...gross income will generally constitute fraud (tax evasion) and in those circumstances there is no statute of limitations. If the IRS cannot prove fraud on Kevin’s part, then the statute of limitations would expire April 15, 2016. Q.42 Answer: The corporation will be able to pay interest on the debt s well as deduct the interest from its gross income. However if the corporation pays dividends on the stock, the dividends are not deductible by the corporation. Whether the payment is interest or dividends, the shareholder recognizes income for the amount received; however, dividend income is taxed at a lower rate. If the corporation retires a shareholder’s stock, it is possible that the amount received could also be treated as a dividend unless specific redemption requirements are met. Another consideration is that the corporation can repay the debt with no tax consequences at all to the shareholders. Q.59 Answer: According to section 1.183-2(c), Income Tax Regulations it is recognized that a taxpayer can be engaged in an activity for profit even when there is only the rare possibility of profit. Q.69 Answer: The AICPA Tax Executive Committee believed that it is appropriate to issue the standards that would become part of the Professional Code of Conduct. The Statements on Standards for Tax Services (SSTS) are issued by the AICPA widely reflect the SRTPS. Chapter Three Answers Q.22 Answer: a) How much income should Realty Corp...
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... | |Income Statement | |Year Ended December 31, 20X7 | |Revenue | | | | Service revenue………………. | |$115,000 | |Expenses | | | | Salary expense………………... |$34,000 | | | Rent expense………………….. |14,000 | | | Interest expense………………. |4,000 | | | Utilities expense………………. |3,000 | | | Property tax expense………… | 2,000 | | | Total expenses………………… | | 57,000 | |Net income………………………... ...
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...amortization is treated as an itemized deduction. | |[pic] |B. The amortization is not treated as a reduction of taxable income. | |[pic] |C. The bond's basis is reduced by the amortization. | | |An individual taxpayer who has elected to amortize the premium on a bond that yields taxable interest may reduce the | | |bond's basis by the amortization of the premium. In addition, the amount of bond premium attributable to the tax year | | |may be used to offset interest received on the bond in computing the taxpayer's taxable income. | | |This response correctly states that the bond's basis is reduced by the amortization. | |[pic] |D. The bond's basis is increased by the amortization. | |Question #2 (AICPA.921101REG-P2-AR) | |[pic] | Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2010 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2010. The following unreimbursed cash expenditures were among those made by the Burgs during 2010: |Repair and maintenance...
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...ACAS ACC ACCL ACE ACGL ACGY ACH ACI ACL ACM ACN ACOM ACOR ADBE ADI ADLR ADM ADP ADS ADSK ADTN ADY AEC AEE AEIS AEM AEO AEP AER Name Agilent Technologies Inc. ALCOA, INC AirTran Holdings, Inc. Aaron's, Inc. ADVANCE AUTO PARTS INC Apple Inc. Advanced Analogic Technologies, Inc. Advantage Oil & Gas LTD. Atlas Air Worldwide Holdings, Inc. AllianceBernstein Holding, L.P. Advanced Battery Technologies, Inc. Abaxis Inc ABB Ltd. AmerisourceBergen Corp. Arkansas Best Corp AMBAC Financial Group Abiomed Inc Abbott Laboratories AmBev Compamhia De Bebidas Das Ame Barrick Gold Corp. Acadia Pharmaceuticals Inc. American Capital Ltd American Campus Communities, Inc. Accelrys, Inc. ACE Limited Arch Capital Group Ltd Acergy S.A. Alum Corp of China Limited Arch Coal, Inc. ALCON Aecom Technology Corporation Accenture PLC Ancestry.com, Inc. Acorda Therapeutics, Inc. Adobe Systems Inc Analog Devices, Inc. Adolor Corp Archer-Daniels-Midland Co Automatic Data Processing Alliance Data Systems Autodesk Inc Adtran Inc AMERICAN DAIRY INC Associated Estates Realty Ameren Corporation Advanced Energy Industries Inc Agnico-Eagle Mines Ltd. American Eagle Outfitters American Electric Power Aercap Holdings N.V. NYSE Arca Lead Market Maker UBS SECURITIES, LLC MORGAN STANLEY & CO CITADEL SECURITIES LLC CITADEL SECURITIES LLC TIMBER HILL LLC GOLDMAN SACHS & CO WOLVERINE TRADING, L.P. GOLDMAN SACHS & CO WOLVERINE TRADING, L.P. CUTLER GROUP, LP CITADEL SECURITIES LLC TIMBER HILL LLC CITIGROUP DERIVATIVES MKTS...
