Please research the IRS website and provide information on a closely held corporation, a personal holding...
Please research the IRS website and provide information on a closely held corporation, a personal holding company, and a personal service corporation. Please provide an example of a type of business that would be suitable for each of business organizations noted above (provide a different example for each type). Please visit the IRS website to research S Corporations. Please describe the advantages and disadvantages of S Corporations and give an example of a type of business suitable to this type of business organization. May corporations be formed as S Corporations? Please explain and include information of "S Corporation Election" in your post. Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during the current tax year. The corporation has net operating income of $140,000, before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $20,000. What is the amount of Citradoria Corporation’s allowable deduction for charitable contributions for the current year? What may the corporation do with any excess amount of contributions?
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Please research the IRS website and provide information on a
closely held corporation, a personal holding...
Please research the IRS website and provide information on a closely held corporation, a personal...
Please research the IRS website and provide information on a closely held corporation, a personal holding company, and a personal service corporation. Please provide an example of a type of business that would be suitable for each of business organizations noted above (provide a different example for each type). Please visit the IRS website to research S Corporations. Please describe the advantages and disadvantages of S Corporations and give an example of a type of business suitable to this type...
1. Which of the following actions cannot be used to eliminate a possible personal holding company...
1. Which of the following actions cannot be used to eliminate a possible personal holding company tax liability involving a corporation owned by a mother and a father? A) Sell additional stock to other family members. B) Make a cash distribution within 2 1/2 months of the end of the tax year. C) Make a deficiency distribution within 90 days of the date on which the IRS determines that a personal holding company liability is owed. D) Liquidate the corporation....
Review the information and questions below. Provide a detailed 4-5 sentence explanation on how you would...
Review the information and questions below. Provide a detailed 4-5 sentence explanation on how you would solve the problem or issue, based on your own personal experience and/or any additional outside research you perform. Under the Federal Insurance Contributions Act (FICA) every person is an employer if the person employs one or more individuals for the performance of services in the United States. The Internal Revenue Service (IRS) test for an employer/employee relationship is if a business tells, or has...
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their ...
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their accountant finds the following: P S Separate taxable income (loss) $500,000 ($200,000) Capital gain (loss) ($25,000) $50,000 Charitable contributions $20,000 $10,000 Dividend from S $10,000 What is the consolidated return taxable income? a. $365,000 b. $295,000 c. $280,000 d. $315,000 2. Jude received a $25,000 distribution from BC Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital. What effect does...
ACCT553 Week 5 Homework (TCOs C and F) Please provide a response for each section in...
ACCT553 Week 5 Homework (TCOs C and F) Please provide a response for each section in the space provided below When finished, subme to the assignment. Worth 135 points In Week 4, we learned to apply concepts and principles to measure taxable income derived from a business activity. We have identified the corporation as a basic legal form of conducting business. Apply what you have learned in this course through Week 5 to review the facts provided below and address...
need help badly to finish it Tax Research Provide a slatement or advice letter addressed to...
need help badly to finish it
Tax Research Provide a slatement or advice letter addressed to client analyzina the question oresonted through relevant: 1) Code seclion, 21.IRC requlalion, 3) a case on point (with similar facls as in your question, NJ or Federal), and 4) a recent article Your response should be well organized and neatly presented. Make sure your answer includes the following: I. Clearly identify your topic and what it is you would like to learn 2. provide...
Samantha is a single individual with no dependents. In 2018, she had total income of $162,000,...
Samantha is a single individual with no dependents. In 2018, she had total income of $162,000, of which $9,500 is from municipal bond interest. She has FOR AGI deductions of $12,000, itemized deductions of $9,800 and tax credits of $1,200. She also made estimated tax payments of $25,000. (Hint: Refer to the tax formula for individuals in “Helpful Formulas from the Book” PDF.) Compute Samantha’s taxable income for 2018. Compute Samantha’s tax due for 2018. Assume that Samantha is a C...
Megahurtz Enterprises, Inc. (“Inc.”) is a closely-held C corporation formed 20 years ago by Adam and...
Megahurtz Enterprises, Inc. (“Inc.”) is a closely-held C corporation formed 20 years ago by Adam and Bea Hurtz, who are husband and wife, and Bea’s wealthy uncle, C.D. Rom, to develop and manufacture multimedia entertainment products for personal computers. Inc. has 10,000 shares of common stock and 1,000 shares of nonvoting preferred stock outstanding. At Inc.’s formation, each of the founding shareholders contributed cash in exchange for Inc. common stock, which was the only class outstanding at the time. About...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70,050 6. Margaret and her sister support their mother and together provide 85 percent of their mother’s support. If Margaret provides 40% of her mother’s support: a. Her sister is the only one who can claim their...
Please read the scenario carefully before crafting your bad news message. Scenario You are Pat Overbridge,...
Please read the scenario carefully before crafting your bad news message. Scenario You are Pat Overbridge, the CEO of Overbridge LLC. Two weeks ago, you announced that all employees will receive a bonus as a thank-you for Overbridge LLC's excellent year. Last week, you received a donation request from Pat Mason, the office manager of the local not-for-profit Habitat for Humanity branch. Because Overbridge LLC's current year donation budget is already established and the monies promised to other organizations based...
1. Which of the following actions cannot be used to eliminate a possible personal holding company tax liability involving a corporation owned by a mother and a father? A) Sell additional stock to other family members. B) Make a cash distribution within 2 1/2 months of the end of the tax year. C) Make a deficiency distribution within 90 days of the date on which the IRS determines that a personal holding company liability is owed. D) Liquidate the corporation....
ACCT553 Week 5 Homework (TCOs C and F) Please provide a response for each section in the space provided below When finished, subme to the assignment. Worth 135 points In Week 4, we learned to apply concepts and principles to measure taxable income derived from a business activity. We have identified the corporation as a basic legal form of conducting business. Apply what you have learned in this course through Week 5 to review the facts provided below and address...
need help badly to finish it
Tax Research Provide a slatement or advice letter addressed to client analyzina the question oresonted through relevant: 1) Code seclion, 21.IRC requlalion, 3) a case on point (with similar facls as in your question, NJ or Federal), and 4) a recent article Your response should be well organized and neatly presented. Make sure your answer includes the following: I. Clearly identify your topic and what it is you would like to learn 2. provide...
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