Delicious Dave's Maple Syrup, a Vermont Corporation, has property in the following states: Property Beginning $951,389 $ 123,562 $ 404,425 $ 901,832 $ 2,381,208 State Massachusetts New Hampshire Vermont Total Maine Ending $ 1,023,544 $ 231,081 $ 304,994 $928,376 $ 2,487,995 What are the property apportionment factors for Maine, Massachusetts, New Hampshire, and Vermont in each of t following alternative scenarios? Note: Round intermediate calculations and final answers to 2 decimal places.

Delicious Dave's Maple Syrup, a Vermont Corporation, has property in the following states: Property Beginning $951,389 $ 123,562 $ 404,425 $ 901,832 $ 2,381,208 State Massachusetts New Hampshire Vermont Total Maine Ending $ 1,023,544 $ 231,081 $ 304,994 $928,376 $ 2,487,995 What are the property apportionment factors for Maine, Massachusetts, New Hampshire, and Vermont in each of t following alternative scenarios? Note: Round intermediate calculations and final answers to 2 decimal places.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 31P

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Delicious Dave's Maple Syrup, a Vermont Corporation, has property in the following states: Property Beginning. $951,389 $ 123,562 $ 404,425 $ 901,832 $ 2,381,208 State Massachusetts New Hampshire Vermont Total Maine What are the property apportionment factors for Maine, Massachusetts, New Hampshire, and Vermont in each of the following alternative scenarios? Note: Round intermediate calculations and final answers to 2 decimal places. c. Delicious Dave's has income tax nexus in each of the states, but it also pays $53,500 to rent property in Massachusetts. Property Apportionment Factors Maine Ending $ 1,023,544 $ 231,081 $ 304,994 $928,376 $ 2,487,995 Massachusetts New Hampshire Vermont % % % %
Delicious Dave’s Maple Syrup, a Vermont corporation, has property in the following states: Property State Beginning Ending Maine $923032 $994,221 Massachusetts $103,311 $203,109 New Hampshire $381,983 $283,021 Vermont $873,132 $891,976 Total $2,281,458 $2,372,327 What are the property apportionment factors for Maine, Massachusetts, New Hampshire, and Vermont in each of the following alternative scenarios? (Round intermediate calculations and final answers to 2 decimal places.) a. Delicious Dave’s has income tax nexus in each of the states. Property Apportionment Factors Maine % Massachusetts % New Hampshire % Vermont %
Delicious Dave’s Maple Syrup, a Vermont corporation, has property in the following states: Property State Beginning Ending Maine $923032 $994,221 Massachusetts $103,311 $203,109 New Hampshire $381,983 $283,021 Vermont $873,132 $891,976 Total $2,281,458 $2,372,327 What are the property apportionment factors for Maine, Massachusetts, New Hampshire, and Vermont in each of the following alternative scenarios? (Round intermediate calculations and final answers to 2 decimal places.) c. Delicious Dave’s has income tax nexus in each of the states, but it also pays $50,000 to rent property in Massachusetts. Property Apportionment Factors Maine % Massachusetts % New Hampshire % Vermont %
Delicious Dave’s Maple Syrup, a Vermont corporation, has property in the following states: Property State Beginning Ending Maine $923032 $994,221 Massachusetts $103,311 $203,109 New Hampshire $381,983 $283,021 Vermont $873,132 $891,976 Total $2,281,458 $2,372,327 What are the property apportionment factors for Maine, Massachusetts, New Hampshire, and Vermont in each of the following alternative scenarios? (Round intermediate calculations and final answers to 2 decimal places.) b. Delicious Dave’s has income tax nexus in each of the states, but the Maine total includes $400,000 of investment property that Delicious rents out (unrelated to its business). Property Apportionment Factors Maine % Massachusetts % New Hampshire % Vermont %
! Required Information [The following information applies to the questions displayed below.} Delicious Dave's Maple Syrup, a Vermont Corporation, has property in the following states: Maine State Maine Massachusetts New Hampshire Vermont Total Property Beginning $ 923,032 $ 103,311 $381,983 $ 873,132 $ 2,281,458 Massachusetts New Hampshire Vermont What are the property apportionment factors for Maine, Massachusetts, New Hampshire, and Vermont In each of the following alternative scenarios? (Round Intermediate calculations and final answers to 2 decimal places.) Ending c. Delicious Dave's has income tax nexus In each of the states, but it also pays $50,000 to rent property in Massachusetts. Property Apportionment Factors $ 994,221 $ 203,109 % % % $ 283,021 $ 891,976 $ 2,372,327
