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Questions and Answers of
Corporate Finance
Barry owned a number of rental properties. One of the rental properties was located next to his personal residence. Both properties were condemned by the state. Barry found a perfect residence to
Carlson Manufacturing's plant was condemned by the federal government to allow for expansion of one of its secured locations for government employees. The government paid the company $6,800,000 for
Seven years ago, the Bonnet Corporation redeemed all of Joe Bonnet's stock as a complete termination of interest. At the time, Joe signed a waiver of family attribution rules because his three sons
Sweeney was the chairman of Sweeney, Inc., a large hardware and lumber store. When Sweeney became ill, his son took over the business but sold the property and all the inventory valued at $2,000,000
Seth and Jacob are brothers who own all of Marboro Corporation's 2,000 shares of outstanding common stock. Seth owns 1,100 shares to Jacob's 900 shares, and this has caused many problems over the
The Cabot Corporation has had financial problems for a several years. The two shareholders have discussed liquidating the corporation, but they are concerned that they will have to pay a large tax
Craig is a 20 percent shareholder in an S corporation and works an average of 20 hours per week in the business. His wife, Lynn, is a full-time employee of the corporation. The corporation provides
What are the main knowledge extraction methods from corpus?
The Gemini Corporation, an S corporation, wants to expand its lines of business. To do so quickly, it acquires 85 percent of the stock of Trojan Corporation, a regular C corporation.
Shana is a 20 percent limited partner in the STU partnership. Her basis in her partnership interest is $40,000 when she decides to abandon her partnership interest. The partnership's balance sheet
Carol and her husband own 35 percent each of a land development partnership. Carol owns a piece of land purchased six years ago for $60,000 that has been declining in value. The partnership wants to
ABCD partnership, a calendar-year partnership, has four owners: A owns a 20 percent interest; B a 25 percent interest; C a 40 percent interest; and D the remaining 15 percent interest. Some of the
Five years ago, Jason purchased a $400,000 life insurance policy on his life. For each of the following, indicate how much of the $400,000 policy proceeds are included in his gross estate. a. The
Laura transferred property valued at $120,000 into an irrevocable trust. Laura is to receive one-half of the income each year for the balance of her life. The other half of the income and the
When Ben died, his executor elected the alternate valuation date. What value is included in the gross estate for each of the following properties? a. Marketable securities valued at $80,000 at date
Glen transferred corporate stock worth $300,000 with a tax basis of $160,000 to an irrevocable trust. No gift taxes are paid. The terms of the trust require the independent trustee to distribute the
Thomas died on August 15 of the current year. On September 2, his estate received a check for $2,000 from Thomas's former employer for his final pay period. On September 18, Thomas's estate received
Wayne created a trust six years ago for the benefit of his children. In the current year, when the value of the trust assets is $1,000,000, Wayne transfers additional property valued at $300,000 into
What are the most fruitful industries for stream analytics? What is common to those industries?
In June of year 1, Angelina (a calendar-year taxpayer) becomes the beneficiary of a new calendar-year trust. At the same time, Angelina also becomes the beneficiary of an estate that elects a March
Carolyn has made no previous taxable gifts. Determine her gift tax if she makes $2,650,000 in taxable gifts in the current year after each donees annual exclusions but before her lifetime exclusion.
Benjamin has made no previous taxable gifts. Determine his gift taxif he makes $14,000,000 (after annual exclusions) in taxable gifts in 2016.
Martha provides the sole support for her son, David, who lives at home while he attends school. Martha gives David a $40,000 automobile for his 18th birthday.
Ten years ago, Carolyn created a revocable trust using marketable securities valued at $500,000. The trust department at the local bank is the trustee. Under the terms of the trust, Carolyn retained
In year 1, Loren and Tim enter into a property settlement agreement under which Tim agrees to pay $600,000 to Loren in return for the release of her marital rights. The payment is to be made in three
Jennifer plans to establish a trust in which she will place all her income-producing investments. She will be the income beneficiary for the balance of her life, with her son having a remainder
Jorge is a resident and citizen of Spain. He invests $500,000 in Miami Beach real estate. When Jorge died in 2016, he owned $6,000,000 in assets in Spain in addition to the Miami Beach real estate.
