...http://hbsp.harvard.edu . The case is copyright‐protected and can be purchased after registration. Please register at the Harvard Business Publishing website with a student account. After login, make use of the following link: https://cb.hbsp.harvard.edu/cbmp/access/42497623. Integrate answers/discussions to the following questions into your memo (Please don’t write separate answers for each question, and also the order when you answer them is not relevant. Your memo should consist of one comprehensive and well‐structured text.) Assume that Ocean Carriers uses a 9% discount rate for its investments. Questions: 1. Do you expect daily spot hire rates to increase or decrease next year? 2. What factors drive average daily hire rates? 3. How would you characterize the long‐term prospects of the capesize dry bulk industry? 4. Should Ms Linn purchase the $39M capesize? Make 2 different assumptions. First, assume that Ocean Carriers is a U.S. firm subject to 35% taxation. Second, assume that Ocean Carriers is located in Hong Kong, where owners of Hong Kong ships are not required to pay any tax on profits made overseas and are also exempted from paying any tax on profit made on cargo uplifted from Hong Kong. 5. What do you think of the company’s policy of not operating ships over 15 years old?...
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...http://hbsp.harvard.edu . The case is copyright‐protected and can be purchased after registration. Please register at the Harvard Business Publishing website with a student account. After login, make use of the following link: https://cb.hbsp.harvard.edu/cbmp/access/42497623. Integrate answers/discussions to the following questions into your memo (Please don’t write separate answers for each question, and also the order when you answer them is not relevant. Your memo should consist of one comprehensive and well‐structured text.) Assume that Ocean Carriers uses a 9% discount rate for its investments. Questions: 1. Do you expect daily spot hire rates to increase or decrease next year? 2. What factors drive average daily hire rates? 3. How would you characterize the long‐term prospects of the capesize dry bulk industry? 4. Should Ms Linn purchase the $39M capesize? Make 2 different assumptions. First, assume that Ocean Carriers is a U.S. firm subject to 35% taxation. Second, assume that Ocean Carriers is located in Hong Kong, where owners of Hong Kong ships are not required to pay any tax on profits made overseas and are also exempted from paying any tax on profit made on cargo uplifted from Hong Kong. 5. What do you think of the company’s policy of not operating ships over 15 years old?...
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...September 30, 2012 Mr. Don Dewey 4321 Mount Vernon Road Dover, DE 19901 Dear Mr. Dewey: This letter is in response to your inquiry regarding the benefits and feasibility of allowing your daughter to be classified as a qualified child of your eldest son for this tax year. My conclusion is based upon the facts as provided by you at the Chamber of Commerce meeting on Wednesday, September 26, 2012. FACTS You are legally married to Mary Dewey and reside in the same abode. Both you and Mary file your income tax returns jointly as married. You and Mary are anticipating an approximate Adjusted Gross Income (AGI) of $400,000 this year. In your same abode, you have two children in residence; Debra, who is currently 16 years of age, and Van, who is currently 23 years of age. Currently, Van is not a student and works part-time, with an anticipated income of $16,000 per annum. QUESTIONS PRESENTED Can Van Dewey, age 23, deduct his sister, Debra Dewey, age 16, as a qualified child, where both siblings live in their parents’ abode? What are the tax advantages and disadvantages for Don and Mary Dewey if Debra Dewey became a deduction for Van Dewey vis-à-vis remaining a deduction for them? SHORT ANSWER Mr. Van Dewey cannot claim his sister, Debra Dewey, as a qualified child, and thus receive a Qualified Child Credit or a Head of Household deduction status. ANALYSIS Under § 152(c) of the IRC, Mr. & Mrs. Don Dewey (the “Dewey’s”) can qualify for a dependency exemption...
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...Tax Research Memo #1 Martin Coldiron ACCT390-VIFF-F14 Annette Hoeltzer August 28, 2014 Tax Research Memo #1 Memo DATE: August 28, 2014 TO: Mr. Brent Ouray FROM: Martin Coldiron RE: Advising on filing status Facts: Brent and Kathy Ouray have been married since 1996. Starting in 2010 until current they both have been experiencing marital issues. They are presently not legally separated, but consider themselves to be estranged. Do you to be financial difficulties of Brent and Kathy they have not been able to go through with a divorce. They have three sons together that they both want to remain in their sons lives. So based on the financial concerns of both Kathy M Brent they are unable at this time to financially support to separate homes for them and the children, so they currently all still live in a single-family home in Chicago, Illinois. Brent and Kathy are both financially supporting their three sons and maintaining the upkeep of the house that they are all currently reside. While comparing Brent and Kathy’s annual income, Brent substantially earns more annually than Kathy. They both agree that even though they both support the children and maintain the home that Brent contributes more. In the current tax season Brent has stated that he would like to file a separate Federal Income Tax from Kathy and he would like to claim head of household as his status on the current year’s return. Brent feels that, if he and Kathy keep separate households while under the same...