On 1 June 20X0, an entity based in Country A with a functional currency of CUbuys an investment property in Country B with local currency FCU forFCU500,000. The fair value of the investment property is reliably measurable inFCU without undue cost or effort on an ongoing basis. Consequently, inaccordance with Section 16 Investment Property, the entity measures itsinvestment property, after initial recognition, at fair value through profit or loss.The entity has a year-end of 31 December.The spot exchange rates and fair values of the investment property (FVIP) are asfollows: 1 June 20X0: CU1 = FCU1.1 and FVIP = FCU500,000  31 December 20X0: CU1 = FCU1.05 and FVIP = FCU520,000 31 December 20X1: CU1 = FCU1.2 and FVIP = FCU540,000On 1 April 20X2 the investment property is sold for FCU570,000 when theexchange rate is CU1 = FCU1.1. Required:i. Make Journal Entries for each of these transactions recognizing the purchase ofinvestment property. ii. Show a journal entry Derecognizing it after…
Assume there are three separate real estate companies: US Realty (which applies the cost model with straight-line depreciation), UK Realty (which applies the revaluation model), and Singapore Realty (which applies the fair value model). Assume that on January 1, 2020, each company pays $1,000 to obtain an investment property, comprised of the land of negligible value and a building worth $1,200 (fair value). The building has a 10-year useful life, no residual value, and the fair value of the property is close to its value-in-use. If the companies want to sell the property, the transaction cost is negligible. (Hint: Use the account ``Fair Value Gain/Loss on Investment Property’’ when applying the fair value model.) Instructions Prepare the journal entries for the following events and transactions. (1) Acquisition on January 1, 2020 (2) Fair value of the building is $1,300 on December 31, 2020 (3) Fair value of the building is $1,100 million on December 31, 2021 (4) Fair value of the…
Prater Incorporated enters into an exchange in which it gives up its warehouse on 10 acres of land and receives a tract of land. A summary of the exchange is as follows: What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Answer is complete but not entirely correct. Prater Incorporated enters into an exchange in which it gives up its warehouse on 10 acres of land and receives a tract of land. A summary of the exchange is as follows: Transferred Warehouse Land Mortgage on warehouse Cash Assets Received Land FMV $ 432,500 Original Basis Accumulated Depreciation $ 278,000 $ 55,500 55,000 55,000 63,750 21,000 21,000 FMV $ 444,750 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Answer is complete but not entirely correct. Description Realized gain Amount $ 167,250 Recognized gain $ 84,750 x Adjusted basis in new property $ 278,000
An entity accounted for land using the revaluation model. On October 1,2020, the entity classified the land as held for sale. At that date, thecarrying amount of the land was P5,000,000 and the balance in therevaluation surplus was P1,500,000. At the same date, the fair value of theland was estimated at P5,500,000. The estimated cost of disposal isP100,000. On December 31, 2020, the fair value less cost of disposal ofthe land did not change. On October 1, 2021, the land was sold forP7,000,000.What amount of OCI is classified to retained earnings in 2021? A. 1,500,000B. 2,000,000C. 500,000D. Zero
Positivity Enterprises accounted for noncurrent assets using the revaluation model. On September 1, 2021, the entity classified as land held for sale. At that date, the carrying amount of the land was P4,000,000 and the balance in the revaluation surplus was P600,000. At the same date, the fair value of the land was estimated at P 4,100,000 and the cost of disposal at P100,000. On December 31, 2021, the fair value less cost of disposal of the land did not change. The land was sold on December 31, 2021 for P4,200,000. What is the amount of revaluation surplus on December 31, 2021?
Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book valueof $500,000 and a fair value of $700,000. Kapono paid $50,000 cash to complete the exchange. The exchangehas commercial substance.Required:1. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value ofthe new land?2. Repeat requirement 1 assuming that the fair value of the farmland given is $400,000 instead of $700,000.3. Repeat requirement 1 assuming that the exchange lacked commercial substance.
An entity accounted for land using the revaluation model. On October 1, 2020, the entity classified the land as held for sale. At that date, the carrying amount of the land was P5,000,000 and the balance in the revaluation surplus was P1,500,000. At the same date, the fair value of the land was estimated at P5,500,000. The estimated cost of disposal is P100,000. On December 31, 2020, the fair value less cost of disposal of the land did not change. On October 1, 2021, the land was sold for P7,000,000.What amount of OCI is classified to retained earnings in 2021?