...Unit 1 – AO1 – Investigate the roles and responsibilities of two contrasting public services and describe their purpose AO2 – Investigate the internal structure and functional areas for two chosen public services The two public services I am going to speak about are the prison service and the army. The reason is because both have a very important part of the keeping Britain safe. The prisons vision is to provide the very best prison service as possible and to help secure the following points. * Hold prisoners securely and safely * Reduce the risk of any prisoners from re-offending * Providing safe and well-ordered establishments in which we treat prisoners humanely, decently and lawfully To make sure the prison service actually completes their objectives they work in * close partnership with our commissioners and others in the Criminal Justice System to achieve common objectives * Obtain best value from the resources available using research to ensure effective correctional practice * Promote diversity, equality of opportunity and combat unlawful discrimination, and * Ensure our staff have the right leadership, organisation, support and preparation to carry out their work effectively. This is what the prison set out to achieve and how they plan to do it but there is a lot more involved in running a successful prison because a prison is a business. The prison has it goals but the prison needs top security to complete the goals. No...
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...XVIII AIRBORNE CORPS AND FORT BRAGG DFAC SCHEDULE SNAPSHOT NOVEMBER 2014 XVIII AIRBORNE CORPS & FORT BRAGG DINING FACILITY OPEN/CLOSE SCHEDULE November 2014 1-2 CLOSED POPE AAF Weekday 8-11 CLOSED 15-16 OPEN 22-23 CLOSED 27-30 82ND CAB CLOSED 1 Phone# 396-9993/ 7685 DINING FACILITY Location Goldberg Street Weekend Br: 0930-1300 Sup: 1600-1730 Find Your Location Bldg# M-5530 SMOKE BOMB CLOSED CLOSED CLOSED CLOSED CLOSED 2 Phone# 396-2592 /0103 Essayons Street Bldg# H-4842 2nd BCT Closed Weekends Br: 0930-1230 Sup: 1530-1730 Br: 0930-1300 Sup: 1600-1730 Br: 0930-1300 Sup: 1600-1730 Br: 0930-1230 Sup: 1530-1730 Brk: 0800-1000 Lun: 1130-1330 Din: 1530-1730 Brk: 0800-1000 Lun: 1130-1330 Din: 1530-1730 Brk: 0800-0930 Lun: 1200-1330 Din: 1530-1730 CLOSED OPEN CLOSED OPEN CLOSED 3 Phone# 643-6929 Gruber Road Bldg# C 9453 525th BFSB OPEN OPEN CLOSED OPEN CLOSED 4 Phone# 396-8063 Ricketts Street Bldg# 2-5112 WTB CLOSED CLOSED CLOSED CLOSED OPEN 5 Phone# 396-3436 Normandy Drive Bldg# A-4-1832 SWCS OPEN CLOSED OPEN CLOSED OPEN 6 Phone# 396-7291 Merrill Street Bldg# D-3624 3rd BCT OPEN OPEN CLOSED OPEN CLOSED 7 Phone# 432-8798/ 2298 Butner Road Bldg# A-3556 1st BCT OPEN CLOSED OPEN CLOSED OPEN 8 Phone# 643-6886 Bastogne Drive Bldg# B-1732 82ND SBDE CLOSED CLOSED OPEN CLOSED CLOSED 9 Phone# 432-5538 Longstreet Road Bldg# 3-5103 3rd SFG CLOSED...
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...Peace Corps presentation Draft Nancy Shin-Lan chang 4C Listing&Speaking 1.A Story of someone be helped by Peace Corps Image that you are a Young Asia Dancer who goes to American to share your traditional culture at the Smithsonian Folklife Festival as your first time in United States. Think about what a wonderful experience this could be, you could have….. To train skilled foreign volunteers and send them to foreign countries which need help in all parts of industries is what Peace Corps do. The Peace Corps' mission has three simple goals: * Helping the people of interested countries in meeting their need for trained men and women. * Helping promote a better understanding of Americans on the part of the peoples served. * Helping promote a better understanding of other peoples on the part of Americans. Peace Corps also send Americans university graduates to other countries for volunteering and spread freedom and peace spirits to other countries. Furthermore, through the volunteering, let other countries get to know America better. 2. History of Peace Corps Peace Corps was built by the prior US president John F. Kennedy in 1960 when Kennedy challenged the students at University of Michigan to serve their country in the cause of peace by living and working in developing countries. With the inspiration, the federal government agency devoted to world peace and friendship by Peace Corps. Since 1961 to now, there are over 200,000 Americans have served in the...