At the time of Frank's death, he had received $6,000 in credit card bills that had not been paid.
When Chet died on March 12, 2016, he owned $900,000 in stock of ABC Corporation and $100,000 in City of Omaha bonds. The ABC Corporation declared a cash dividend on March 1 that was payable to
List the types of approaches used in recommendation engines.
Sharon transferred property into an irrevocable trust, but she retained the right to change the beneficiaries. What circumstances are required for this transfer to be a completed gift?
What is the gift tax annual exclusion and why was it enacted?
What purpose is served by the distributable net income of a trust or estate?
Determine the credit for the gift and estate tax exclusion if the indexed exclusion in 2017 is $5,500,000.
Mary is John's surviving spouse. He used $450,000 of his gift and estate tax exclusion for his lifetime gifts and his estate used $2,300,000 of his estate tax exclusion in closing his estate. What is
Edward gave 15,000 shares of ABC stock to Valerie on July 15. On July 15, the highest selling price for the stock was $40 per share, and the lowest selling price was $36 per share. What is the value
Gabor Family Enterprises, a closely-held family corporation, plans to offer a stock option plan as an incentive to its employees, but it does not want its stock owned by anyone who is not a member of
Randy gave one of his best customers a $150 bottle of wine. How much can he deduct for this business gift?
Virginia gave her 14-year-old grandson, Tommy, $10,000 in common stock. One month later, Tommy receives a $100 dividend on the stock. How much income is taxed to Tommy and how much to Virginia?
How are net short-term capital gains of individuals treated? How are net short-term capital gains of corporations treated?
Can you identify specific sites that may use one or the other type of recommendation system?
Bob and Ray started a tree trimming business that recently became profitable. They each buy a $250,000 life insurance policy on themselves. They then exchange ownership of the policies to provide
While walking through the park, Jane finds a $100 bill. No one is around to claim it, so she keeps it. Does Jane have any gross income as a result of this?
Discount Auto Company sold an automobile at a $2,000 discount to an unrelated customer. Is this a gift?
Two years ago, Warren purchased a computer for $4,000 that was used exclusively for personal purposes until this year. At the beginning of the current year, Warren opened a consulting business as a
Maria is a single individual with taxable income of $75,000 in 2016. What marginal tax rate should she use to determine the tax savings from a $2,000 deductible expense?
Which three taxable persons pay all of the income taxes?
Define gross income.
Identify three tax planning strategies.
What is the purpose of the United States establishing a tax treaty with a foreign country?
Priscilla, an employee of Choice Corporation, has an annual salary of $70,000. Choice has a cafeteria plan that allows all employees to choose an amount equal to 8 percent of their annual salary from
List some major social network sites.
Clark works all year at the frontdesk of the DewDrop Inn and earns a salary of $30,000. He is offered the option of a $400-per-month living allowance or rent-free use of a room at the inn. Clark
Elisa spends $1,000 on business lunches to entertain her customers at the local country club. The club charges an annual membership fee of $800. Elisa uses the facility 80 percent of the time for
Mary, a taxpayer in the 33 percent marginal tax bracket, borrows $500,000 at 10 percent interest to invest in 7 percent tax-exempt municipal bonds. The annual interest expense on the loan is $50,000.
Linda inherited a car from her Uncle Ted, who had purchased the car two years ago for $38,000. The car's value was $30,000 at the date of Ted's death. What is Linda's basis for the car?
Cynthia, a sole proprietor, has incurred a loss this year and would like to claim no depreciation this year and then take double depreciation next year. Can she elect to do this?
What events qualify as asset dispositions?
In which of the following cases should the employees report income? a. The employer provides an annual picnic for employees and their families to celebrate Independence Day. b. Employees can use the
What is a SALT practice?
What type of loss would be recognized on the sale of receivables to a factor at 80 percent of the face value?
What three factors determine the percentage of corporate income allocated to a particular state?
What are the three service models that provide the foundation to service-oriented DSS?
