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In January 2010, Salem Corporation, purchased $350,000 of new MACRS 5-year property in the US. This equipment was placed in service May 1, 2010. Salem wants to take as much depreciation in 2010 as possible. Calculate the depreciation for 2010. If Salem had been located in a qualified enterprise zone, what would be the depreciation amount? Explain the depreciation method you used. <br/> <br/>In addition, include the tax benefits (savings) for the first year and the present value (use 5% discount rate) of the total tax benefits for the entire 5-year period. Discuss how the tax benefits and present value would change if a different method of depreciation was used. Also, discuss when Salem would not choose to take as much depreciation as possible. <br/>
Determine the taxable year of the LLC under the Code and Regulations and two years after formation of the LLC, Barney sells half of his interest (25%) to Aldrin, Inc. Can the LLC retain the taxable year determined in part (a)? Why or why not?
prepare a 3-5 page paper comparing and contrasting state and federal tax research. examine the different
qbarkins moving company specializes in hauling heavy goods over extended distances. the companys expenses and revenues
Compute the after-tax cost of each payment assuming she has a 25 % marginal tax rate - Suppose Sarah is a cash-method, calendar-year taxpayer, and she is considering making the subsequent cash payments related to her business.
hen the Schnappaufs prepared their 2009 tax return, they elected to expense the computer and printer using Section 179. The computer system and the printer were used exclusively in her business.
terry owns real estate with an adjusted basis of 600000 and a light market value of 1.1 million. the amount of the
Determine whether each of the following transactions is taxable. If a transaction is not taxable, indicate what type of reorganization is affected, if any.
part a illustrate why the payment to the taxpayer in fct v dixon 1952 86 clr 540 was assessable income but the payment
question as a tax practitioner you frequently get people asking questions concerning the tax effect of property
he use made of appropriate legal sources, in particular primary legal sources: e.g., the Income Tax Assessment Act (1936) (Cth) and cases (it is appropriate to rely on the summaries of cases located in secondary sources)
if fixed costs are billed using actual rate and budgeted usage. could the use of budgeted usage potentially cause some
Calculate Donnas taxable income and income taxes payable (Federal and Ontario) under the Income Tax Act of Canada for the 2012 taxation year and prepared for Donna by November 29, 2013 by noon to Stephanie Miller
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