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...exclusive of the true owner. 8. A typical enabling statute grants municipalities which of the following power(s)? To establish setback lines. To limit the intensity of use of lot areas. To restrict the location of industries and trades. All of the above. 9. Marketable title means that the title is free from which of the following? Encumbrances. Defects in the chain of title appearing in the land records. Events depriving the seller of title. All of the above. 10. Which of the following would be an invalid restrictive covenant in a deed? An agreement not to sell to African-Americans. 6. Adverse possession: is an involuntary transfer of title. 7. Which of the following are the most usual covenants to convey title of realty? Covenant of title. Covenant against encumbrances. Quiet enjoyment....
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...Audit and/or daily review of new timeshare loan documents * Review performance and make process improvement recommendations for the queue maintenance, or other new timeshare loan processes. * Develop tracking tracking system for employee errors and subsequent management reporting * Thorough knowledge of loan documentation, collateral evaluation, lien perfection, local, state and federal regulatory requirements * Provides guidance and support in order to meet the needs of external customers Digital Risk-Maitland, FL 12/2012- 12/2014 Loan Analyst III/Business Analyst * Performs the processing of purchases, full doc and manual mortgage loan files requiring the verification of loan documents including income, credit appraisal and title insurance-while maintaining strict compliance with RESPA, Section 32, HMDA and the...
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...Becker CPA Review, PassMaster Questions Lecture: Financial 6 CPA PassMaster Questions–Financial 6 Export Date: 10/30/08 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Becker CPA Review, PassMaster Questions Lecture: Financial 6 Pension Plans CPA-00679 Type1 M/C A-D Corr Ans: D PM#1 F 6-01 1. CPA-00679 FARE R02 #8 a. b. c. d. Page 19 Which of the following disclosures is not required of companies with a defined-benefit pension plan? A description of the plan. The amount of pension expense by component. The weighted average discount rate. The estimates of future contributions. CPA-00679 Explanation Choice "d" is correct. Although pension accounting has extensive disclosures, projections of future contributions into a pension plan are not required. "a", "b", and "c" are required disclosures. CPA-00681 Type1 M/C A-D Corr Ans: C PM#2 F 6-01 2. CPA-00681 FARE R99 #13 Page 9 Jan Corp. amended its defined benefit pension plan, granting a total credit of $100,000 to four employees for services rendered prior to the plan's adoption. The employees, A, B, C, and D, are expected to retire from the company as follows: "A" will retire after three years. "B" and "C" will retire after five years. "D" will retire after seven years. What is the amount of prior service cost amortization in the first year? a. b. c. d. $0 $5,000 $20,000 $25,000 CPA-00681 Explanation Choice "c" is correct. Amortization of unrecognized prior...
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...PERE’s ranking of the 30 largest private equity real estate firms in the world Methodology e PERE 30 measures equity raised between 1 January 2006 and mid-April 2011 for direct real estate investment through closed-ended, commingled real estate funds and co-investment vehicles that sit alongside those funds. e vehicles must give the GP discretion over the capital, meaning club funds, separate accounts and joint ventures are excluded from the ranking. Also excluded are funds with strategies other than value-added and opportunistic, such as core and core-plus, as well as those not focused on direct real estate, like fund of funds and debt funds, and funds where the primary strategy is not real estatefocused, such as general private equity. Change is in the air Consolidation, business exits and strategic shifts among general partners begin to manifest themselves in the 2011 ranking While the full e ect may not be completely evident yet, the main theme reverberating through this year’s PERE 30 ranking is change. Many of the rms that comprise the list are going through a transformation, whether it is acquiring competitors to achieve greater scale or gain access to a region, scaling back operations or exiting the business completely in the wake of the recent downturn and expected reforms or just adjusting strategy to take a new approach to investing and fundraising. Some of these changes already have a ected the standings, while others will take another year or two to have...
