Question

In: Economics

Please answer as soon as possible You’ve learned in this course that the IRS views large...

Please answer as soon as possible

You’ve learned in this course that the IRS views large charitable contribution deductions as prima facie suspicious. So when a tax return client just hands you a conclusory list of cash (or especially noncash) contribution totals for the year, and those totals seem high relative to the client’s income level, how should you react…???

Actually, let’s consider that question in the context of a more specific scenario. Remember Paul and Anita Tucker, the taxpayers who claimed that they had giv-en almost $20,000 to their church? Although we weren’t told their income level, we do recognize that this wasn’t a negligible amount of money.*** Consult SSTS No. 3 and discuss.

*** The tax year involved in Tucker was 2002. Their contribution, stated in 2020 dollars, would be almost $29,000.

Solutions

Expert Solution

Q. 47 Consolidated Petroleum negotiated a deal with Saudi Arabia in which Consolidated Petroleum would build several refineries in Saudi Arabia and receive oil as partial payment over a 20-year period. This is an example of:

B) a buyback

This is an example of a buyback, where there is an initial investment in plant and machinery, and then partial payment in terms of the product.

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Q. 18 Most small firms actively seek opportunities for exporting rather than wait for demand from another country.

True

Firms should actively expand their horizons, as there is no assurance in waiting for demand to come.
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Q. 19

It often makes sense for a firm to enter a foreign market on a large scale to reduce the costs of any subsequent failure.

False

On the contrary, entry into a foreign market should be initially at small scale. Scale can be increased at a later stage.

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Q. 20 A bill of lading verifies to the exporter that his or her company is guaranteed payment and, as a result, the exporter will ship the products.

False

A bill of lading is a document prepared by the exporter, that mentions details about the goods, specifications, destination etc. As the goods arrive at the importer, the bill of lading also serves as evidence and basis for further payment.


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