Answer:
Sam must report $700,000 distribution from Silver on his Income report.
Explanation:
The sale of the land is made by the corporation and the corporation is a tax payer therefore any gains and losses are for the company to pay tax on.
The deficits in the E&P are for Silver to take into account when about to pay taxes.
The basis of $200,000 is not income but cost and subtracted on the distribution income as is for Sam.
Answer:
Department of the Treasury
Explanation:
The function of the Department of the Treasury is to conserve a firm economy and also to create various job opportunities by accelerating the various conditions that enable the growth of the economy.
The Treasury also play an important role in intensifying national security by tackling a variety of threats and protecting the integrity of the financial system. It also plays a role in handling the U.S. Government’s finances and resources effectively. The United States president also receives tax policy advice from economists in Treasury Department.
Answer:
c. employee but not agent.
Explanation:
Based on the information provided within the question it can be said that Owen is an employee but not an agent. This is because Owen is an engineer that has been hired by Purified Water Company to solve certain engineering problems, therefore he is an employee with certain authority. Even though he has some authority he still answers to individuals that are higher up in the hierarchy of the company and is not authorized to make decisions on behalf of the company, meaning he is not an agent.
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Answer:
The correct option is (c) Increase tax expense by $1,541 million
Explanation:
Step 1. Given information.
- Decrease in Deferred Tax Asset 1503 Million
- Increase in Deferred Tax Liabilities 38 Million
Step 2. Formulas needed to solve the exercise.
Increase in Tax Expense= Decrease in Deferred Tax Asset + Increase in Deferred Tax Liabilities
Step 3. Calculation.
Increase in Tax Expense = 1503+38 = 1541 Million
Step 4. Solution.
The correct option is (c) Increase tax expense by $1,541 million
Answer: The five components of internal control are control environment, risk assessment, control activities, information and communication, and monitoring.
Explanation:
The five components of internal control are control environment, risk assessment, control activities, information and communication, and monitoring.
Control environment; is also known as internal control environment. These are set of standards and structures that guides the basis of carrying out internal control within an organization. It is the awareness, attitude and action of the management team regarding internal control and it's relevance to the organization
Risk assessment is used to describe the process and method of identifying hazard and risk which have potentials to raise harm in an environment
Control activities are policies, techniques and procedures that are pit in place to manage or reduce risk in an environment. Their actions carried out to minimize or limit risk in an environment
Information and communication is a method of information being passed through systems by means of communication. To place everyone involved in the system enlightened by communicating properly to them.
Monitoring is the act of observing a process to control both success and failure that may tend to arise within the process.
