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- XYZ (the Company) was established during the year 1999 and registered inGaza as a public shareholding limited company in accordance with theCompanies’ Law of 1929 and its amendments. The Company has, in addition toits main office in Gaza city, offices in Nablus and Ramallah.The main objectives of the Company include constructing and selling realestate properties and developing residential, commercial and industrial citiesand villages and provide the required infrastructure and also financing variousreal estate projects for the purpose of supporting the housing and constructionactivities in Palestine.The Company is constructing and developing different projects in progress inGaza and west bank. The details of the projects in progress are as follows: 2011 2010 2009 2008 U.S. $ U.S.$ U.S. $ U.S. $A project –…please give me answer in relatableMcDonald’s conducts operations worldwide and is managed in three primary geographic segments: U.S., International Lead Markets (including Australia, Canada, France, Germany, and the UK), and High Growth Markets (including China, Italy, Korea, Poland, Russia, Spain, Switzerland, and the Netherlands). A hybrid geographic/corporate segment, Foundational Markets & Corporate, reports on the results of all other countries as well as any unallocated amounts. McDonald’s allocates resources to, and evaluates the performance of, its segments based on operating income. The asset totals disclosed by geography are directly managed by those regions and include accounts receivable, inventory, certain fixed assets, and certain other assets. Corporate assets primarily include cash and cash equivalents, investments, deferred tax assets, and other assets. Refer to the following geographic segment data (in millions) from the 2017 annual report of McDonald’s Corp.:
- Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company operates primarily in Canada, it engages in some transactions through a branch in Mexico. Therefore, the subsidiary maintains a ledger denominated in Mexican pesos (Ps) and a general ledger in Canadian dollars (C$). As of December 31, 2020, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S. parent corporation. Both ledgers for the subsidiary are as follows: Main Operation—Canada Debit Credit Accounts payable C$ 57,410 Accumulated depreciation 49,000 Buildings and equipment C$ 189,000 Cash 48,000 Common stock 72,000 Cost of goods sold 225,000 Depreciation expense 9,100 Dividends, 4/1/20 41,000 Gain on sale of equipment, 6/1/20 7,200 Inventory 101,000 Notes…2. Liang Corporation, a U.S. entity, owns 100% of ForCo, a non-U.S. corporation not engaged in a U.S. trade or business. Is Liang subject to any U.S. income tax on her dealings with ForCo? Explain.Ikea is a U.S.-based MNC with a large subsidiary in the Philippines financed with equity from the parent. In response to news about a possible change in the Philippine government, the subsidiary revised its capital structure by borrowing from local banks and transferring the equity investment back to the U.S. parent. Explain the likely motive behind these actions .
- PT X is negotiating with PT Y to acquire 100% share capital of PT Z. PT Z is currently fully owned by PT Y and meets the business definition as defined in IFRS 3. Share sales must be approved by PT X shareholders and the government. Because the agreement takes time, before the time the share sale is completed, PT X and PT Y make an agreement that: • Both parties are committed to completing legally subject to the necessary agreements;• Determine the purchase price;• Determine that the following decisions and actions can be taken by PT Y only with PT X's approval until the sale of shares, through: o Changes in the management of PT Z; o Dividend payment; and, o New project contracts that exceed USD 200 billion. Does PT X control PT Z as a result of this agreement? Give references from the related IFRS.Castor & Pollux Limited is an Australian firm whose shares trade on the ASX. The firm earn part of its domestically income in Australia and and part of its income overseas, where it is required to pay tax to the foreign governments where it operates. Currently, the Australian corporate tax rate is 25% and the Medicare levy is 2%. Castor & Pollux provides dividend imputation to Australian-resident shareholders from its Australian tax paid. Assume that Castor & Pollux pays a 85 % partly-franked dividend of $14.32 thousand to an Australian shareholder who currently has a taxable income of $250 thousand before dividends and a marginal tax rate of 32.5% and is NOT exempted from paying Medicare levy. Compute the franking credits this investor would receive from the partly-franked dividend received. O a. $4057.33 O b. $2148.00 c. $3109.83 d. $84197.24 e. $83779.87 O f. $2282.85 g. $1915.30A U.S. parent owns a subsidiary in France, the subsidiary's accounts are maintained in euros, and its functional currency is the U.S. dollar. During the year, the euro has weakened against the U.S. dollar (U.S.$/€ rate has declined).Which one of the subsidiary's transactions below increases the amount of remeasurement losses reported when the subsidiary's accounts are translated to U.S. dollars?Select one:A. Inventory purchasesB. Depreciation expenseC. Sale of equity securitiesD. Sales revenue Plz answer fast without plagiarism.
- VinubhKashi Corporation is the U.S. distributor of fencing (sword fighting) equipment imported from Europe. It is incorporated in Virginia and headquartered in Arlington, Virginia; it ships goods to all 50 states. Kashi's employees attend regional and national fencing competitions, where they maintain temporary booths to market their goods. Determine whether Kashi has income tax nexus and a filing requirement in the following situations: Required: Kashi is incorporated and headquartered in Virginia. It also has property, employees, salespeople, and intangibles in Virginia. Determine whether Kashi has income tax nexus in Virginia. Kashi has employees who live in Washington, D.C., and Maryland, but they perform all their employment-related activities in Virginia. Does Kashi have income tax nexus in Washington, D.C., and Maryland? Kashi has two customers in North Dakota. It receives their orders over the phone and ships goods to them using FedEx. Determine whether Kashi has income tax nexus…Problem 13-12 (Static) [LO 13-7] Zenon Incorporated has the following taxable income: U.S: source income Foreign source income Taxable income $1,900,000 240,000 $ 2,140,000 Required: Zenon paid $33,000 foreign income tax. Compute its U.S. income tax, if Zenon conducted its foreign operations through a foreign subsidiary that made no shareholder distributions during the current year and had no GILTI or subpart F Income. US income tax A