Congress recently enacted a nonrefundable credit based on the cost of qualifying alcohol and drug abuse counseling programs provided by any corporate employer to its employees. The credit is limited to 50 percent of the total cost of the program. If a corporation elects the credit, none of the program costs are allowed as a deduction. Any credit in excess of current year tax may not be carried back or forward to another year. TMM Corporation spent $80,000 for a qualifying counseling program this year. If TMM has $500,000 taxable income before consideration of this expense, should it elect the credit or deduct the program’s cost as an ordinary business expense? Would your answer change if TMM had only $70,000 taxable income before consideration of the expense?

Davis, an officer for a § 501(c)(3) organization, receives benefits in the form of an overly generous health insurance plan; these benefits are inappropriate in the context of a charitable entity of its type. The excess benefits are determined to be "$89800." . Davis does not pay back the excess benefits to the organization before the first-level tax is due. a. Apply the rules for the appropriate excise tax intermediate sanction. The first-level taxes imposed are as follows: On the exempt organization management: $fill in the blank 1 On Davi imposed on Davis.s: $fill in the blank 2. b. A second-level tax in the amount of

Coattail Corporation (CC) manufactures and sells women's and children's coats. This year, CC donated 1,000 coats to a qualified public charity. The charity distributed the coats to needy women and children throughout the region. At the time of the contribution, the fair market value of each coat was $80. Determine the amount of CC's charitable contribution (the taxable income limitation does not apply) for the coats, assuming the following: b. CC's adjusted basis in each coat was $10. Charitable contribution

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The city of Lakeland levies a 2 percent tax on the value of all restaurant meals served to the public within the city limits. This year, the aggregate value subject to tax was $31.3 million, so current year revenue was $626,000. Lakeland plans to decrease the tax rate next year to 1.5 percent.  Required: Compute next year’s restaurant tax revenue assuming next year’s tax base equals the current year base. Compute next year’s restaurant tax revenue assuming next year’s tax base increases to $40.9 million. Compute next year’s restaurant tax revenue assuming next year’s tax base increases to $45.9 million.

The Board of Directors of Teton Pearl, Inc., a private foundation, consists of Charlyne, Beth, and Carlos. They vote unanimously to provide a $901,000 grant to Carlos. The grant is to be used for travel and education and does not qualify as a permitted grant to individuals (i.e., it is an act of self-dealing). If an amount is zero, enter "0". Question Content Area a. The initial tax imposed on Teton Pearl is $fill in the blank 01d0dcfb1fbcfe2_1 and on Carlos is $fill in the blank 01d0dcfb1fbcfe2_2 . Question Content Area b. The initial tax imposed on the foundation managers (the Board of Directors) is $fill in the blank 92dbd2f75fed012_1 .

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Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. Enter all amounts as positive numbers. If an amount is zero, enter "0". Round interim and final answers to two decimal places. As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2023 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Employee Tarra James Mike Cramden Jim Jones Joan Kern Mary Long: Cathy Luis Josie Martin Terri Singer Shelby Torres Filing Status MFJ S S MFJ MFJ MFJ S S MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A N/A N/A N/A N/A Payroll Period W = Weekly S = Semimonthly M = Monthly D = Daily W W W M M S COSM D Wage $1,350 590 675 3,100…

The treasurer of New Semiconductor has a problem. The company has just ordered new assembly robotics for $3,500,000. The manufacturer would install the robotics for an additional $50,000. The treasurer does not know whether the Internal Revenue Service (IRS) will permit the company to treat this installation cost as a tax-deductible expense (end of Year 1) or view the installation as part of the capital investment. In the latter case, the company would capitalize the installation cost and depreciate the $50,000 along with the cost of the robotics according to the 5-year MACRS tax depreciation schedule: Year 1: 20% Year 2: 32% Year 3: 19.2% Year 4: 11.52% Year 5: 11.52% Year 6: 5.76% Assuming the tax rate is 35% and the discount rate is 5%, calculate: 1) the present value of the tax shields if the installation costs are expensed at the end of Year 1, and 2) the present value of the tax shields if the installation costs are capitalized and depreciated according to 5-year MACRS. a.…

Flint Enterprises Ltd., a private company following ASPE earned accounting income before taxes of $1,712,000 for the year ended December 31, 2020.   During 2020, Flint paid $240,000 for meals and entertainment expenses.   In 2017, Flint’s tax accountant made a mistake when preparing the company’s income tax return. In 2020, Flint paid $17,000 in penalties related to this error. These penalties were not deductible for tax purposes.   Flint owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of 2020, Flint rented the building to SPK Inc. for two years at $260,000 per year. SPK paid the entire two years’ rent in advance.   Flint used the straight-line depreciation method for accounting purposes and recorded depreciation expense of $396,000. For tax purposes, Flint claimed the maximum capital cost allowance of $621,000.   Flint began to sell its products with a two-year warranty against manufacturing…