Answer the following statements true (T) or false (F)
1. A high tax bracket individual can enhance the avoidance of income taxes through a C corporation by having the corporation retain its after tax earnings rather than paying them out as a dividend.
2. A high tax bracket individual can enhance the avoidance of income taxes through a C corporation by having the corporation retain its after tax earnings so that when the individual dies, his or her heirs can liquidate the corporation and realize little to no gain because of a step-up in basis.
3. A low tax bracket individual can enhance the avoidance of income taxes through a C corporation by having the corporation retain its after tax earnings rather than paying them out as a dividend.
4. In years beginning in 2018 through 2020, any minimum tax credit carryover from prior alternative minimum tax.years will be allowed to the extent of the regular tax liability plus 50% of the excess of the minimum tax credit over the amount credited against the regular tax.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
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A defendant who believes that he or she has been injured by the plaintiff can file a(n) ________ against the plaintiff.
A. writ of habeas corpus B. interpleader C. cross-complaint D. writ of certiorari
Underfoot Products uses standard costing. The following information about overhead was generated during May: Standard variable overhead rate $2 per machine hour Standard fixed overhead rate $1 per machine hour Actual variable overhead costs $390,000 Actual fixed overhead costs $175,000 Budgeted fixed overhead costs $190,000 Standard machine hours per unit produced 10 Good units produced 18,000
Actual machine hours 200,000 Using the above information provided for Underfoot Products, compute the fixed overhead variance. A) $5,000 (F) B) $5,000 (U) C) $10,000 (U) D) $10,000 (F)
Net income for a particular period does not equal cash flow from operations because
a. most firms use the accrual basis of accounting to measure operating performance. b. most firms typically recognize revenue at the time of sale, independent of when they receive the cash from the sale. c. some firms receive cash before providing services and recognizing revenues. d. some firms receive cash after they have provided goods and recognized revenues. e. all of the above
The owners ________ are actually going to renovate the property
A) theirself B) themselves C) theirselves D) themselfs