Determine how much income is to be taxed
Course:- Taxation
Reference No.:- EM13298415

Assignment Help
Assignment Help >> Taxation

Office supplies unlimited is a small office supply outlet. The result of its operations is for the most recent year are summarizedas follows:

gross profit on sales: $95,000
cash operating expenses: 43,000
depreciation expense: 16,500
compensations to owner(s): 20,000
distribution of profit to owner(s): 5,000

determine how much income is to be taxed for:

-a sole proprietorship owned by H?

-partnership owned by L and P with agreement to share all itemsequally. P is guaranteed a salary of $20,000

- a corporation owned equally by N and K. K is employed bythe business and receives salary of $20,000.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Taxation) Materials
The contract of sale stipulates that a deposit of $20,000 is payable to her when the contract of sale is signed and the balance is payable on 3 January of the next tax year,
Complete the previous template that has the respective tax forms and schedules required to complete the return. Complete all of the parts of your respective business tax ret
Calculate the firm's marginal explicit tax rate using the Manzon (1994) market-value approach. