February 27, 2017 Tax File Memorandum FROM: Derrek Mason SUBJECT: Shelly Zumaya and Kiwi Corporation Tax Liability FACTS: Shelly Zumaya is the president and sole shareholder of Kiwi Corporation (stock basis of $400,000). Kiwi Corporation, incorporated in 2003, is in the business of purchasing and reselling used farming equipment. In December 2012, Kiwi transferred its entire inventory (basis of $1.2 million) to Shelly Zumaya in a transaction that was recorded as a sale.
Commentaries 1. Area 432.010 peruses in part:No activity might be conveyed to charge ․ any individual ․ upon any agreement made for the offer of grounds, apartments, hereditaments, or an enthusiasm for or concerning them ․ unless the understanding whereupon the activity should be brought, or some reminder or note thereof, might be in composing and marked by the gathering to be charged therewith ․All references to statutes are to RSMo 2000, unless generally showed. 2. Appealing party refers to Norden v. Friedman, 756 S.W.2d 158 (Mo. banc 1988) for the recommendation that the privilege to mine minerals from genuine property is an agreement managing the offer of an enthusiasm for land to which the statute of frauds applies. Norden held the record was misty, yet in the event that the agreement was not to be performed
ACC 201 Final Project Part I Accounting Cycle Report Vanessa Ann Williams Southern New Hampshire University The accountant cycle has really impacted me to gain insight on the financial side of Peyton Company. In the accountant cycle, there are many particular directions involve determining the growth of the company such as steps, role, omission and financial statements. It’s important to apply every step from the accountant cycle to make a financial critical decision in the long run. This report will have a breakdown of how to apply the accountant cycle for Peyton Company to be aware of future financial decisions to keep the company holding strong.
A Financial analysis determines how well an organization is performing financially and whether improvement is needed by reviewing the organization’s financial statements and calculating ratios. I have reviewed Robertwood Johnson University Hospital’s, Saint Peter’s Healthcare System’s (Saint Peter’s University Hospital), Catholic Health East’s (Saint Michael’s Medical Center) financial statements and determined the following calculated ratios. The current ratio using the balance sheet will determine whether Robertwood Johnson University Hospital’s, Saint Peter’s Healthcare Systems, (Saint Peter’s University Hospital), Catholic Health East’s
The state of Indiana is a mid-western state governed by Mike Pence in 2016, and its financial statements were prepared by Auditor of State Suzanne Crouch and her team (1). Its 2016 Comprehensive Annual Financial Report communicates to readers that: Indiana’s post-retirement health care plan is underfunded and has a funding gap, its infrastructure is sufficiently maintained, its deficit is concerning, it has increase state-funded medical care, and its unemployment is decreasing. Ohio is an appropriate benchmark and comparison for Indiana’s financial performance. 1. The first insight readers gain by analyzing Indiana’s financial statements is that there is a financial gap between the funding for its other post-employment benefits, primarily its
Federal Reserve Bank of Kansas City Mission Statement Analysis While I have been employed at the Federal Reserve Bank of Kansas City (the Bank) for six months I have had the privilege of learning more about our country’s monetary policies and the role that the entire Federal Reserve Bank System plays in providing supervision and regulation oversight. The Federal Reserve was established in 1913 as part of the Federal Reserve Act. The purpose of the Federal Reserve and the continuing function of the Federal Reserve are to provide the nation with safe and stable monetary policies. The Bank has defined our overall identity into three main areas; our mission, our vision, and our values.
The bail bond is more like third party that acts as a financial institution that pays the bail on behalf of the arrestee. The way bail bond system works is by making the arrestee pay upfront a nonrefundable percent to the bail bond company, this percent is usually 10% of the whole amount of the bail. [4] Then, the bail bond company pays the bond to the court and when the arrestee goes to his or her trial date the bond company will received the full amount of the bail they posted to the court for the released of the arrestee, so basically the bail bond company at the end receives all of its money back plus they get to keep the nonrefundable 10% that the arrestee paid up front. [4] There has been a lot of debates about the bail bond system because it is not for the benefit of indigent people because at the end indigent arrestees end up paying more than affluent arrestees who are able to pay for their bond themselves. In my opinion, I think that the author of the article is correct about describing the bail bond system as archaic.
Conducting intake on all complaints received from the OIG Hotline via phone, mail, email, and in person; take difficult complaints and statements. Review and analyze complaints received to determine the specific allegations and whether the allegations involve fraud, waste, abuse, or mismanagement, criminal violations, or other misconduct in SBA Small Business programs and operations that fall within the jurisdiction of the Office of Inspector General. Utilize Dynamic Small Business Search and Federal Procurement Data System to research small ensures business complies and completes SBA-OIG Hotline Complaint Referral form. Coordinate findings and send recommendations OIG to the Investigations and Audit Division to determine if an investigation
1. What is the average debt for individuals 22-29? The average debt for individuals 22-29 is $16,120. 2.
It is well known that when government debt as a percentage of GDP exceeds a critical point, it becomes disastrous (Checherita and Rother, 2010). The national debt has reached a nearly unbelievable level, leaving policymakers, government officials, and the general public worried. The United States has only ran a surplus 4 years- 1998 to 2001- which has allowed for quite the compounding of debt. The likelihood of the government defaulting on its debt service obligation increases as the national debt per capita increases, which requires raises on the yield of newly issued treasury securities to remain appealing to investors. This shifts the expenditures from governmental services to paying interest on securities, which will lead to a lower standard
The U.S. debt is growing astronomically and is a much bigger concern than many might think. With the debt around $18 trillion, the debt per capita is around $56 thousand. Hence, everyone in the United States would have to pay a fee of $56,000 for the U.S. to get out of this catastrophic debt.
If the government spends itself into debt, this can either be a high burden because there is no future benefit or a low burden because the future benefits will outweigh the
What do pro forma financial statements show? There are various things Pro forma financial statement shows but first, let’s understand the word pro forma which means a financial statement based on projection and assumption of what the business future would be to determine what should be happening now. Pro forma financial statement can be thought of as a “Projected results for financial statements in the future, given assumptions about what will happen in the meantime” (Siegel & Yacht, 2009, p. 81).
Introduction The main objective of the paper is to develop a report for a shareholder that will interpret financial statements of Tesco Plc. for 2013-2014. The shareholder is specifically concerned about the fraudulent reporting. In this way, the paper will explain the reason of income statement and statement of financial position.
In order to, analyze the company’s performance, we will closely focus on financial performance which is the degree to which financial objectives have been accomplished. This process measures the result of the overall financial health of the company over a period. The most efficient and effective metrics we choose were the improving operating income and return on equity and increasing sales, earning per share. Firstly, our sales have gradually increased in every single period, despite the minor changes in initiatives.
