Aneta Lesna FINAL EXAM –ACCT 349 1. Samantha Corporation owns a building with a fair market value of $70‚000 and an adjusted basis of $40‚000. It exchanges the building for land with a fair market value of $45‚000. Also assume that Samantha has a $10‚000 mortgage on the building. As part of the exchange‚ the owner of the land agrees to assume the mortgage and pay the corporation $15‚000 in cash. What are Samantha’s realized gain‚ recognized gain‚ and basis in the land? Gain 5000 2
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(expenditure) to buy goods and services. They are paid partly by consumers‚ but are paid to the government by producers. It is placed upon the selling price of a product‚ so it increases the firm’s cost of production and shift the supply curve for the product vertically upwards by the amount of the tax. There are two types of indirect taxes: 1) a specific tax : this is a fixed amount of tax per unit imposed upon a product and 2) an ad valorem tax: this is where the tax is a percentage of the selling
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With respect to the prepaid income from services which of the following is true? The treatment of prepaid income is the same for tax and financial accounting. An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year ^^^answer The effects of a below-market loan for 450‚000 made by a a corporation to its chief The corporation has imputed interest income and compensation expense. As a
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A PROPOSAL ON: EFFECTIVE TAX MANAGEMENT AND LOCAL GOVERNMENT REVENUE GENERATION NAME: OKORO EMMANUEL MATRIC NO.: P/HD/10/3610072 INSTITUTION: YABA COLLEGE OF TECHNOLOGY FACULTY: MANAGEMENT AND BUSINESS STUDIES DEPARTMENT: ACCOUNTING SUPERVISOR: Dr. S. F. Akinbuli 1. Background to the Study Who would invest in a company without reliable financial statements? Integrity is the hallmark of the accounting profession and stakeholders rely on their work product. For a long time
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4.1 Understand tax depreciation procedures and the effect of depreciation on the firm’s cash flows. 1) Depreciation deductions‚ like any other business expenses‚ reduce the income that a firm reports on its income statement. Answer: TRUE Diff: 1 Topic: Depreciation Learning Obj.: LG 1 Learning Outcome: F-02 Question Status: Previous Edition AACSB Tag: Analytic Skills 2) Non-cash charges are expenses that involve an actual outlay of cash during the period but are not deducted on the income
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Soda Tax: The Beginning of the End The government plans to tax sugary drinks to lower consumption and reduce obesity rates. It is a tax that is justified‚ because a high majority of its consumers are obese and our government believes they should step in and do something about it. There are positive aspects of a soda tax‚ but it would also be a violation of freedom of choice‚ with many other red flags as well. The government simply‚ has too much involvement with our personal lives. Placing a
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The Declaration of Independence Carlo Vinci Arcipe III - Halcon English III Mr. Troy Vance Tristan Natividad February Page Page ACKOWLEDGEMENT Sincere gratitude is hereby extended to the following who never ceased in helping until this paper is structured: Our Student Teacher‚ MJ. Cuario‚ for the unwavering guidance; Our English Teacher‚ TVT. Natividad‚ for giving us idea on how
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pe nde nce day2013.co m http://independenceday2013.co m/independence-day-2013-speech-english-scho o l-students/ Independence Day 2013 Speech In English For School Students Ho me > Independence Day - 1 May 2013 Indiacelebrates Independence Day on August 15 each year. India became an independent nation on August 15‚ 1947‚ so a gazetted holiday is held annually to remember this date. Students are asked to deliver a speech on a Independence day at your school‚ college‚ institution or University
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Nuzhat Nada 9/25/10 1. Why does our society provide vocational rehabilitation services for persons with disabilities? At present‚ our society provides vocational rehabilitation services to the PWID because majority of them feel it is their moral and social obligation to contribute to the lives of those who are deserving of their help. Since about 50 million Americans have some kind of disability‚ which suggest that in every family we are likely to see someone who is dealing with disability
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Emerging Standards of Care Deanna Powell NUR/531 December 9‚ 2012 Melanie Wassel Emerging Standards of Care Diversity is exhibited in many ways‚ including a multiplicity of upbringing‚ dress‚ thought‚ lifestyle‚ values‚ food preferences‚ family relationships‚ and in gender‚ ethnicity‚ and age. These factors exist throughout the gamut of health care patients and the interactions designed with the nurses who care for them. Diversity in healthcare refers to the cultural setting in how the patient
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