Business, 06.04.2021 04:30 andy3646

Logan, a 50% shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $116,000 tax loss for the year, Logan's tax basis in his MG stock was $158,000 at the beginning of the year, and he received $83,000 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation?

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 16:10

Baldwin has negotiated a new labor contract for the next round that will affect the cost for their product bold. labor costs will go from $7.91 to $8.41 per unit. in addition, their material costs have fallen from $13.66 to $12.66. assume all period costs as reported on baldwin's income statement remain the same. if baldwin were to pass on half the new costs of labor and half the savings in materials to customers by adjusting the price of their product, how many units of product bold would need to be sold next round to break even on the product?

Answers: 2

Answer

Business, 21.06.2019 19:30

Which of the following correctly describes the accounting for indirect labor costs? indirect labor costs are product costs and are expensed as incurred. indirect labor costs are period costs and are expensed when the manufactured product is sold. indirect labor costs are period costs and are expensed as incurred. indirect labor costs are product costs and are expensed when the manufactured product is sold.

Answers: 3

Answer

Business, 22.06.2019 00:50

Cool beans is a locally owned coffee shop that competes with two large coffee chains, planeteuro and frothies. alicia, the owner, hired two students to count the number of customers that entered each of the coffee shops to estimate what percent of people who are interested in coffee are visiting each shop. after a week, the students found the following results: 589 visited cool beans, 839 visited planeteuro, and 1,290 visited frothies. the students were surprised that cool beans had 139 visits on monday which represented 59% of all people who visited one of the three coffee shops on mondays. how many people visited one of the three coffee shops during the week?

Answers: 2

Answer

Business, 23.06.2019 10:00

Governments sometimes erect barriers to trade other than tariffs and quotas. which of the following is not an example of this type of trade barrier? a. a requirement that the employees of domestic firms that engage in foreign trade pay income taxes b. restrictions on imports for national security reasons c. a requirement that imports meet health and safety requirements d. a requirement that the u.s. government buy military uniforms only from u.s. manufacturers

Answers: 2

Answer

You know the right answer?

Logan, a 50% shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of lo...

Questions