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What agency provides a tax clearance receipt in the sale of a business?

skelet666 [1.2K]

It is the role of Board of Equalization to provide tax clearance receipt a business sale. This agency is mainly responsible for the administration of tax and collection of fees. This agency will be the one to decide on how they will calculate the tax.

3 0

3 years ago

Agee Storage issued 33 million shares of its $1 par common stock at $21 per share several years ago. Last year, for the first ti

Tpy6a [65]

Answer:

$23 million

Explanation:

Calculation to determine at what amount will Agee’s total paid-in capital decline

First step is to calculate the Cash paid for the first repurchase

Cash paid for the first repurchase = 1 million * 19

Cash paid for the first repurchase = $19 million

Second step is to calculate the Value of first purchase

Value of first purchase = 1 million * 21

Value of first purchase = $21 million

Third step is to calculate the Benefit on first repurchase

Benefit on first repurchase = 21 million - 19 million

Benefit on first repurchase = $2 million

Fourth step is to calculate Cash paid for second repurchase

Cash paid for second repurchase = 1 million * 24

Cash paid for second repurchase = $24 million

Fifth step is to calculate the Value of second purchase = Reacquired shares * Common stock price

Value of second purchase = 1 million * 21

Value of second purchase = $21 million

Last step is to calculate the Decline in total paid-in capital using this formula

Decline in total paid-in capital= Benefit on first repurchase + Value of second purchase

Decline in total paid-in capital = 2 million + 21 million

Decline in total paid-in capital = $23 million

Therefore what amount will Agee’s total paid-in capital decline is $23 million

8 0

2 years ago

Assume that a hypothetical economy with an MPC of 0.75 is experiencing severe recession. Instructions: In part a, round your ans

puteri [66]

Answer:

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3 0

3 years ago

8. Which NIMS Management Characteristic allows units from diverse agencies to connect, share information, and achieve situationa

oee [108]

Answer: Integrated Communications Unit

Explanation: The Integrated Communications Unit is one of the NIMS characteristics that allows units from diverse agencies to connect, share information and achieve situational awareness.

The Integrated communications unit includes:

1. The “hardware” systems that transfer information.

2. Planning for the use of all available communications frequencies and resources.

3.The procedures and processes for transferring information internally and externally.

Communications needs for large incidents may exceed available radio frequencies. therefore, other communications resources like cell phones or secure phone lines can be the only communications methods used to coordinate communications and to transfer large amounts of data effectively.

5 0

3 years ago

The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October

Oksana_A [137]

Answer:

A) Prepare the revenues section of the income statement.

Lopez Company

Income Statement for the year ended MM DD, YY

Sales Revenue $852,850

-Sales Returns and Allowances $24,030

-Sales Discounts $12,760

= Net Sales $816,060

B) Prepare separate closing entries for

(1) sales

Dr. Cr.

Sales $852,850

Income Summary $852,850

(2) the contra accounts to sales.

Dr. Cr.

Income Summary $36,736

Sales Returns and Allowances $24,030

Sales Discount $12,706

6 0

3 years ago