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...Look at basis for tax purposes, not FMV FMV is important for substantial economic effect Defining Entities I. History a. Corp used to be 4 factor analysis. Now check-the-box to opt in unless default in. i. Asked: Corporate resemblance test no longer relevant II. Classifying Partnerships for Tax Purposes a. Two or more members: pship or corporation 7701-2(a) i. Default = partnership 7701-3(b)(1)(i) 1. Applies to LLCs 2. To opt out of default Check-the-box 3. Look to state law; If state law corp = corp for tax 7701-2(b) b. One Member: Corp or DRE 7701-2(a) i. Default = Disregarded entity 7701-3(b)(1)(ii) 1. If state law corp = corp for tax 7701-2(b) 2. SMLLC can’t be Pship = DRE III. Reclassification a. 7701-3(g) Election to Convert PS to Corp for Tax i. No tax ii. Deemed contribution of pship assets to corp, followed by liquidation b. PTPs: taxed as corporations i. PTP – publicly traded partnership. 7704 c. Election to Convert Corp to PS i. Deemed liquidation and trigger tax at that time d. Add member to single member corp of LLC and subject to PS tax rules e. Lose member and become single member, then DRE...
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...a reduction of taxable income. | |[pic] |C. The bond's basis is reduced by the amortization. | | |An individual taxpayer who has elected to amortize the premium on a bond that yields taxable interest may reduce the | | |bond's basis by the amortization of the premium. In addition, the amount of bond premium attributable to the tax year | | |may be used to offset interest received on the bond in computing the taxpayer's taxable income. | | |This response correctly states that the bond's basis is reduced by the amortization. | |[pic] |D. The bond's basis is increased by the amortization. | |Question #2 (AICPA.921101REG-P2-AR) | |[pic] | Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2010 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2010. The following unreimbursed cash expenditures were among those made by the Burgs during 2010: |Repair and maintenance of motorized wheelchair for physically handicapped dependent |$ 300 | |child ...
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...generally constitute fraud (tax evasion) and in those circumstances there is no statute of limitations. If the IRS cannot prove fraud on Kevin’s part, then the statute of limitations would expire April 15, 2016. Q.42 Answer: The corporation will be able to pay interest on the debt s well as deduct the interest from its gross income. However if the corporation pays dividends on the stock, the dividends are not deductible by the corporation. Whether the payment is interest or dividends, the shareholder recognizes income for the amount received; however, dividend income is taxed at a lower rate. If the corporation retires a shareholder’s stock, it is possible that the amount received could also be treated as a dividend unless specific redemption requirements are met. Another consideration is that the corporation can repay the debt with no tax consequences at all to the shareholders. Q.59 Answer: According to section 1.183-2(c), Income Tax Regulations it is recognized that a taxpayer can be engaged in an activity for profit even when there is only the rare possibility of profit. Q.69 Answer: The AICPA Tax Executive Committee believed that it is appropriate to issue the standards that would become part of the Professional Code of Conduct. The Statements on Standards for Tax Services (SSTS) are issued by the AICPA widely reflect the SRTPS. Chapter Three Answers Q.22 Answer: a) How much income should Realty Corp. report in year 1 from...
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...Becker CPA Review, PassMaster Questions Lecture: Financial 6 CPA PassMaster Questions–Financial 6 Export Date: 10/30/08 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Becker CPA Review, PassMaster Questions Lecture: Financial 6 Pension Plans CPA-00679 Type1 M/C A-D Corr Ans: D PM#1 F 6-01 1. CPA-00679 FARE R02 #8 a. b. c. d. Page 19 Which of the following disclosures is not required of companies with a defined-benefit pension plan? A description of the plan. The amount of pension expense by component. The weighted average discount rate. The estimates of future contributions. CPA-00679 Explanation Choice "d" is correct. Although pension accounting has extensive disclosures, projections of future contributions into a pension plan are not required. "a", "b", and "c" are required disclosures. CPA-00681 Type1 M/C A-D Corr Ans: C PM#2 F 6-01 2. CPA-00681 FARE R99 #13 Page 9 Jan Corp. amended its defined benefit pension plan, granting a total credit of $100,000 to four employees for services rendered prior to the plan's adoption. The employees, A, B, C, and D, are expected to retire from the company as follows: "A" will retire after three years. "B" and "C" will retire after five years. "D" will retire after seven years. What is the amount of prior service cost amortization in the first year? a. b. c. d. $0 $5,000 $20,000 $25,000 CPA-00681 Explanation Choice "c" is correct. Amortization of unrecognized prior...
