Brock and David are equal shareholders of an S corporation that manufactures electric razors. They are interested in opening a plant in the south. They want to know whether Florida or Alabama would be the best state to move to, considering only tax consequences. The main concerns are income taxes (corporate and personal), franchise taxes, and intangible asset property taxes. Brock and David expect the S corpora-tion to generate $ 400,000 in annual taxable income.
Answer to relevant QuestionsDescribe how a mail order business uses P. L. 86-272 to avoid taxation by states. James Bulger works at a sandwich shop in Ames, Iowa. During his coffee break each afternoon, he enjoys a candy bar that his employer sells to him at an employee discount. Candy bars are not exempt (as food) from sales tax in ...Use the Codification to answer the following: a. Perform a Join Sections on Topic 740 and Section 25. Which subtopics are on the list? b. Using the Search function, search for “push down accounting” and then narrow ...How are interest and penalties treated on uncertain tax positions? What is the classification of the unrecognized tax benefits? Charger Corp. has $ 500,000 of income from continuing operations and $ 300,000 of income from discontinued operations. In the prior year, Charger finished the year with a $ 1.2 million net operating loss that was ...
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