law refers to wholly owned foreign subsidiaries and majority owned corporate joint ventures
Company A contributes property carried at $3,500 (fair value, $5,000) for a 50% interest in a corporate joint venture
, and unrelated company B contributes $5,000 in cash for its interest.
August 31, August 31, 2007 2006 Current assets $42,767,569 $33,954,156 Total assets 49,341,580 39,030,247 Current liabilities 14,939,496 14,323,903 Noncurrent liabilities 4,971,199 1,496,557 Joint ventures' equity 29,401,796 23,209,788 Northern Technologies International Corporation's share of Corporate Joint Ventures
' equity $13,602,842 $10,772,102 August 31, August 31, 2007 2006 Net sales $80,551,700 $63,959,090 Gross profit 37,395,480 29,204,129 Net income 6,439,108 5,209,499 Northern Technologies International Corporation's share of equity in income of Corporate Joint Ventures
$3,201,621 $2,713,096 About Northern Technologies International Corporation
TEI's 2002 Federal Tax Seminar, Critical Issues in Corporate Joint Ventures
and Partnerships, held April 17-19 in Chicago, was deemed an overwhelming success as more than 200 people attended the three-day program.
This interpretation stands in contrast to APB #18 that prescribes the equity method of accounting for corporate joint ventures
but is unclear as to the accounting for unincorporated entities.
Traditionally, corporate joint ventures
concerned with limiting liability formed a third corporate entity, which couldn't be an S corporation because of the shareholders' corporate status.
We're excited about being able to help this company, and the growing alternative energy industry," said Larry Pearce, senior vice president, managing director of Corporate Joint Ventures
Since "check the box" regulations cleared the way, LLCs have become popular vehicles for various types of corporate joint ventures
And deferred taxes will have to be provided on unremitted earnings of domestic corporate joint ventures
recognized after the effective date of the statement.
As corporate joint ventures
proliferate for compelling reasons -- such as allowing companies to share technology, reduce high capital costs, and limit risk exposures -- the LLC continues to be the joint venture vehicle of choice.
Tax Planning for Corporate Joint Ventures
, Partnerships and Other Strategic Alliances (3 vols.
With almost 30 years of experience in tax law, his practice includes advising on the tax aspects of fund formation and transactions, cross-border and domestic mergers and acquisitions, initial public offerings, international corporate joint ventures
, corporate reorganizations and group restructurings, employee share incentives and general corporate, commercial and employment related matters.