During a Recent IRS Audit, the Revenue Agent Decided That

question 33

Essay

During a recent IRS audit, the revenue agent decided that the Emig family used their closely held corporation, Gamekeeper, to avoid shareholder tax by accumulating earnings beyond the reasonable needs of the business. Gamekeeper's taxable income was $800,000, it paid no dividends, and it had no business need to retain any income. Compute Gamekeeper's accumulated earnings tax assuming that it had accumulated $2 million of after-tax income in prior years.

Appreciate the significance of agency law for business operations and contracts.

Distinguish the concept of authority and its different forms in an agency relationship.

Understand the role and effects of geometric tolerancing in technical drawings.

Recognize the geometric characteristic symbols and their meanings.