. Special domestic corporations
Q: What are the special tax features of (a) Treasury securities, (b) agency issues, and (c) municipal…
A: (a): Treasury securities - Interest paid on all types of treasury securities will be fully taxable…
Q: What limitations are S-corporations subject to?
A: S corporation is referred to as the corporation, which are treated regarding the federal tax…
Q: What is corporation and example
A: A corporation is a legal body consisting of a group of individuals or a firm that has been permitted…
Q: At which entities do Corporate income overlap with Individual income taxation and in which states?
A: One of the goals of tax reform is to enhance the fight of U.S. businesses and grow the economy. A…
Q: What does the corporate charter describes?
A: Corporate Charter: A corporate charter is a legal document that establish the existence of a…
Q: What other agencies and bodies are involved in the tax system in New Zealand?
A: Tax is a charge which is levied by government. There are two types of taxes which are; 1) Direct…
Q: Define closely held corporation
A: A closely held company is the public limited company which has a limited number of shareholders. The…
Q: Discuss the nature and classes of corporation
A: Corporations are the entities that are formed by the group of organizations or people which are…
Q: to residency of corporations, which o
A: With the respect of residency of corporations, We must see Corporation POEM ( place of Effective…
Q: rmining federal income withholding found?
A: Employers are required to withhold the pay of the employees to extent of the tax liability of the…
Q: Discuss the concept of taxation and it's necessity for every government.
A: Taxation is the process of governments levying mandatory taxes on individuals or businesses. Taxes…
Q: Elaborate the agency problem on corporation with smaller percentage of individual onwership
A: An agency dilemma is a conflict of interest that exists in every connection in which one person is…
Q: How does a benefit corporation’s charter differ from that ofa typical U.S. corporation?
A: Corporate structure that extends directors' fiduciary obligations to incorporate different interests…
Q: How is a One Person Corporation different from a Regular Domestic Corporation
A: Regular domestic corporations were very famous because of their limited liability ,…
Q: What is the difference between a public and a private corporation? Provide an example of each.
A:
Q: Explain publicly owned corporation
A: Publicly owned corporation: A publicly owned corporation is a corporation whose proprietorship is…
Q: IRS agent
A: An IRS agent act on behalf of customers for preparing returns of representations before IRS.
Q: Government NBFI?
A: NBFI -: A NBFI is a non-banking financial institution or non-bank financial corporation (NBFC) is a…
Q: ndholders. areholders. areholders and the federal government.
A: Interest tax sheild is the reduced cost of capital due to the advantages of tax deductions.
Q: Give a critical analysis and give a clear recommendation of how government should tax its nationals,…
A: A tax is a charge which a taxpayer has to pay towards government on the taxable income. A tax is…
Q: How it's GAAP and IFRS is suitable for Corporate Entities ?
A: The primary difference between the two systems is that GAAP can be called rules-based whereas IFRS…
Q: xample?
A: Introduction: Fund accounting is said as a system which put that place in order to recording the…
Q: What is One Person Corporation
A: Solution:- The one person company means a single person to form a corporation without the…
Q: Explain the oman government unit , Business type and fiduciary type with explain?
A: Governmental units are described as agencies, board, division, department, political subdivision,…
Q: Define Corporations?
A: A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy…
Q: Describe advantages of corporation.
A:
Q: Differentiate between closely held and publicly owned corporations.
A: Any business with only a small number of stockholders is a closely held business. Its stocks are…
Q: What is meant by agency problem in the context of a public limited company
A: Public limited company is a kind of company that have a legal existence other than its owners and…
Q: Which among the type of taxes (national or local) do you think can be reduced, removed, or revised…
A: Taxes are an importance source of revenue for the governments to spend on infrastructure. But at the…
Q: What is not-for-profit corporation?
A: Nonprofit organization: It basically comes under a non-profit motive organization like banking…
Q: How its GAAP and IFRS is suitable for corporate entities?
A: GAAP: The full form for GAAP is generally accepted accounting principles. It refers to the…
Q: What would be the advantages of having companies formed at the federal level? Do you think these…
A: The confusion with the rising business is to weather go with the federal level registration or state…
Q: What is the difference between private Canadian corporation and public Canadian corporations?
A: According to the Government of Cannada, For tax purposes, the corporations are divided into types of…
Q: How do you differ a public corporation from a private corporation? give examples-names, purpose or…
A: Corporation- A corporation is a legal entity with the identity of a legal person that was formed by…
Q: How does The Model Business Corporation Act designed to serve?
