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Showing posts from February, 2013

#38

For my 38th birthday, I'm going to make a few goals or resolutions: Gluten (wheat) free food consumption. Oats and rice are ok. (re)Focus on low carb, high protein/fat/veggie foods (paleo). Limit caffeine to 1 coffee per day, no caffeinated sodas, no restrictions on tea. Continue gym schedule and running 1 mile several times a week.

resume

Travis A. Wise San Jose, California | +1.408.940.5598 | TWISESQ@gmail.com (please contact me for an updated copy of my resume)

general overview of japanese taxes

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A. Overview of Japanese taxes –Corporation tax, Inhabitant tax and Enterprise tax   1.     Summary                                                                Standard statutory rate               Corporation tax                                       30.00%               Inhabitants tax                                       6.21%               Enterprise tax                                       7.56% (+ size-based factors)                   Total statutory tax rate                            43.77%                 Effective tax rate                                       40.69%                                                              ====== As enterprise tax is deductible from taxable income on a cash basis, the effective tax rate is lower than the total statutory tax rate.   2.     Detail 2.1                Corporation tax The tax on ordinary income is the tax levied on net income accruing to a corporation in a business year. As this type of t

338 election analysis

FACTS   In November 1997, ABC COMPANY is planning to acquire XYZ COMPANY of Sweden by exchanging ABC COMPANYcommon shares for all of the outstanding shares in XYZ COMPANY. For accounting purposes, the acquisition will be treated as a pooling of interests.   None of the existing shareholders of XYZ COMPANY is a U.S. citizen or resident alien. XYZ COMPANY is not a controlled foreign corporation and has never operated a trade or business in the U.S.      ISSUE   For U.S. tax purposes, should ABC COMPANY file a Section 338 election for XYZ COMPANY?  If so, how should the transaction be structured?    CONCLUSION    Yes, the election should be filed for two reasons: (1) It increases the tax basis in XYZ COMPANY's assets, which should benefit ABC COMPANY on future dividend repatriations; and (2) the election purges any existing earnings and profits or deficit thereof.    The easiest method to structure a Section 338 election is to implement a stock-for-stock exchange that fails as a tax-f

section 362(e)(2) analysis

  The American Jobs Creation Act altered Section 362 of the IRC by adding subsection (e), which provides a limitation on built-in losses. Section 362(e)(2) specifically address the limitation on the transfer of built-in losses in Section 351 transactions. It states that a transferee's total basis in properties received from a transferor in a Section 351 transaction (that is not subject to the importation rule of Section 362(e)(1), i.e. US to US and US to foreign) cannot exceed the total fair market value of the properties immediately after the transfer. If Section 362(e)(2) applies, only the loss assets are subject to a step down adjustment. Section 362(e)(2)(B) allocates the total reduction of basis among the properties received in proportion to their respective built-in loss immediately before the transaction. No adjustment is made to built-in gain assets. Instead of reducing asset basis, the transferor and transferee may elect to reduce the basis in the stock of the transferee c

sample research memo template

Memo - DRAFT - For Discussion Purposes Only To: / Location:                          Doug Price From: / Location:                          Beth Waterhouse Date:                          March 5, 2007 Subject:                          ABC, Inc. SRLY Limitation This document was not intended or written to be used, and it cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.   The purpose of this memorandum is to determine whether the losses of XYZ, Inc. can be used to offset income of ABC, Inc. FACTS In June 2006, ABC, Inc. ("ABC"), a U.S. corporation, acquired XYZ, Inc. ("XYZ"), also a U.S. corporation.  XYZ is now a wholly-owned U.S. subsidiary of ABC.  ABC is a profitable company and does not have net operating losses.  XYZ has net operating loss carryovers for U.S. tax purposes.  ABC would like to liquidate XYZ into ABC. ISSUE Will ABC be able to take benefit from XYZ's net operating losses, or are those lo

use of resources

Resources can be used to make an incremental change in the lives of many, or a life-changing impact on the lives of a few. -- Paraphrased from Eric Schmidt

california bar exam primer

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California Bar Exam Primer 1. Introduction Welcome to the California Bar Exam Primer ™ !  I was once told that compared to the bar examination, law school seems like just a bunch of quizzes.  I found that to be very true.  For most of us, the bar exam is the longest, most grueling and comprehensive examination we will ever have to take.  It is also the most difficult process most of us have gone through in our entire life.  Few of life's experiences will match that of the bar exam.  I hope that the information contained on this website will make the bar exam less mysterious and more approachable for people who are now entering the process. "A Must-Read Resource for Preparing for the California Bar Exam."                                          -- Santa Clara County Bar Association   "Finally I found a place where I can discover everything I need to know about the Bar in one place!" "I never would have passed the California Bar Exam if it