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...time Company P acquired controlling interest of Company S the following accounts and balances existed on the books of the two companies: Which one of the following amounts should be eliminated in preparing a consolidated balance sheet immediately following the business combination? Question 2 In which one of the following cases will a non-cash asset transferred as consideration in a business combination be measured at carrying value, not at fair value? Question 3 On January 1, 200x Ritt Corp. purchased 80% of Shaw Corp.'s $10 par common stock for $975,000. On this date, the carrying amount of Shaw's net assets was $1,000,000. The fair values of Shaw's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net) which were $100,000 in excess of the carrying amount. On that date, the fair value of the 20% non controlling interest in Shaw was appropriately determined to be $200,000. For the year ended December 31, 200x, Shaw had net income of $190,000 and paid cash dividends totaling $125,000. In the January 1, 200x consolidated balance sheet, goodwill should be reported at Question 4 On December 31, 1988, Saxe Corporation was merged into Poe Corporation. In the business combination, Poe issued 200,000 shares of its $10 par common stock, with a market price of $18 a share, for all of Saxe's common stock. The stockholders' equity section of each company's balance sheet immediately before the combination was: Assume that the merger...
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...The prospectus is being displayed in the website to make the prospectus accessible to more investors. The Philippine Stock Exchange (PSE) assumes no responsibility for the correctness of any of the statements made or the opinions or reports expressed in the prospectus. Furthermore, the PSE makes no representation as to the completeness of the prospectus and disclaims any liability whatsoever for any loss arising from or in reliance in whole or in part on the contents of the prospectus. The offering information on this Web site is intended to be available only to Philippine and non-Philippine citizens residing in the Philippines or corporations or judicial entities organized and existing under Philippine law, and is not intended for distribution in the United States or to U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")). The information contained in this Web site may not be published or distributed, directly or indirectly, into the United States and this information (including the preliminary and final Prospectus) and does not constitute an offer of Offer Shares for sale in the United States or to, or for the account or benefit of, U.S. persons. The Offer Shares described in the Prospectus have not been, and will not be, registered under U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States and may not be offered or...
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...YEAR LONG PROJECT Importance of Supply Chain in Retail With this growth in retail, not only front end but the entire network of activities leading to a culmination of a successful retail transaction has undergone a significant development. Supply Chain is no different. In the course of this retail evolution in India, the supply chain has also seen significant activity. After all, Supply chain forms a major part of the sustenance of any retail venture. For the retail venture to flourish successfully, it should have an efficient and well established supply chain. In the modern format, when all the other aspects of retailing have been discarded as being a differentiating factor, the role of supply chain has become even more important. Importance of an efficient supply chain for a retail chain may be assesses from the gamut of areas in which it helps the chain such as sourcing of material for Private Label, supplying of SKUs to the distant tier II and III cities, more and more retailers entering into Food & Grocery segment resulting in need for transportation of perishable items requiring cold supply chain, etc. hence it is deemed that from being just a part of the operations of a network, supply chain is soon going to become the source of competitive advantage for some firms. If we look at the global scenario, we already have the example of retail mammoth, Wal-Mart. Wal-Mart is said to have the best supply chain which enables...
