Business and Taxation

1. For tax purposes, what is the best form of business entity to have? Why? 2. Is a budget always necessary in business? Why or why not? 3. Is a budget always necessary in personal money management? Why or why not? 4. Should individuals be taxed the same as business entities? Why or why not?

A comparation of the difference in total income tax for Georgia if her business was an S corporation as opposed to a C corporation with dividends/distributions.

I2-50 Computation of Tax. Georgia, a single taxpayer, operates a business that produces $100,000 of income before any amounts are paid to her. She has no dependents and no other income. She has itemized deductions of $18,000. Compute the total income tax that would be paid assuming the following additional facts. Ignore pa ...continues

Effective tax rate on taxable income

The Kammerling Corporation has $250,000 of taxable income. It distributes $100,000 of that income as a dividend to its sole shareholder whose other income puts him in the 35 percent marginal tax bracket. Calculate the effective tax rate on the corporation's $250,000 of taxable income?

1099-DIV forms

Blanton Corporation had a deficit in its current earnings and profits of $36,500 for the current year. It has $75,000 in accumulated earnings and profits. The corporation made two distributions to its shareholders. On April 30, it distributed $40,000, and on November 30, it distributed $20,000. When the corporation sends out ...continues

Tax Liability Comparisons

June and John decide to start a business. They plan to contribute $20,000 in exchange for a 50 percent interest in the business. They expect that the business will make a profit of $80,000 in the first year and that it will not make any cash distributions that year. Excluding the business income, June, who files as the head of h ...continues

A firm has an operating profit for the year of 1994 of $100000.

A firm has an operating profit for the year of 1994 of $100000. It has net operating losses carry forward of -$60000 from 1992 and -$80000 from 1993. Assume its average tax rate is 25%. Further, assume that its operating profit for the year of 1995 is $150000. What is Taxable income in 1995?

Tax: Administrative Procedures - Tax Strategy

The IRS is disputing a deduction reported on your 2005 tax return, which you filed on April 17, 2006. On April 2, 2009, the IRS audit agent asks you to waive the statute of limitations for the entire return so as to give her additional time to obtain a Technical Advice Memorandum. The agent proposes in return for the waive ...continues

Mean Temperatures for January and July

1. The Excel file Weather.xls contains mean temperatures for January and July and average annual precipitation for selected cities across the United States. Construct 90% confidence intervals for the mean temperature and precipitation. See the attach Excel file.

Amos is a computer consultant and his office is located in Orange, Ca.

Amos is a computer consultant and his office is located in Orange, Ca. He and his wife Susan used their Lear Jet which they had purchased for 2Million, to travel to their timber farm in Oregon (10 trips) to their Tahiti property (2 trips) to computer symposia (5 trips) and to Park City Utah (8 trips). The timber farm is operate ...continues

What’s the difference between computing the standard deviation for a sample versus a population?

What’s the difference between computing the standard deviation for a sample versus a population? Give the respective formulas as well as an explanation.