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...| | | |[pic] |Business Communication – SAMPLE | | |B01.2105. | | | | | | | | |Course Site found at http://sternclasses.nyu.edu | Course Overview Effective Communication is a vital component to so many aspects of business life. From investment banking to marketing, from entrepreneurship to corporate planning, understanding the techniques of business communication will be an invaluable addition to every Stern student’s portfolio of knowledge. This course is a highly-interactive and participative experience that introduces the basics of business communication strategy and delivery. Deliverables will include written documents and oral presentations based on several cases. You will present both individually and in a team and will receive feedback to improve your presentation effectiveness. In the final...
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...Management, June 2009 Keller Graduate School of Management of DeVry University B.B.A., Business Administration, May 1999 Tennessee State University OBJECTIVE Results-oriented Accounting Professional with excellent experience and strong managerial skills to attain a challenging position offering major responsibility and long-term asset. PROFESSIONAL EXPERIENCE January 2007 to May 2014 Prillerman & Associates Duluth, GA Accountant Prepares income tax return forms for individuals and small businesses: Reviews financial records, such as prior tax return forms, income statements, and documentation of expenditures to determine forms needed to prepare return. Interviews client to obtain additional information on taxable income and deductible expenses and allowances. Computes taxes owed, using adding machine, and completes entries on forms, following tax form instructions and tax tables. Consults tax law handbooks or bulletins to determine procedure for preparation of atypical returns. Occasionally verifies totals on forms prepared by others to detect errors of arithmetic or procedure. Calculates form preparation fee according to complexity of return and amount of time required to prepare forms. January 2007 to January 2010 Prommis Solutions, LLC Roswell, GA Sr. Billing Analyst Generate invoices to be sent to clients from the Invoice Export Tool Bar. Generate...
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...CHAPTER 1 INTRODUCTION TO PROFESSIONAL RESEARCH Discussion Questions 1. Research in general involves the investigation and analysis of an issue in question. The researcher usually applies reasonable and reflective thinking to develop an answer to the issue or problem at hand. Research requires a clear definition of the problem, using professional databases to search the authoritative literature, reviewing and evaluating the data collected, drawing conclusions and communicating your results. 2. Accounting, auditing, or tax research involve a systematic and logical investigation of an issue or problem using the accountant’s professional judgment. Furthermore, accountants approach this problem using critical-thinking skills to obtain and document evidence underlying a conclusion relating to an issue or problem currently confronting the accountant or auditor. 3. Accounting, auditing, or tax research are necessary in order to determine the proper recording, classification, and disclosure of economic events; to determine compliance with authoritative pronouncements; or to determine the preferability of alternative accounting procedures. 4. The objective of accounting, auditing, or tax research is a systematic investigation of an issue or problem utilizing the researcher’s professional judgment to arrive at appropriate and timely conclusions regarding the issues at hand. 5. Research plays an important role within an accounting firm or department. It is critical...
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...three-page memo (at least 300 words per page) to Mr. Jones addressing the potential sale or merger of these two companies. Address his issues point by point. 1. Outright purchase of Smithon stock: a. Should Mr. Jones purchase the stock of Smith outright, leaving Smithon intact? What about issuing debt in his Johnson Services company to pay for the Smith company--would that raise debt to equity issues? b. Should Mr. Jones convert Smithon to an S corporation and change the fiscal year-end to a calendar year-end? c. What potential income tax ramifications exist for Mr. Jones personally if he purchases the stock of Smithon and converts it to an S corporation? d. Should Mr. Jones merge Johnson Services with Smithon? What type of merger or acquisition would be best (i.e., A type, etc.)? 2. Merger or acquisition of Smithon by Johnson Services a. If the two companies are merged, could Smithon use Johnson Service’s net operating loss carryforwards? Are there any limitations on their use? b. Should Mr. Jones use Johnson Services’ stock to acquire Smithon? Why or why not? c. Would a merger or acquisition affect Mr. Jones’ ability to change Smithon’s fiscal year-end to a calendar year-end? Could Smithon be converted to an S corporation? d. Does the potential of significant capital investment in Smithon affect any of your answers for 2(a)-(c) above? You Decide: It's your turn as a tax professional to decide on the best course of action from a tax perspective...