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...Editor : Dilip K. Shah SMART GAMC No. :1703/2009-11. Issued by SSP Ahd. Valid up to 31-12-2011 Page Archi Publications 311 to 313, Nalanda Enclave Pritamnagar 1st Dhal, Ellisbridge, Ahmedabad-6. GUJARAT, INDIA Phone : 079 - 2657 66 39, Fax : 079 - 2657 99 96 E-mail : info@smartinvestment.in smartinvest25@yahoo.in web : www.smartinvestment.in Price VOL : 3 Issue No: 32 RNI No : GUJENG / 2008 / 24320 8 4th Oct. to 10th Oct. 2010 Rs. 12/- CEBBECO, Oberoi Realty and B.S. Trans enters the market this week The listing of Carrer, EROS and Microtech may be most sensational How much the IPOs would be oversubscribed? What about refund? What is the possibility of allotment and listing price? Samtex Fashions Ltd. (BSE Code : 531206) (Rs. 33) In view of recent floods in Pakistan, rice crop there is likely to suffer and since Pakistan is one of the biggest exporters of rice, Indian rice exporters should gain due to likely fall in Pakistan's rice exports. Moroever, there is growing fancy agri-based companies. Hence, the recommendation to buy Samtex Fashions (name appears a misnomer as presently, garment business constitutes only tiny %age of its total business) as scrip is available at extremely low PE Ratio and has high book value. his Delhi based company was originally incorporated for garment business. However, now garment business accounts for hardly 10% of total turnover. Company has set up 3 rice mills For More details refer PrimaryMarket (Center Page) ...
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...distribution would continue to support portfolio expansion, like in the past. The company’s sub-segmentation strategy of launching variants and brand extensions has worked out well. Emami is a market leader in under penetrated segments like Fairness cream, Antiseptic cream and Cold cream market. Robust outlook of personal care market could prove to be beneficial for Emami going forward. Even the cooling oil market outlook is robust & hence Navratna Oil would do well. Rural India would be a major growth catalyst going forward. Emami expects its revenue share to go up further through focus on value for money products, increase in brand promotion (with the help of celebrities as brand ambassadors) & distribution and rise in rural household incomes. After a flattish growth in 9MFY13, the management expects the...
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...The number of international stock market indexes is . quite large. For many of us, the level of the Dow or . the S&P 500 is known. How about the Nikkei 225? Or . the FTSE 100? Do you know what countries these . represent? ------------------------------------------------- Types of indices Stock market indices may be classed in many ways. A 'world' or 'global' stock market index includes (typically large) companies without regard for where they are domiciled or traded. Two examples are and S&P Global 100. A 'national' index represents the performance of the stock market of a given nation—and by proxy, reflects investor sentiment on the state of its economy. The most regularly quoted market indices are national indices composed of the stocks of large companies listed on a nation's largest stock exchanges, such as the American S&P 500, the Japanese Nikkei 225, and the British FTSE 100. Other indices may be regional, such as the FTSE Developed Europe Index or the FTSE Developed Asia Pacific Index. The concept may be extended well beyond an exchange. The Wilshire 5000 Index, the original total market index, represents the stocks of nearly every publicly traded company in the United States, including all U.S. stocks traded on the New York Stock Exchange (but not ADRs or limited partnerships), NASDAQ and American Stock Exchange. Russell Investment Group added to the family of indices by launching the Russel Global Index. More specialized indices...
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...FIFTH EDITION 2005 Transforming Real Estate Finance A CMBS Primer Primary Analysts: Howard Esaki Marielle Jan de Beur Masumi Goldman This book is an overview of the Commercial Mortgage-Backed Securities (CMBS) market. The contents of this publication are over eight years in the making and include excerpts of research reports from as early as 1997. In this fifth edition of our primer, we have reorganized the chapters to highlight the different investment options within CMBS. New material since our last edition includes sections on the various types of AAA CMBS classes, total rate of return swaps, floating rate large loan transactions, and an updated version of the commercial mortgage default study. We hope you find this book useful and welcome comments so that we can improve future editions. FIFTH EDITION 2005 Transforming Real Estate Finance A CMBS Primer Primary Analysts: Howard Esaki Marielle Jan de Beur Masumi Goldman The Primary Analyst(s) identified above certify that the views expressed in this report accurately reflect his/her/their personal views about the subject securities/instruments/issuers, and no part of his/her/their compensation was, is or will be directly or indirectly related to the specific views or recommendations contained herein. This report has been prepared in accordance with our conflict management policy. The policy describes our organizational and administrative arrangements for the avoidance, management and disclosure...
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