When a corporation sells treasury stock below its cost, it usually debits the differe

此题为判断题(对，错)。

A. An increase in tax expense and an increase to the debt-to-equity ratio.

B. An increase in tax expense and a decrease to the debt-to-equity ratio.

C. A decrease in tax expense and an increase to the debt-to-equity ratio.

材料：

The Salvor shall immediately after the termination of the services or sooner notify the Council and where practicable the Owners of the amount for which he demands security（inclusive of costs expenses and interest）from each of the respective Owners．Where the exception to the principle of no cure-no pay under Convention Article 14 becomes likely to be applicable the owners of the vessel shall on the demand of the Salvor provide security for the Salvor&39;s special compensation．The amount of any such security shall be reasonable in the light of the knowledge available to the Salvor at the time when the demand is made．

Unless otherwise agreed such security shall be provided（i）to the Council（ii）in a form. approved by the Council and（iii）by persons firms or corporations either acceptable to the Salvor or resident in China and acceptable to the Council．The Council shall not be responsible for the sufficiency（whether in amount or otherwise）of any security which shall be provided nor for the default or insolvency of any person firm or corporation providing the same．The owners of the vessel their Servants and Agents shall use their best endeavours to ensure that the cargo owners provide their proportion of security before the cargo is released.

Until security has been provided as aforesaid the Salvor shall have a maritime lien on the property salved for his remuneration．

问题：

The amount of security provided by owners shall be _______．

A.as small as practicable to ensure not to affect the normal business of the owners

B.sufficient to cover all costs expenses and interest the salvor had sustained in the process of or in connection with the savage operations

C.actual costs expenses and interest incurred to the salvor calculable immediately after the termination of the services

D.reasonable in the light of the knowledge available to the Salvor at the time when the demand is made

Where the principle of no cure-no pay is likely not to be applicable the owners of the vessel _______．A.is exempted from providing any security for the Salvor's special compensation

B.shall not provide any security for the Salvor's special compensation unless otherwise provided in the salvage contract

C.shall not provide any security for the Salvor's special compensation even the Salvor so demands

D.shall on the demand of the Salvor provide security for the Salvor's special compensation

The Council to which the security has been provided shall _______．A.be responsible for its sufficiency（whether in amount or otherwise）

B.be responsible for the default or insolvency of any person firm or corporation providing the same

C.be responsible for its sufficiency（whether in amount or otherwise）but not for the default or insolvency of any person firm or corporation providing the same

D.be responsible neither for its sufficiency（whether in amount or otherwise）nor for the default or insolvency of any person firm or corporation providing the same

请帮忙给出每个问题的正确答案和分析，谢谢！

A.version

B.murder

C.marge

D.margins

(c) Briefly outline the corporation tax (CT) issues that Tay Limited should consider when deciding whether to

acquire the shares or the assets of Tagus LDA. You are not required to discuss issues relating to transfer

pricing. (7 marks)

equally. On 28 February 2007 the partners sold the business to Razor Ltd, in exchange for shares in Razor Ltd, with

each former partner owning one third of the new company.

The recent, tax adjusted, trading profits of the Stiletto Partnership have been as follows:

￡

Year ended 30 June 2006 92,124

1 July 2006 to 28 February 2007 81,795

Clint, who was 65 on 5 October 2006, retired when the business was sold to Razor Ltd. He is now suggesting that

if the sale of the partnership, and his retirement, had been delayed until 30 April 2007, his total tax liability would

have been reduced. Clint’s only other income is gross pension income of ￡6,100 per year, which he began receiving

in the tax year 2005/06. Clint did not receive any salary or dividends from Razor Ltd. It is estimated that the

partnership’s tax adjusted trading profits for the period from 1 March 2007 to 30 April 2007 would have been

￡20,760. Clint has overlap profits of ￡14,250 brought forward from when the partnership began trading.

Razor Ltd manufactures industrial cutting tools. On 1 July 2007, Razor Ltd will subscribe for the whole of the ordinary

share capital of Cutlass Inc, a company newly incorporated in the country of Sharpenia. It is intended that Cutlass

Inc will purchase partly finished tools from Razor Ltd and customise them in Sharpenia. It is anticipated that Cutlass

Inc’s annual profits chargeable to corporation tax will be approximately ￡120,000.

