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Past Exam for ACIS 4324 - Advanced Income Tax with Glynn at Virginia Tech (VT)

Exam Information

Material Type:Exam
Professor:Glynn
Class:ACIS 4324 - Advanced Income Tax
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Spring 2005
Keywords:
  • Corporation
  • S-Corporation
  • S Corporation
  • Foreign Subsidiary
  • Organization
  • Primary School
  • Following Page
  • Differences
  • Amortization
  • Corporations
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Sample Document Text

1 ACIS4324 Final, Spring 200~ Name _______ _ 1. Tom is United States citizen and a medical doctor. He worked for 8 months out the year in the United States and earned $240,000. For four months he worked in Mexico and earned $60,000. He also received $15,000 interest on a Bahamian bank account. '.:~ \ '\. ,) .),) a. His income subject to United States tax is $240,000. b. His income subject to United States tax is $)00,000, and his income subject to tax in Mexico is probably $60,000. (C.') His income subject to United States tax is $315,000, and his income subject to tax in Mexico is probably $60,000. 'c( His income subject to United States tax is $255,000, and his income subject to tax in Mexico is probably $75,000. 2. Mega Corporation is a Virginia Corporation with operations in Ireland and the United States. The relevant US rate is 35% and the . Irish ~te is 10% . . \~ V'\)\. ~s\,\~ G) If the Irish business operates at a loss it is best for the Irish business to be as a limited liabilit...

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