Expropriation occurs when a government seizes private property for a proper purpose and awards just compensation
a. True
b. False
Indicate whether the statement is true or false
True
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A company has three employees. Total salaries for the month of January were $8,000. The federal income tax rate for all employees is 15%. The FICA-social security tax rate is 6.2% and the FICA-Medicare tax rate is 1.45%. Calculate the amount of employee taxes withheld and prepare the company's journal entry to record the January payroll assuming these were the only deductions.
What will be an ideal response?
Defining and adhering to an organizational mission, evaluating ownership and management alternatives, and outlining the goods/service category to be sold are parts of which element of retail strategy?
a. store operations b. situation analysis c. identification of consumer characteristics d. objectives determination
Houghton Company reports a deficit in current E&P of ($500,000) and a deficit in accumulated E&P of ($800,000). Houghton distributed $100,000 to its sole shareholder, Blossom Applegate, on December 31, 20X3. Blossom's tax basis in her Houghton stock is $50,000. What is the tax treatment of the distribution to Blossom, and what is her tax basis in Houghton stock after the distribution?
What will be an ideal response?
A product from which industry would likely be most affected by shortening product life cycles?
a. Furniture b. Soda c. Consumer electronics d. Grocery goods