Ben and Amy will be the directors of Cutlass Inc, although Ben will not be involved in the company’s business on a

day-to-day basis. Amy intends to spend one or two weeks each month in the country of Sharpenia looking after the

company’s affairs. The remainder of her time will be spent in the UK. Amy has employment contracts with both Razor

Ltd and Cutlass Inc and her duties for Cutlass Inc will be carried out wholly in Sharpenia. Cutlass Inc will pay for

Amy’s flights to and from Sharpenia and for her husband and baby to visit her there twice a year. Amy is currently

UK resident and ordinarily resident.

The system of income tax and corporation tax in the country of Sharpenia is broadly similar to that in the UK although

the rate of corporation tax is 38% regardless of the level of profits. There is a double tax treaty between the UK and

Sharpenia based on the OECD model treaty. The clause in the treaty dealing with company residency states that a

company resident in both countries under domestic law will be regarded under the treaty as being resident only in the

country where it is effectively managed and controlled. Sharpenia is not a member of the European Union.

Required:

(a) (i) Calculate Clint’s taxable trading profits for the tax years 2006/07 and 2007/08 for both of the

alternative retirement dates (28 February 2007 and 30 April 2007). (3 marks)

A. convertible bonds

B. unsecured bonds

C. debenture bonds

D. callable bonds

B

When her five daughters were young， Helene An always told them that there was strength in unity （团结）. To show this， she held up one chopstick， representing one person. Then she easily broke it into two pieces. Next， she tied several chopsticks together， representing a family. She showed the girls it was hard to break the tied chopsticks. This lesson about family unity stayed with the daughters as they grew up.

Helene An and her family own a large restaurant business in California. However， when Helene and her husband Danny left their home in Vietnam in 1975， they didn‘t have much money. They moved their family to San Francisco. There they joined Danny‘s mother， Diana， who owned a small Italian sandwich shop. Soon afterwards， Helene and Diana changed the sandwich shop into a small Vietnamese restaurant. The five daughters helped in the restaurant when they were young. However， Helene did not want her daughters to always work in the family business because she thought it was too harEventually the girls all graduated from college and went away to work for themselves， but one by one， the daughters returned to work in the family business. They opened new restaurants in San Francisco and Los Angeles. Even though family members sometimes disagreed with each other， they worked together to make the business successful. Daughter Elisabeth explains， "Our mother taught us that to succeed we must have unity， and to have unity we must have peace. Without the strength of the family， there is no business."

Their expanding business became a large corporation in 1996， with three generations of Ans working together. Now the Ans‘ corporation makes more than $20 million each year. Although they began with a small restaurant， they had big dreams， and they worked together. Now they are a big success.

根据材料回答60-63题。

Helene tied several chopsticks together to show ______.

A.the strength of family unity

B.the difficulty of growing up

C.the advantage of chopsticks

D.the best way of giving a lesson

Land, water, mineral deposits, and trees are good examples of natural resources. For example, Exxon Corporation, the world's largest oil company, makes use of a wide variety of natural resources. It must obviously have vast quantities of crude oil to process each year. But Exxon also needs the land where the oil is located, as well as land for its refineries and pipelines.

The people who work for a company represent the second factor of production, labor. Sometimes called human resources, labor is the mental and physical capabilities of people. Exxon employs over 150,000 people worldwide. Carrying out the business of such a huge company requires labor force with a wide variety of skills ranging from managers to geologists to truck drivers.

Obtaining and using material resources and labor requires capital, the funds needed to operate an enterprise. Capital is needed to start any business. Capital is also needed to keep the business operating and growing. Exxon's annual drilling costs alone run into the billions of dollars.

Finally, many economic systems need entrepreneurs to function. Entrepreneurs are those people who accept the opportunities and risks involved in creating and operating businesses. They are the people who start new businesses and who make the decisions that allow small businesses to grow into larger ones. Exxon Corporation started as an

entrepreneurial venture. Although it did not acquire its current name until 1973, its roots can be traced to 1862 when John D. Rockefeller and Murice B. Clark decided to establish a petroleum-refining firm.

26. Factors of production refer to ().

A. natural resources and capital

B. labor and entrepreneurs

C. both A and B

27. The labor force needed in Exxon Corporation are ().

A. people who have a variety of skills

B. only geologists and truck drivers

C. managers to run the company

28. Exxon's annual drilling costs alone run into the billions of dollars. 'run into' here means ().

A. divide

B. reach

C. meet

29. The funds needed to operate an enterprise are referred to as ().

A. capital

B. resources

C. labor

30. They are the people () start new business and make the decisions.

A. which

B. whom

C. who