FEDERAL TAXATION 307 __________________________________ Week 2 – Chapter 4 Homework: student’s name #20. Brenda loaned her son Bart $250‚000 to purchase a new home. Brenda did not charge interest on the loan. Brenda was required to recognize imputed interest income and Bart had imputed home mortgage interest expense that he deducted as an itemized deduction. Would Brenda’s and Bart’s combined total income taxes likely increase or decrease as a result of the imputed interest?
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Scoring 1. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. T 1. 2. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. F 2. 3. The Federal Income Tax Withholding Law requires that all employment data be kept on file permanently. F 3. 4. In cases where both federal and state regulations cover the minimum wage for the same employee‚ the federal rate is always
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$145‚000 Store and Property $100‚000 _______ ________ Total assets: $332‚000 Total liab. & S.H Equ. $332‚000 What would be the marginal and average tax rates for a corporation with an income level of $100‚000? Taxes = (0.15 × $50‚000) + 0.25 × ($75‚000 − $50‚000) + 0.34 × ($100‚000 − $75‚000) = $22‚250 Marginal tax rate = 34% Average tax rate = $22‚250/$100‚000 = 0.2225 = 22.25% The year-end 2010 balance sheet of Brandex Inc. listed common stock and other paid-in capital at $1‚100‚000 and
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------------------------------------------------- State Results All times eastern (EST) time zone State and Votes | Poll Closing | % Reporting | Obama | Romney | Alabama (9) | 8:00 PM EST | 99% | 38%793‚620 | 61%1‚252‚453 | Alaska (3) | 1:00 AM EST* | 86% | 41%97‚564 | 55%129‚858 | Arizona (11) | 9:00 PM EST | 85% | 44%901‚035 | 54%1‚108‚503 | Arkansas (6) | 8:30 PM EST | 97% | 37%392‚401 | 61%644‚784 | California (55) | 11:00 PM EST | 81% | 59%6‚493‚924 | 38%4‚202‚127 | Colorado
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ACC 423 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-423-Final-Exam-WileyPlus-3-191.htm Question 1 Buttercup Corporation issued 330 shares of $10 par value common stock for $4‚950. Prepare Buttercup journal entry.( List multiple debit credit from largest to smallest amount e.g. 10‚5‚2) Question 2 Wilco Corporation has the following account balances at December 31‚ 2012 Common Stock $5 par value
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Imminent increase in excise tax on smokeless tobacco (however‚ tobacco demand is considerably inelastic) It is the (sub)industry leader (market share >85%)‚ industry is an oligopoly which implies high barriers for potential competitors to enter the market Financial risks are even lower: Cash flows are constantly increasing Profit margins are high Outperforms comparable firms No leverage Forecasts are positive 2. What are the benefits of debt in UST’s case? Debt tax shield: increase in debt
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are other factors to consider. One person may not seem like a lot but the accumulation of the loss of people can affect the economy. With the loss of one person in society‚ the government loses that much tax revenue for social spending. The counter argument for this statement is that the tax revenue will no longer be needed seeing as there is one less person for the government to care for. One factor that would need to be looked at is the income of the person‚ or if he even has an income. For example
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$1‚800 at the end of five years (present value being 1‚021.37). The Tax Benefits of the leasing would have a present value of $10‚382.40 for the five years with a tax rate of 40%. When looking at purchasing the truck‚ using straight-line depreciation for both tax purposes and reports to share holders over the five years the present value would be $6‚489.00. Using the double-declining balance method of depreciation for income tax purposes would yield a present value savings of $5‚385.58 for the five
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criteria. Then use the sales tax‚ property tax‚ personal income tax‚ and lottery to illustrate how these criteria might apply in each instance. - Three of the most commonly agreed upon criteria use to evaluate taxes are equity‚ yield‚ and elasticity. With equity‚ citizens are taxed according to their ability to pay‚ meaning those with higher incomes will be taxed more than those with lower incomes. Yield taxes are based off efficiency meaning how much money the tax contributes the government coffers
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security‚ health‚ and other things needed in our country. The wealthy are most likely able to afford these increases in taxes. This doesn’t mean that they shouldn’t tax the less wealthy/poor and middle class. That’s why their taxed less‚ cause they don’t have as much financial health that other people may have. Other countries around the world tax high and are doing well in growth. Since the 1970s‚ income for the wealthy people have increased and keeps on increasing. Taxing started way back in the 1760s
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