Which of the following is a component of the “born morally neutral” philosophy of human nature?
a. Prior to birth, the mind exists in a spiritual realm.
b. Kindness is part of the human DNA.
c. Children have an innate “moral sense.”
d. Newborns have moral capacities.
d. Newborns have moral capacities.
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Strategic intent refers to a situation where a company
A. relentlessly pursues an ambitious strategic objective. B. changes its long-term direction and decides to pursue a newly adopted strategic vision. C. decides to adopt a particular strategy. D. commits to pursuing balanced-scorecard objectives. E. commits to using a particular business model to make money.
Dainels Corporation uses the step-down method to allocate service department costs to operating departments. The company has two service departments, General Management and Physical Plant, and two operating departments, Sales and After-Sales. Data concerning those departments follow: Service Department Operating Department General ManagementPhysical Plant SalesAfter-SalesDepartmental costs$36,550$70,300 $412,500$492,780Employee time5,0002,000 27,00014,000Space occupied1,0001,000 38,0007,000 General Management Department costs are allocated first on the basis of employee time and Physical Plant Department costs are allocated second on the basis of space occupied. The total After-Sales Department cost after allocations is closest to:
A. $503,980 B. $515,880 C. $516,196 D. $513,911
Identify which of the following statements is false.
A) A Sec. 338 election usually triggers taxation to the target corporation. B) A Sec. 338 election must be made not later than the fifteenth day of the ninth month following the first stock acquisition in a series of acquisitions that leads to 80% or more stock ownership. C) When a Sec. 338 election is made, the target corporation is treated as having sold all of its assets at their FMV at the close of the acquisition date. D) In a Sec. 338 deemed sale election, the shareholders of the target corporation sell their stock to the acquiring corporation.
What are the five major income categories that are taxed under the Subpart F rules? Explain the concept of Subpart F income.
What will be an ideal response?