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...Subject: Income tax treatment I appreciate that you choose me to deal with the questions for you, these are really good questions which we should pay attention to. In this memo, I would answer your questions about the specific treatment of your company’s income taxes according to my research in FASB Accounting Standard Codification and other sources. First, you ask about if the income taxes should be considered as an expense for financial reporting purpose. According to my research, I found that most accountants now agree that corporate income tax is an expense. Treating income tax as an expense is required under GAAP. This treatment is consistent with proprietary theory because the earnings that accrue to owners are reduced by corporate obligations to the government. Also, because the income tax does not result from transactions with owners, expensing corporate income tax is consistent with the SFAC No. 6 definition of comprehensive income. Thus, on the surface, accounting for income taxes would appear to be a nonissue. So for your company’s financial reporting, you should treat income taxes as an expense. Your second question is about the difference between intraperiod and interperiod tax allocation and how to differ these two, as well as the effect on financial reporting of these two methods. This is really a good question, because new start-up company would always be confused at this part. Intraperiod tax allocation method that allocates total income tax expense or benefit...
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...1. P. Kemezis and W Clasgall, 'ATexas Wildcatter Cashes in on French Oil," Busrhess W-eek,'tsllay' ' 1985, 106-10i. 2. The dominant companies in the oil and gas industry include such firms as ExxonMobil and ConocoPhillips. These firms are often referred to as the "majors' or simply as "Big Oil." 207 208 !': $1 iil {r i. $- :..1 sEcTtoNTHREE INTERNALCournollssuas of oil and gas exploration by employing a rough-andtumble business strategy. Lee recognized that the large domestic oil firms in the U.S. had already identified the prime drilling sites in this country. So, Lee decided that Triton should focus its exploration efforts in other oil-producing countries, particularly in regions of those countries largely overlooked by "Big Oil." During Lee's tenure with Triton, the company launched exploration ventures in Argentina, Australia, Canada, Colombia, France, Indonesia, Malaysia, New Zealand, and Thailand. In the early 1970s, Triton discovered a large oil and gas field in the Gulf of Thailand. Recurring disagreements and confrontations with the Thai government stymied Triton from developing that field for more than l0 years. Lee's experience with the Thai government taught him an important lesson: If Triton's exploration ventures *.re io be successful in foreign countries, the company had to foster good relationships with key governmental officials in those countries. Lee created Triton Indonesia, Inc., a wholly owned subsidiary...
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...------------------------------------------------- SUBJECT: Individual analysis memo This memo is an description and analysis off my leadership behavior. This is based on the analysis of the results of different leadership assessment I have done and my observation on my own. I described some of my strengths and weakness and some situation in which my leadership behaviors may be of value in an organization. Leadership Assessment I did five leadership assessment before this analysis. For the first one, least preferred coworker measure, I scored 62. This indicate that I am a middle least preferred coworker and I am independent. Then came the skill inventory. I scored 23 on technical skill, 21 on human skill and 19 on conceptual skill. This means I am more technique focused on more focus on details rather than a broader scope. For the style questionnaire, I scored 32 on task and 37 on relationship. This indicates that I am moderately low range in task and moderately high range in relationship. leadership trait questionnaire assessment. Leadership Analysis Strengths and Weakness Based on these assessment and the observation on myself. I found two strengths and weaknesses in my leadership behavior. For the strengths, I am very responsible and is open to everybody. As a leader, I will not only be responsible for my own job, but for the standard of the work done by the whole team. So I would try my best to be knowledgeable to answer all of my teammates' question and try to help them. At the same...
