets of $5.2 million, current liabilities of$2.4 million, and net working capital of $800,000. If all the current

Stated Rate of Interest for Bonds

FWP Co. issued $100,000, 10-year bonds on January 1, 2011. The stated rate of interest on the bonds is 10% payable annually on 12/31. Provide the requested information for the bonds immediately after issuance (January 1, 2011) under each of the three independent scenarios described below:

Communicating effectively

I need help to answer the following questions. Question 1: Describe situations where you have effectively demonstrated each of the forms of communication mentioned. Question 2: What did you do to help you communicate effectively? Question 3: How have your communication skills helped you to improve your performance elsewh

Assessing Workplace Behavior

Guidelines: To perform effectively you need to: - prioritise and plan your work to meet objectives, managing conflicting pressures and making best use of time and resources - ensure the quality of your work always meets or exceeds agreed requirements - develop and maintain effective working relationships - actively deve

Accounting Information Systems, Internal Control, and Fraud

Please copy and paste or click on the link below and discuss how accounting fraud relates to accounting information systems. Specifically discuss internal controls. Include whether you think this type of fraud can be controlled effectively.

AGI and Deduction

Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for therapy. During the year, Alan makes the following expenditures: Wheelchair

Stock loss and taxing

Ashley, a calendar year taxpayer, owns 400 shares of Yale Corporation stock that she purchased two years ago for $4,000. In the current year Ashley sells all 400 shares of the Yale Corporation stock for $2,400 on December 27. On January 4 of the following year, Ashley purchases 300 shares of Yale Corporation stock for $800. Ashl

Calculating amount of deductible expenses

Jimmy owns a trucking business. During the current year he incurred the following: Gasoline and Oil $ 100,000 Maintenance $ 15,000 Fines for Speeding and Illegal parking $ 8,000 Bribes to Government Inspection Officials

Election campaigns and deductions

Pat, an insurance executive, contributed $1,000,000 to the re-election campaign of Governor Stephens, in hopes that Stephens will appoint her to a coveted position on the State Board of Insurance. How much of the contribution can Pat deduct? A. $0 B. $100,000 C. $500,000 D. $1,000,000

Total Material Variance and Material Variance

1). Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 300,000 cans were produced using 1,250,000 ounces of aluminum. The actual cost of aluminum was $0.09 per ounce and the standard price was $0.08 per ounce. There are no begi

Walgreens Accounting Policies

Walgreen Co's 2010 annual report includes the following in the note that summarizes its accounting policies: Inventories are valued on a lower of last-in, first out (LIFO) cost or market basis. At August 31, 2010 and 2009, inventories would have been greater by $1,379 million and $1,239 million, respectively, if they had be

Accounting for Social Clubs

The participants of such recreational activities as hang gliding, soaring, hiking, rock collecting, or skydiving often create local ''birds-of-a-feather'' (affinity) organizations. Two examples are the Chicago sky divers ( or the soaring club of western Canada (