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...Current Tax System • Why do we have an income tax? o To fund government programs • What other types of taxes are individuals and/or professionals subject to? o Estate tax, gift tax, self-employment tax, social security, medicare, unemployment taxes, excise, sales & use, property • How do tax laws affect decisions made by individuals? Businesses? o May determine how much an individual decides to gift or donate, how and where they choose to invest their money, whether they set up a trust or estate, do or do not purchase particular goods (eg might avoid cigarettes because of the excise tax, but may buy an electric vehicle for the tax benefits). May also be a factor in determining where they move or whether they take a job in a city/state with greater taxes. For businesses, it can help determine how they choose to structure (sole proprietor vs partnership vs LLC vs S Corp vs C Corp), whether they choose to pursue a particular product line (for example, if the government is offering a tax relief program for a particular product such as a crop or energy efficient technology), and where they decide to hire their workers. • What are the ethical guidelines that will apply to individuals in tax practice? o Don’t take chances in the hope that the return will not be audited. Every action taken should be justifiable. Inform clients of risks involved in the position that is taken if it is not successful. Allowed to use client estimates if they are reasonable. Inform client if receipts...
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...S O LU T I O N TO C O R P O R AT I O N P R AC T I C E S E T No More Ice, Inc. 1 3 4 5 6 7 No More Ice, Inc. E. I. No. 98-7654321 A Schedule Attached to and Made Part of 2012 Form 1120—U.S. Corporation Income Tax Return List of Attached Schedules Schedule O—Consent Plan and Apportionment Schedule Form 1125-A—Cost of Goods Sold Forms 8949—Sales and Other Dispositions of Capital Assets Form 4626—Alternative Minimum Tax—Corporations Schedule D—Capital Gains and Losses Schedule G (Form 1120)—Information on Certain Persons Owning the Corporation’s Voting Stock Form 1125-E—Compensation of Officers Attachment—Supporting Details 9 11 12 13 14 15 16 17 18 19 20 21 INFORMATION FOR INSTRUCTORS CORPORATION PRACTICE SET (2013-2014 EDITION) No More Ice, Inc. Following are details on some of the calculations in the solution. Observations are made on areas which the students may find more difficult. You can reduce the difficulty of the practice set if you so choose by providing your students “clues” (or even the solutions) in some or all of these areas. Paragraph references are to the facts for the practice set. 1. Computation of Cost of Goods Sold (Form 1125-A). Amounts for beginning and ending inventories and for cost of goods sold are provided. Students must “back into” the cost of purchases; e.g., Cost of Goods Sold ........................................................................... Inventory Adjustment...
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...Bankruptcy Table of Contents I. Introduction Error! Bookmark not defined. A. Introduction to Patents and the Patent System Error! Bookmark not defined. 1. Patents (utility patents) Error! Bookmark not defined. 2. purpose of patents Error! Bookmark not defined. 3. patent institutions Error! Bookmark not defined. 4. Patent architecture Error! Bookmark not defined. B. Claim Drafting Error! Bookmark not defined. II. Patentability Error! Bookmark not defined. A. Patentable Subject Matter Error! Bookmark not defined. 1. Products of Nature Error! Bookmark not defined. 2. Purified or isolated products of nature Error! Bookmark not defined. 3. Intangible Methods and Processes Error! Bookmark not defined. B. Utility Error! Bookmark not defined. C. Disclosure/Enablement Error! Bookmark not defined. 1. Claim scope Error! Bookmark not defined. 2. Experimentation Error! Bookmark not defined. 3. Other enablement issues Error! Bookmark not defined. D. Written Description Error! Bookmark not defined. E. Novelty (a, e, g): another person before invention Error! Bookmark not defined. 1. Introduction Error! Bookmark not defined. 2. Public Knowledge Error! Bookmark not defined. 3. Prior Invention under 35 USC 102(g) Error! Bookmark not defined. F. Loss of Right under 102 (first inventor bars herself) Error! Bookmark not defined. 1. 102(b) Statutory Bar Error! Bookmark not defined. 2. Statutory Bars and Trade Secrets Error! Bookmark not defined. ...
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...To: ABC Corp. XYZ, XZY 12345 From: Amit Gupta & Marc Rosenfeld Re: Federal tax consequences of cash distribution from LLC Jan 31, 2011 We appreciate the opportunity to advise you regarding this tax matter. To ensure a complete understanding between us, we use our judgment in resolving questions where the tax law is unclear or where conflicts may exist between the taxing authorities. Facts The following facts are based on your written correspondence to us, if these facts are incomplete or incorrect; please let us know as soon as possible. Helpful Paper Towels (HPT), a wholly owned subsidiary of ABC Corporation and Northwest Industries (NI) formed Northwest Helpful LLC (LLC) which was treated as a partnership for tax purposes. NI transferred its business assets valued at $412 million to the LLC in exchange for a 95% interest in the LLC, whereas HPT contributed all of its assets valued at $800 million for a 5% interest in the LLC. The newly formed LLC then borrowed $750 million from Bank of America (BOA) on the same day it received the contributions from NI and HPT and immediately transferred the loan proceeds to HPT as a special cash distribution.NI guaranteed payment of the BOA loan, and HPT agreed to indemnify NI for any principal payments NI might have to make under its guaranty. In turn, HPT loaned the cash distribution to its parent company ABC Corporation in return for a note. After the transaction, HPT’s only assets were its LLC interest, the ABC Corporation...
