Questions from Federal Taxation

Q: The Giant consolidated group includes SubTwo, which was acquired as part

The Giant consolidated group includes SubTwo, which was acquired as part of a § 382 ownership change. SubTwo brought with it to the group a large NOL carryforward, $3 million of which is available thi...

Q: You are the head tax accountant for Venture Company, a U

You are the head tax accountant for Venture Company, a U.S. corporation. The board of directors is considering expansion overseas and asks you to present a summary of the U.S. tax consequences of inve...

Q: CL LLC is a manufacturing business and reported taxable income of $

CL LLC is a manufacturing business and reported taxable income of $40 million before interest expense, taxes, depreciation, and amortization ("tax EBITDA"), plus $1.5 million of separately stated inve...

Q: Calabra, S.A., a Peruvian corporation, manufactures inventory

Calabra, S.A., a Peruvian corporation, manufactures inventory in Peru. The inventory is sold to independent distributors in the United States, with title passing to the purchaser in the United States....

Q: Ten years ago, Xio and Xandra each invested $300,

Ten years ago, Xio and Xandra each invested $300,000 to create Xava Corporation. Xava develops and manufactures rock climbing and bungee jumping equipment. The business has become very profitable (it...

Q: TriStateCo, an Idaho corporation, has operated landfills in Washington (

TriStateCo, an Idaho corporation, has operated landfills in Washington (WA), Idaho (JD), and Oregon (OR) for the past 20 years. The states are changing their environmental Laws governing landfills,...