A: Corporation: A corporation is a form of business entity that is incorporated through the state…
Q: What is a State in taxation?
A: State in which you live is important for tax point of view and state in which you work is important…
Q: realization in federal taxation
A: For federal income tax purposes, realization is a requirement on what should be included as income…
Q: The income and expenses of a corporation for federal income tax purposes ar referred to a what type…
A: Federal Income Tax It is basically a tax levied by Internal Revenue Service on the annual earnings…
Q: Explain S Corporations?
A: A corporation is referred as the legal entity which is separated from its owners. The rights and…
Q: Distinguish between publicly held and privately (or closely) held corporations.
A:
Q: What distinct advantage does a private or Subchapter S-corporation haveover the public corporation?
A: Business organization refers to any organization which is formed to carry out the commercial…
Q: Describe the differences between a Subchapter S corporation and a Subchapter C corporation.
A: Corporation: A corporation is a form of business entity that is incorporated through the state…
Q: What are some examples of industries that falls under Public sector? What are some examples of…
A: Public sector companies are those where more than 50% of shares are held by Government. Private…
Q: The income and expenses of a corporation. For federal income tax purposes are referred to as what…
A: The term corporation, for federal income tax purposes, generally includes a legal entity treated as…
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- Special domestic companies, such as proprietary educational institutions, are exempt from MCIT if they are taxed at a 10% preferred level. Is it true or false?Which is a correct statement? Domestic corporations shall elect either MCIT or RCIT. Resident foreign corporations are liable to either 20% or 25% RCIT. MSMEs may still be taxable like large corporations. Resident foreign corporations are elect either RCIT and MCIT. 2. TRUE or FALSE: Interest expenses are deductible in full amount if there is no interest income subject to final tax during the period.Which of the following statements is incorrect? * A. If 5% special tax on gross income is granted to taxpayers, they are not required to remit compensation taxes of their employees.. B. If 5% special tax on gross income is granted to taxpayers, they are not required to pay business permits. C. If 5% special tax on gross income is granted to taxpayers, they are not required to pay value added tax. D. Resident foreign corporations may be exempted from paying income tax.
- LO.3,7 Benton Company (BC), a calendar year entity, has one owner, who is in the 37% Federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). BC’s gross income is $395,000, and its ordinary trade or business deductions are $245,000. Compute the Federal income tax liability on BC’s income for the current year under the following assumptions. Ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. a. BC is operated as a proprietorship, and the owner withdraws $100,000 for personal use. b. BC is operated as a corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. c. BC is operated as a corporation and pays out no salary or dividends to its shareholder. d. BC is operated as a corporation, pays out $100,000 as salary to its shareholder, and pays out the remainder of its earnings as dividends. e. Assume that Robert Benton of 1121 Monroe Street, Ironton, OH 45638 is the owner of…A concerned citizen furnished the BIR a statement detailing the improper tax practices of a corporate taxpayer. The information was instrumental to the collection of P200,000 tax. How much is the final tax ? a.P20,000b.P18,000c.P2,000d.P0XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: a. If it is a domestic corporation, compute for its income tax after tax credit. b. If it is a resident corporation, compute for its income tax. c. If it is a non-resident corporation, compute for its income tax. d. If it opts to claim the tax paid abroad as deduction from gross income, compute for its income tax.
- ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) d. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. e. If it is private educational institution, Compute for its income tax due after tax credit. f. If it is a non-profit hospital, Compute for its income tax credit.ABC corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: A. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. B. If it is private educational institution, Compute for its income tax due after tax credit. C. If it is a non-profit hospital, Compute for its income tax credit.1. A resident citizen taxpayer sold share of stock of a domestic corporation though the local stock exchange at its fair market value amounting to P550,000. Cost of the shares sold is P300,000. Compute for the capital gains tax. Group of answer choices 0 P15,000 P33,000 P18,000 Flag question: Question 6 Question : A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at its fair market value amounting to P600,000. Cost of the shares sold is P650,000. Compute for the capital gains tax. Group of answer choices 0 P7,500 P39,000 P97,500
- Which of the following is true? Non-profit corporations are exempt from corporate income tax. Domestic corporations shall choose ether MCIT or RCIT. Whenever MCIT is payable, there is a Net Operating Loss Carry-Over. MCIT does not apply to foreign corporations.LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.LO.3, 8, 9 The taxpayer has generated excess capital losses (both short-term and long-term) for the current year. Discuss the income tax ramifications of the losses if the taxpayer is: a. An individual. b. A C corporation. c. An S corporation. d. A partnership.