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...(Points : 5) $0 $3,000 $4,800 $5,000 3. (TCO H) Bob and Susan file a joint return for the 2010 tax year. Their adjusted gross income is $80,000. They had a net investment income of $9,000. In 2010, they had the following interest expenses. Personal credit card interest: $5,000 Home mortgage interest: $10,000 Investment interest (on loans used to buy stocks): $10,000 What is the interest deduction for Bob and Susan for the 2010 tax year? (Points : 5) $19,000 $8,000 $16,000 $25,000 4. (TCO B) Bob and Cindy Smith paid the following medical expenses during the year (all in excess of reimbursement). Hospital and doctor bills: $800 Medicine and drugs: $700 Hospitalization insurance premiums: $6,000 Medicine and drugs (for dependent mother, age 71): $1,000 Assuming that the Smiths' adjusted gross income was $60,000, how much of a medical expense deduction may Bob and Cindy claim on their joint return? (Points : 5) $8,170 $4,000 $4,330 $8,500 5. (TCO A) John Baker, a cash-basis, calendar-year taxpayer, paid the following during the year. Social security tax (withheld from wages): $4,500 Real estate taxes: $3,200 State income tax: $3,400 Special assessment for installation of sidewalks: $1,140 Penalty on tax underpayment: $300 Flat fee for automobile...
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...Week 7 Research Project (Set #1) DeVry University Acct 429 TAX RESEARCH MEMORANDUM ASSIGNMENT 2 It appears as though a couple of your clients have encountered an unfortunate development in their financial situation. Cindy and Ralph Edmonds own TidyCo., Inc. TidyCo, in turn, owns and operates several coin Laundromats in and around Dubuque, Iowa. Over the last two years, the Edmonds made weekly deposits of the Laundromat receipts to corporate and personal bank accounts. However, it now also appears (unknown to you!) they also siphoned off a portion of the weekly collections and took them home rather than depositing them. These amounts, which appear to total about $200,000 were hidden in shoeboxes around the house and (surprise!) were not reported as income. The IRS found out about these amounts and has notified them that it intends to bring criminal tax evasion charges against them under Section 7201 of the Code. The IRS has made quite clear that it believes that the Edmonds’ actions constitute prima facie evidence that they intended to defraud the government and should therefore be liable under the statute. As their accountant, you know that TidyCo has a deficit in both its accumulated and current E&P accounts and that this deficit has existed over the entire...
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...(5 pts) Corporations other than S Corps are considered double taxed. The corp is taxed on income and then if the earnings are paid out to shareholders that money is taxable income to the shareholder. If any of it was deductible then perhaps it wouldn’t be double taxation but this is not the case. However, for taxpayers in the 10% tax bracket they are not taxed on the dividend income. 2. What type of taxpayers are considered "eligible" taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.) A taxpayer is considered eligible if; the individual sustaining the loss who was issued stock by a small business or corp and, An individual who is a partner in a partnership at the exact time that the stock was acquired from the issuance of a small business. The stock must have been continually held from date of issuance in order to claim a deduction under section 1244. A corporation, any trust or estate is not entitled to such deductions. 3. Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual. ( 5 pts.) Professor, A main difference is that for Corps, no special treatment is given for LT Capital Gains. There is also no deduction for capital losses that exceed capital gains for corps. The process is still similar for individuals in that the losses can be netted against the gains(not ordinary income), but anything above that for the corp is just taken as a loss. 4. Please...
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...deduction? The tax deduction received by a corporation on the dividends paid to it by companies in which it has an ownership stake. Generally Corporation pays taxes on its income before distributing dividends. So if this deduction is not allowed the corporation paying dividend pays taxes, the corporation receiving dividends pays taxes on it again and the shareholders receiving this pays tax again so it leads to triple taxation. U.S. corporations are generally entitled to a deduction for dividends received from certain other domestic corporations. If the recipient corporation owns less than 20% of the distributor's stock, the recipient corporation is allowed a deduction of 70% of dividends paid out of distributor's tax earnings and profits (E&P). When the recipient of the dividend has at least 20% but less than 80% ownership by vote or value in the distributor, an 80% DRD is allowed under Sec. 243(c). Finally, Sec. 243(a)(3) allows a 100% deduction for "qualifying dividends," when a corporation receives dividends from another corporation that is a member of the same affiliated group. 51. What is the purpose of the reconciliation of taxable income with book income? Generally, Sec. 446 requires taxable income to be computed under the same method of accounting as the taxpayer uses for its books. However there are differences in the accounting method used for GAAP versus tax....this could be cash method vs. accrual method, depreciation methods, expenses disallowed for tax but recorded...
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