1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
trapecia [35]
3 years ago
14

In a criminal tax case, Darth Vader was charged with several counts of tax evasion and filing a false income tax return, stemmin

g from his diversion of funds from Jedi, Inc., a closely held corporation of which he was president, founder, and controlling shareholder. At trial, the U.S. sought to establish that Vader had received taxable income by systematically diverting funds from Jedi to support a lavish lifestyle. Vader gave millions of dollars of Jedi money to his mistress and millions of dollars to his wife, without reporting any of this money on his personal income tax returns. Vader siphoned off money primarily by writing checks to his employees and friends and having them return the cash to him, by diverting payments by Jedi customers, by submitting fraudulent invoices to Jedi and by laundering Jedi money through shell companies in Panama and St. Kitts-Nevis. In his defense, Vader sought to introduce evidence that Jedi had no retained earnings or current earnings or profits in the relevant taxable years. What result under §7201?
Business
1 answer:
Vitek1552 [10]3 years ago
7 0

Answer:

<em>Darth's response is not adequate as he has systemically illegitimately manipulated the Jedi's assets to evade taxes. Therefore all those funds in question will be taken into account when measuring Jedi's taxable income. </em>

It can be inferred after that that that the Jedi has some existing gain / retained earnings or not.

<em>When Darth considers himself guilty, he shall be liable for charges of fine, reward and prosecution under sec.7201.</em>

<em></em>

You might be interested in
An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for…
tensa zangetsu [6.8K]

Answer:

blehhhhhhhjhhhhhhh

Explanation:

3 0
3 years ago
If you’re tired of managing a large number of work utilities to perform specialized tasks outside the office, it might be worth
miskamm [114]
C.
Smartphone everything is on technology
3 0
3 years ago
Read 2 more answers
The slope of the budget line represents an opportunity cost​ because, moving along the​ line,
son4ous [18]
D. a consumer must give up some of one good in order to get more of the other.
7 0
3 years ago
Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $26.10 million cost
AlladinOne [14]

Answer:

Original Cost = $26.10

Annual Amortization (Old) = $26.10 / 9 years

Annual Amortization (Old) = $2.9 million

Amortization till Date (2017 - 2021) = $2.9*4 = $11.6 million

Unamortized Value = $26.10 million - $11.6 million

Unamortized Value = $14.5 million

Remaining Life = 6 - 4

Remaining Life = 2 Years

New Amortization = Unamortized Value/Remaining Life

New Amortization =  $14.5/2

New Amortization = $7.25 million

                    Journal Entry

Amortization Expense Debit - $7.25 million

      Patent Credit -  $7.25 million

5 0
3 years ago
On January 2, 2015, Roth, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key prod
Irina18 [472]

Answer:

Explanation:

Depreciation is the systematic allocation of the cost of a machine over its useful lifetime.

There are different types of depreciation like the straight line , double declining  and the units of production method.

<u>Workings</u>

Depreciable amount = 120,000-5000 = 115,000

Useful life = 4 years

Depreciation rate = 115000/4 = 25% = 28,750

                                              2015      2016       2017         2018

Straight line depreciation    28,750  28,750   28,750    28,750

Double declining

Double declining rate = 25%*2 = 50%

2015 = 50% * 115,000= 57,500

2016

Opening book value = 115,000-57,500 = 57500

Depreciation = 57,500*50% = 28,750

2017

Opening book value = 57500-28,750 =28750

Depreciation = 50%*28,750 =14,375

2018

Opening book value   28750-14375 = 14375

Depreciation = 14375*50% = 7188

Units of production

2015 = 280000/1150,000*115,000 = 28,000

2016 =430,000/1150000*115000 = 43,000

2017= 360000/1150000*115000 = 36,000

2018 = 80,000/1150000*115000 = 8000

B

IF the machine was bought on July 1, 2015

Straight line depreciation

2015 = (25%*115000 ) /2 = 14,375

2016 =25%* 115,000 = 28,750

2017 = 25%*115000 = 28750

2018 = 25%*115,000 =28750

2019 =(25%*115000)/2 = 14,375

Double declining method

2015

(115,000*50,000)/2 =28750

2016

Opening book value =115,000-28750 =86250

Depreciation = 50%*86250 = 43,125

2017

Opening book value =86250-43125 =43125

Depreciation = 43,125*50% = 21,563

2018

Opening book value

43125-21563 =21562

Depreciation = 21562*50% =10,781

2019

Opening book value = 21562-10781 =10781

Depreciation = 50%*10781 = 5391

3 0
3 years ago
Other questions:
  • Ralph's pretty good grocery has been making an effort to diversify their workforce. new hires are encouraged to learn the organi
    8·1 answer
  • A friend of yours suggests a get-rich-quick scheme: borrow from the nation with the lower nominal interest rate, invest in the n
    7·1 answer
  • Matthew Granger is a member of the board of directors at Produxicore Inc. Over a period of one year, Matthew failed to attend mo
    14·1 answer
  • Zytel Corporation produces cleaning compounds and solutions for industrial and household use. While most of its products are pro
    12·1 answer
  • The ________ assumes responsibility for monitoring how the contractor is doing in terms of cost, schedule, and technical perform
    9·1 answer
  • The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): pretax
    15·1 answer
  • All of the following statements about agriculture in market economic systems are true EXCEPT
    11·1 answer
  • Happy Helpers Maid Service is calculating its standard direct labor rate. The direct labor rate is $19 per hour. Happy Helpers i
    6·1 answer
  • Mindy, a tenured college professor, tells her friend, "I really like this job. I get to set my own hours, work on books from sta
    11·1 answer
  • The cases filed at The Cross Company related to gender discrimination include one in which a 33-year-old sales representative wa
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!