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Corporate tax Essay Topics & Paper Examples

CGA-Tax Assignment

Justina Stein comes to you, a CGA, for some tax advice on claiming $120,000 business investment losses in 2012 and in future years, from the sale of her shares which she believes may qualify as small business corporation (SBC) shares. She has heard that such losses are given special treatment under the Act. Briefly explain to Justina the special treatment given to business investment losses in the year of loss and in future years. Assume that Justina will earn $75,000 in salary in 2012 and has never claimed the lifetime capital gains deduction. Detailed calculations are not necessary. First, qualified business investment losses Business Investment Loss includes capital losses arising from the disposition of shares and debts of a small…

Pretax accounting income

On January 1, 2010, Ameen Company purchased a building for $36 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2012, the carrying value of the building was $30 million and its tax basis was $20 million. At December 31, 2013, the carrying value of the building was $28 million and its tax basis was $13 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2013 was $45 million.On January 1, 2010, Ameen Company purchased a building for $36 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2012, the carrying value of the building was…

CPA REPORT

CPA Report The manager of a large organization has asked the CPA to provide information to outside CPAs examining a subsidiary that has been set up as a corporation. As a part of their review, the outside CPAs want to be provided with the several explanations. The CPAs want to know the methodology used to determine deferred taxes and the procedures for reporting accounting changes and error corrections. The CPAs also want to know the rationale behind establishing the subsidiary as a corporation. Methodology Used to Determine Deferred Taxes The methodology used to determine deferred taxes deals with the basic principles of accounting for income taxes. According to FASB (2013), “The following basic principles are applied in accounting for income…

Importance of Family

THE FAMILY AS THE BASIC UNIT OF SOCIETY The family unit – principally a man and a woman living together in harmony and peace – is and always will be the basic social organization or unit of any society. This relationship alone provides stability in a sexual, emotional, intellectual and social way as no other can. This statement may seem prejudiced or biased against other forms of social organization, but it has proven true over hundreds and even thousands of years. Other forms of societal organization include most people remaining single or unattached, homosexuality, or various forms of collective living arrangements that are called free love societies, communes, kibbutz living in some cases, and others. To the best of my…