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Problem: Ken's position with ABC, Inc. requires a good deal of driving. The company provides a car for this purpose. Ken's out-of-pocket travel expenses are reimbursed by ABC, Inc. under an account able plan. Ken is six foot, five inches tall and the compact cars the company provides make for an uncomfortable ride on longer trips. So, on days when Ken must travel longer distances he uses his own vehicle and keeps track of his mileage. Prior to coming into your office this year, Ken has been filing his own return and deducting the business use of his car using the standard mileage rate. You ask Ken why he has been deducting the mileage subject to the 2% AGI limitation when ABC, Inc. has an account able plan. He explains that ABC, Inc. is a small company and he doesn't turn in the mileage because he feels guilty about them paying extra just because he's tall and prefers his own car. He understands the 2% limitation, and is satisfied with the tax benefit he is able to receive using Form 2106.
Can Ken continue to deduct the business use of his vehicle on Form 2106?
Problem: How should Steve report this income and why?
Problem: Your client called to report that upon noticing water on the walls in three rooms of his home, he decided to check his roof and discovered holes in the roof. The holes were caused by squirrels that had eaten through the roof wood, permitting rain water to soak through down the house walls.
Can he claim a casualty loss for the cost of repairing the holes in his roof caused by squirrels?
You are working as a school counselor in an elementary school in a rural community. You are also on the city council and are involved in your local faith-based community. As such, you know most people in the community.
With the use of computers and the programs that have spell and grammar check, proofreading is often a lost art. How do you ensure that your written work is free of grammar and spelling errors? What tools or secrets do you use?
ABC Corp distributed land to its sole shareholder, DEF Corp, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and ABC Corp's adjusted basis in the land was $200,000.
doughboy bakery would like to buy a new machine for putting icing and other toppings on pastries. these are now put on
x receives $200,000 in return for investing its plant and equipment. What would be the recognizable gain on January 1, 2013 arising from x's investment in y?
Infer from the presentation which method of accounting for reacquired shares is represented by each of the two columns.
Hickory Company manufactures two products-14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that al..
the standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing question
Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series?
mesa industrial products co. mipc is a diversified industrial-cleaner processing company. the companys verde plant
What amount will Beale report in its 2011 balance sheet as a net pension asset or net pension liability for the funded status of the plan?
As of the beginning of each reporting entitys rst scal year that begins after November 15, 2007; this Statement should not be applied retrospectively to scal years beginning prior to the effective date, except as permitted in paragraph 30 for earl..
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