Susan has recently noticed that her company’s overhead is underapplied. a friend of susan’s, jim, says that he has been having the opposite problem with his company’s overhead being overapplied. maura, jim’s wife, explains that she realized today that the manufacturing overhead at her company has a debit balance. what is implied here?

rural residential development company and suburban real estate corporation form a joint stock company. the longest duration a joint stock company can be formed for is

Coop inc. owns 40% of chicken inc., both coop and chicken are corporations. chicken pays coop a dividend of $10,000 in the current year. chicken also reports financial accounting earnings of $20,000 for that year. assume coop follows the general rule of accounting for investment in chicken. what is the amount and nature of the book-tax difference to coop associated with the dividend distribution (ignoring the dividends received deduction)?

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.