Do taxpayers face only monetary fines or can they be sentenced to jail?
What is the most common wealth tax and how is it levied?
What property is subject to the intangible tax?
When is the general journal used in a manual accounting information system? Provide some examples of transactions that would be recorded in the general journal.
What are two common entry-level accounting software systems used by small businesses? Discuss.
How would a business record a bill received in QuickBooks?
Describe the single-step income statement.
What is a prior-period adjustment? Discuss.
Ward Hardware used the FIFO inventory costing method in 2018. Ward plans to continue using the FIFO method in future years. Which accounting principle is most relevant to Ward's decision? Discuss.
What does an effective accounting information system provide?
How does cloud computing affect business intelligence?
Ward Hardware does not expect costs to change dramatically and wants to use an inventory costing method that averages cost changes. Requirements 1. Which inventory costing method would best meet
What is a special journal?
Define property, plant, and equipment. Provide some examples.
On January 1, Irving Company purchased equipment of $280,000 with a long-term note payable. The debt is payable in annual installments of $56,000 due on December 31 of each year. At the date of
Aladdin Carpet Care had the following total assets, liabilities, and equity as of October 31: Assets..........................$
Smythe Banners reported the following figures in its financial statements: Cash..............................................$ 26,500 Cash Equivalents...................................5,000 Total
Consider a resource-allocation problem having the following data.a. Formulate and solve a linear programming model for this problem on a spreadsheet. b. Express this model in algebraic form?
The Fagersta Steelworks currently is working two mines to obtain its iron ore. This iron ore is shipped to either of two storage facilities. When needed, it then is shipped on to the company's steel
Consider the transportation problem having the following data.Exxo 76 is an oil company that operates the pipeline network shown below, where each pipeline is labeled with its maximum flow rate in
The Metalco Company desires to blend a new alloy of 40 percent tin, 35 percent zinc, and 25 percent lead from several available alloys having the following properties.The objective is to determine
"Location-tracking-based profiling (reality mining) is powerful but also poses privacy threats." Comment.
The Weigelt Corporation has three branch plants with excess production capacity. Fortunately, the corporation has a new product ready to begin production, and all three plants have this capability,
Reconsider the portfolio selection example, including its spreadsheet model in Figure 8.13, given in Section 8.2. Note in Table 8.2 that Stock 2 has the highest expected return and stock 3 has by
Comfortable Hands is a company that features a product line of winter gloves for the entire family-men, women, and children. They are trying to decide what mix of these three types of gloves to
Oxbridge University maintains a powerful mainframe computer for research use by its faculty, Ph.D. students, and research associates. During all working hours, an operator must be available to
Slim-Down Manufacturing makes a line of nutritionally complete, weight-reduction beverages. One of its products is a strawberry shake that is designed to be a complete meal. The strawberry shake
Joyce and Marvin run a day care for preschoolers. They are trying to decide what to feed the children for lunches. They would like to keep their costs down, but they also need to meet the nutritional
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 3.5. Briefly describe how the model for the transportation
A stockbroker, Richard Smith, has just received a call from his most important client, Ann Hardy. Ann has $50,000 to invest and wants to use it to purchase two stocks. Stock 1 is a solid blue-chip
Reconsider the portfolio selection example given in Section 8.2. A fourth stock (Stock 4) now has been found that gives a good balance between expected return and risk. Using the same units as in
The management of the Albert Hanson Company is trying to determine the best product mix for two new products. Because these products would share the same production facilities, the total number of
Why would companies allocate some of their resources to social causes?
Discuss the relationship between mobile devices and social networking.
The Move-It Company has two plants building forklift trucks that then are shipped to three distribution centers. The production costs are the same at the two plants, and the cost of shipping each
The Dorwyn Company has two new products (special kinds of doors and windows) that will compete with the two new products for the Wyndor Glass Co. (described in Section 2.1). Using units of hundreds
Consider the assignment problem having the following cost table.The optimal solution is A-3, B-1, C-2, with a total cost of $10. Formulate this problem on a spreadsheet and then use Solver to obtain
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