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12 Jul 2019

What is the difference between and executive director’ and a‘non-executive director’? What is the recent development in thisarea of law? Provide a brief summary of the courts findings.

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Jarrod Robel
Jarrod RobelLv2
14 Jul 2019

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For several years, you have prepared the tax return for AlphaCorporation, a closely held corporation engaged in manufacturinggarden tools. On February 20 of the current year, Bill Johnson, thepresident of Alpha Corporation, delivered to your office the filesand information necessary for you to prepare Alpha’s tax return forthe immediately preceding tax year. Included in this informationwere the minutes of all meetings held by Alpha’s Board of Directorsduring the year in question.

Then on February 27, Bill stops by your office and hands you an“addendum” to the minutes of the director’s meeting held December15 of the tax year for which you are preparing the tax return. Theaddendum is dated the same day as the director’s meeting, andauthorizes a charitable contribution pledge of $20,000 to the localcommunity college. With a wink and a big smile, Bill explains thatthe addendum had been misplaced. In reviewing the original minutes,you find no mention of a charitable contribution pledge.

Required:

What should you do?

For several years, you have prepared the tax return for AlphaCorporation, a closely held corporation engaged in manufacturinggarden tools. On February 20 of the current year, Bill Johnson, thepresident of Alpha Corporation, delivered to your office the filesand information necessary for you to prepare Alpha’s tax return forthe immediately preceding tax year. Included in this informationwere the minutes of all meetings held by Alpha’s Board of Directorsduring the year in question.

Then on February 27, Bill stops by your office and hands you an“addendum” to the minutes of the director’s meeting held December15 of the tax year for which you are preparing the tax return. Theaddendum is dated the same day as the director’s meeting, andauthorizes a charitable contribution pledge of $20,000 to the localcommunity college. With a wink and a big smile, Bill explains thatthe addendum had been misplaced. In reviewing the original minutes,you find no mention of a charitable contribution pledge.

Required: What should you do?

A partial list of recommended research sources is: • Thetextbook

• Online resources

• Refer to the Statements on Standards for Tax Services

Hi, please help answering:

A generous benefactor pledges $1 million to The R. J. SmithFoundation, a not-for-profit entity that promotes the arts. Thegift is to be used to provide scholarships for talented musiciansat a music camp operated by the Foundation. The gift was given inAugust 2006 to support the Summer 2007 music program. TheFoundation Director argues that the gift is a conditionalrestricted gift and therefore cannot be recognized as revenue in2006. The accountant argues that the gift is an unconditionalrestricted gift and must be recognized in the current year. What isthe basis for the Director’s argument? What is the basis for theaccountant’s argument? In your answer provide an explanation of theterms conditional, unconditional, restricted and unrestricted.

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