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Paige is starting Paige's Poodle Parlor and is considering alternative organizational forms. She anticipates the business will earn $100,000 from operating before compensating her for her services and before charitable contributions. Page, who is single, has $3,000 of income from other sources and other itemized deductions of $12,000. Her compensation for services will be $50,000. Charitable contributions to be made by the business are expected to be $5,000. Other distributions (dividends) to her from the business are expected to be $14,000.
Required: Compare her current income tax assuming she operates the business as a proprietorship, an S corporation, and a C corporation. Ignore payroll and other taxes.
What are the basic requirements to work for the IRS at level GS-5?
Determine taxable income before considering expense.
In August 2012 Ruby decided to investigate the possibility of re-entering the car parts manufacturing industry using a new type of alloy. An amount of $120,000 was paid to consultants investigating the proposal but the directors decided not to pro..
1. Under the Texas Code of Professional Responsibility may a law firm use the phrase "personal injury lawyers" on its letterhead and business cards without disclaimer as to individual firm lawyers' certification or non-certification if such letterhea..
What types of shareholder limitations exist in each of the other forms of business structure that might be elected and explain the main themes within the comparison chart of the seven forms of organizational structure.
Employer gives employee a $50 gift certificate each month to encourage eating lunch at a nearby healthy eatery instead of fast food - Would you advocate taxing capital gains at ordinary income rates or preferential rates?
Cassie is a single mother providing the sole support of her three children, who all live with her. Her 16 year-old daughter, Tammy, earned $15,200 modeling during the year and her two sons, R.J. and Will, ages 10 and 8, have no income.
Rasheed works for Company A, earning $400,000 in salary during 2014.
Can you suggest a strategy to minimize taxes and assume the standard deduction and tax rate schedules do not change in 2005.
What amounts will Joe and Guy report on their individual Form 1040's related to Sun & Fun's 2012 activities and prepare the return with commercial tax prep software
Compute Amelie's deduction before the 2% of AGI floor if she uses the standard mileage method and what is her deduction in 2013 after all limitations?
DuPont reports in a recent balance sheet $598 million of 5.25 percent notes payable due in 2016. The company's income tax rate is approximately 19 percent.
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