07 May WHAT IS A VALUATION ALLOWANCE WHEN IT COMES TO BOOKING DEFERRED TAX ASSETS ON A BALANCE SHEET?
You are the tax director for a FORTUNE 500 company and the new CFO comes to you and asks you what ASC 740 is? He also asks you to tell him what a deferred tax asset is and when it can be reflected on the company’s books without applying a valuation allowance?
2 You are a CPA in private practice and your client asks you to explain what an apportionment factor is for multi-state income tax purposes.
3 You are a CPA in private practice and your client which is a non-profit entity wants you to explain when the Unrelated Business Income Tax could apply to their operations.
B
You are the Tax Director in a FORTUNE 500 company. There is a new CFO and he comes to your office and asks the following:
“I understand that there are ways to shift income between taxpayers using management fees and royalty payments. He further stated that it was his understanding that the same techniques could be used to minimize both state tax and international tax liabilities.”
Please draft a double-spaced memo that is at least one full page responding to the questions posed by the CFO. Please mention transfer pricing and Code Section 482.
C
Please fully answer the following:
1 What is a 501(c)(3) organization? Does this type of organization pay income taxes?
2 What does the term three-factor formula refer two?
3 What are we referring to when we say that we start with federal taxable income to arrive at a specific state taxable income?
4 What is a valuation allowance when it comes to booking deferred tax assets on a balance sheet?
5 What happens if a company has deferred tax liabilities and the corporate tax rate is reduced by statute?
D
Comprehensive Tax Project
Please review the Financial Statements and Supplemental Information for Exxon Mobil for 2015 provided below.
Provide excerpts and related commentary for at least 12 different tax related items found in the document.
For example, you could have Income statement impacts of taxes as one item and report the income statement tax amounts under that subheading. You would also provide commentary related to each entry. For example you might note that the 2015 income tax expense went up or down for the period.
You could also report on the balance sheet tax items. For example you could report on the deferred tax assets and liabilities.
You could report on any tax related contingencies that might be discussed in the MD&A Section.
You could report on the company’s effective tax rate.
You could report on cash flow issues related to taxes.
These are just some examples of what you can report on.
Your paper should be at least three full double-spaced pages.
Please make sure to use sub-headings to denote each of the 12 items.
Your commentary should provide your thoughts and insights related to the excerpts from the items you chose to discuss. The commentary should be two to three sentences for each item.
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