1. A doctors incorporated medical practice may end the last day of any
month of the year.
2. A C corporation in the manufacturing business must use a calendar
year as its tax year unless the corporation has a business reason for
1. Robert sold his ranch which was his principal residence during the
current taxable year. At the date of the sale, the ranch had an adjusted
basis of $460,000 and was encumbered by a mortgage of $200,000. The
buyer paid him $500,000 in cash, agreed to t
1. Legal dissolution under state law is not required for a liquidation
to be complete for tax purposes.
2. One difference between the tax treatment accorded nonliquidating and
liquidating distributions is with respect to the recognition
1. A taxpayer who claims the standard deduction can also deduct expenses
that are classified as deductions from AGI.
2. Wally is
AGI than he
in the 25% tax bracket. He may receive a different tax
a $1,000 expendit
1. For a person who is in the 35% marginal tax bracket, $1,000 of taxexempt income is equivalent to over $1,500 of income that is subject to
2. John told his nephew, Steve, if you maintain my house when I cannot,
I will leave the ho
1. James is in the business of debt collection. He purchased a $20,000
account receivable from Green Corporation for $15,000. During the
year, James collected $12,000 in final settlement of the account.
James can take a $3,000 bad debt deduction in the cu
1. The tax law does not require that capital gains and losses be
separated from other types of gains and losses because there is no
alternative tax calculation when taxable income includes net long-term
2. The tax law does
1. Olgas proprietorship earned a net profit of $95,000 during the year
and she withdrew $70,000 of this profit. Olga must report $70,000 net
income from the proprietorship on her individual income tax return (Form
2. Rose is a 50%
1. Al owns an investment in Vireo Corporation stock which during the
year increased in value by $10,000. The $10,000 appreciation must be
included in Als gross income for the year.
2. Under the Federal income tax formula for individuals,
1. Stuart is the sole owner and a material participant in a business in
which he has $50,000 at risk. If the business incurs a loss of $80,000
from operations, Stuart can deduct the full amount.
2. Stan owns a 20% interest in a partnersh
1. Any personal expenditures not specifically allowed as itemized
deductions by the tax law are nondeductible (unless they are deductible
in arriving at AGI).
2. The election to itemize is appropriate when total itemized
deductions are l
1. Distributions by a corporation to its shareholders are presumed to be
a return of capital unless the parties can prove otherwise.
2. A distribution from a corporation will be taxable to the recipient
shareholders only to the extent of
1. Sometimes also known as transaction taxes, Federal gift and estate
taxes are excise taxes.
2. A lifetime transfer that is supported by full and adequate
consideration is not a gift.
3. One of the reasons the estate t
1. The tax benefit received from a tax credit is never affected by the
tax rate of the taxpayer.
2. The tax benefits resulting from tax credits and tax deductions are
affected by the tax rate bracket of the taxpayer.
1. The purpose of the AMT is to replace the regular income tax.
2. The AMT can be calculated using either the direct or the indirect
approaches. Both the tax law and the tax forms use the direct approach.
3. A tax prefe
1. The concept of depreciation assumes that the asset has a determinable
2. The basis of cost recovery property must be reduced by the cost
3. Antiques may be eligible for cost recovery if
1. Section 351 (which permits transfers to controlled corporations to
be tax deferred) can be justified under the wherewithal to pay concept.
2. Similar to like-kind exchanges, the receipt of boot under 351 can
cause loss to be recognize
1. The realization requirement gives an incentive to sell assets that
have increased in value and to retain assets whose value has decreased.
2. The realization requirement applies to taxable income but not to the
economists concept of i
1. A professional must understand the relative weight of authority
within the sources of tax law.
2. The Internal Revenue Code of 1986 was substantially a re-codification
of the existing Code.
3. Federal tax legislation
1. The alternative minimum tax may apply to an S corporation.
2. The alternative minimum tax does not apply to an S corporation.
3. Liabilities affect owners basis differently between a partnership
and an S corporation.
1. One indicia of independent contractor (rather than employee) status
is when the individual performing the services is paid based on tasks
performed (rather than time spent).
2. In some cases it may be appropriate for a taxpayer to rep
1. Tax planning motivations usually are secondary to other objectives in
deciding whether to create a trust.
2. A trust might be used by the parties to an impending divorce.
3. Like a limited liability company, the fidu
1. Roughly forty percent of all taxes paid by businesses in the U.S. are
to state, local, and municipal jurisdictions.
2. Usually a business chooses a location where it will build a new plant
based chiefly on tax considerations.
Murat Ozsu, CEO, innRoad
innRoad is the only Software-as-a-Service (SaaS) hotel software solution that seamlessly
integrates property management, global distribution, bookings, and marketing all on a single,
easy-to-use platform designed exc
From Architecture To Infrastructure
Moving from Business Strategy
Information Systems Goal
Architecture & Infrastructure
Architecture (The Plan)
Translates strategy to plans for an IS
Strategy becomes blueprint for the IS
The Statler Hotels information systems allow the accounting division to achieve its key business
goal: to provide accurate, complete, and timely accounting data and information to its internal
customers, including operations direc
Researched and Reported by
HADM 2750, Section 1
Introduction to Information Systems in Hospitality
Professor Preston Clark
Executive Report: The Curr
From: Thursday Dessert Team
Ana Guiu, Tomaso DeNiro
Date: Monday, December 5, 2011
Our Final paper will describe our progress and key meetings throughout the semester, discuss the
progression of the four main m
Dessert Team Exit Report
During the course of this report we will discuss the next steps necessary for the incoming dessert
team to maximize on the benefit of our work. In the course of the report we will discuss three
Dessert menu concept: