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The Polozzi Trust will incur the following items in the next tax year, its first year of existence.
Interest income
$25,000
Rent income
100,000
Cost recovery deductions for the rental activity
35,000
Capital gain income
40,000
Fiduciary and tax preparation fees
7,000
Betty, the grantor of the trust, is working with you on the language in the trust instrument relative to the derivation of annual accounting income for the entity. She will name Shirley as the sole income beneficiary and Benny as the remainder beneficiary.
a. Suggest language to Betty that will maximize the annual income distribution to Shirley.
b. Suggest language to Betty that will minimize the annual distribution to Shirley and maximize the accumulation on Benny's behalf.
Irene Watts and John Lyon are forming a partnership to which Watts will devote one half time and Lyon will devote full time.
What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP?
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Rachel lives and works in Chicago. She is the regional sales manager for a national fast-food chain. Due to unusual developments, she is compelled to work six straight weeks in the St. Louis area.
Calculate the amount of gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information.
What would be the effect of this purchase on income before income taxes? (Leave no cells blank - be certain to select "No effect" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)
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