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...10/16/2015 Checkpoint | Document Checkpoint Contents Federal Library Federal Source Materials Federal Tax Decisions American Federal Tax Reports American Federal Tax Reports (Prior Years) 1995 AFTR 2d Vol. 76 76 AFTR 2d 955815 76 AFTR 2d 955724 (60 F3d 833) WEBER v. COMM., 76 AFTR 2d 955782 (60 F3d 1104), Code Sec(s) 62; 3401, (CA4), 7/31/1995 American Federal Tax Reports WEBER v. COMM., Cite as 76 AFTR 2d 955782 (60 F3d 1104), Code Sec(s) 62; 3401, (CA4), 7/31/1995 Michael D. WEBER; Barbara L. WEBER, PETITIONERSAPPELLANTS v. COMMISSIONER of the Internal Revenue Service, RESPONDENTAPPELLEE. Case Information: [pg. 955782] Code Sec(s): 62; 3401 Court Name: U.S. Court of Appeals, Fourth Circuit, Docket No.: Docket No. 942609, Date Decided: 7/31/1995. Prior History: Tax Court, (1994) curiam. 103 TC 378, affirmed per Tax Year(s): Year 1988. Disposition: Decision for Govt. 60 F.3d 1104. Related Proceedings: Related Proceedings at Weber v. Commissioner, 103 T.C. 378 (1994) Cites: 76 AFTR 2d 955782, 60 F3d 1104, 952 USTC P 50409. HEADNOTE https://checkpointriagcom.umiss.idm.oclc.org/app/view/toolItem?usid=11f6a7l15d8cd&feature=tcheckpoint&lastCpReqId=2242675 1/17 10/16/2015 Checkpoint | Document 1. Business deductions—employee or independent contractor. 4th Cir. affirmed ruling th...
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...Sometimes the answer is yes, and sometimes the answer is no. Let’s start with the basics: 1. In order to write off a bad debt, you must have proof that the transaction was indeed a debt and not a gift. The IRS considers “loans” to your minor children as gifts making the ensuing bad debt not deductible. So the answer to the first question is no. Related Stories Is It Time to Kill the Mortgage Interest Tax Deduction? What to Do if You Can’t Pay Your Taxes Don’t Lose Your Tax Refund Because of Your Spouse’s Debt 2. There are two types of bad debts: business (from operating your business) and non business. 3. The debt must arise from cash out of your pocket, or in the case of business, bad debts must have been included in income. 4. You must have a basis in the debt. In other words, the debt must arise from funds you parted with, not from something you expected to receive. For example, you cannot claim a bad debt deduction for court-ordered child support not paid to you by your former spouse. If you are a cash basis taxpayer (most individuals are), you pretty much cannot take a bad debt deduction for unpaid salaries, wages, rents and similar items. 5. The debt must be deemed completely worthless and reasonable steps must have been taken to collect on the debt. To determine if a debt can be written off, consumers should pretend they are sitting across from an auditor defending a deduction on the tax return. Proper defense involves having proper...
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...COURSE OBJECTIVES Financial and management accounting are more closely linked in practice than one might expect from reading traditional textbooks and the problems to be resolved often have income tax and auditing consequences as well. This seminar is designed to provide you with opportunities to apply general concepts and principles learned in intermediate and advanced financial accounting courses to new economic transactions and business decisions. Cases will be used to permit you to practice the skills you will need as a professional accountant whether in public accounting or private industry. In particular, this course is intended to refine your skills in researching the professional accounting literature to solve particular accounting problems, to arrive at defensible solutions where GAAP is vague or nonexistent, and to present your research conclusions in a professional manner. You will have opportunities to present your work orally and in writing. REQUIRED MATERIALS: A recent Intermediate Accounting text (Kieso used in Acct 315 & 414 would be fine) A recent Advanced Accounting text (whatever was used in for Acct 415-515 would be fine) On-line access to FASB’s ASC (accounting standards codification). The Department has purchase academic license so you can use the $850 “professional” version rather than the free version which has fewer bells and whistles. You can log on from fasb.org but it will take you to http://aaahq.org/ascLogin.cfm where you enter...
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... SCORING RECORD | |Total Possible | |Student | |Section | |Deductions |Score | |A |30 | | | |B |30 | | | |C |10 | | | |D |30 | | | |Total |100 | | | Section A DIRECTIONS: Each of the following statements is true or false. Indicate your choice by writing in the Answers column T for a true answer or F for a false answer. (2 points for each correct answer) For Answers Scoring 1. Special journals create less efficient record keeping. _____ _____ 2. When a sales journal is used, there is no need to keep a controlling account for accounts receivable in the general ledger. _____ _____ 3. In special journals, each transaction is usually entered on two lines. _____ _____ 4. Each entry in a special journal must be posted individually to the general ledger. _____ _____ 5. A purchases journal is a special journal used to record cash purchases of merchandise. _____ _____ 6. Sales journals must have separate columns for each account that will be debited or credited. _____ _____ ...
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