You are a CPA and get a call from Mr. Gordon, his wife, Christine, and their three children moved into your area and are looking for tax compliance and tax planning assistance for He mails you his tax information and his current financial position.
C Corporation Issues 1. Using the broad tax formula for a C Corporation, calculate the gross tax liability if Pam incorporated as a C corp. What is the after-tax income of the C corp?
Why does it differ from Formline "taxable income before NOL deduction and special deductions? How are dividends paid by a corporation taxed twice? Explain the nature and purpose of the dividends received deduction?
How much would she be able to save this year in the following different retirement plans: Define separately and non-separately stated items.
Complete FormSchedule M-1 page 4: Any new business owner e. Each issue can have a significant impact on the future tax liabilities of the business.
Distinguish between a calendar year, a fiscal year, and a "short year. Generally, what determines the tax year for a a sole proprietorship, b partnership, c S corporation, or d C corporation?
What tax year should Pam use and how does your decision impact the form of organization she should select? Generally, which accounting method must be used for tax purposes? Generally, who must use the accrual method? What accounting method should Pam use? What is the difference between the percentage-of-completion method and the completed-contract method and which is generally required for tax purposes?
Corporate Tax Planning Issues: Answer the following questions. How much profit did GE make in ? How much was from the US and from overseas?
How much corporate income tax did GE pay on those profits? What is the current maximum US corporate income tax rate? How did GE accomplish paying the amount of taxes it paid in ? When are overseas profits taxed in the US?
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Get professional solution for assignment help,homework help,easy writing help,and This is Writing for all Universities in USA,UK,and Australia. 2. Since not-for-profits usually recognize gifts of cash and other assets not preceded by a pledge as revenue upon receipt, the transactions would be made in a temporarily restricted fund by the recipient organization and when the cash is received and available for use the transaction is transferred.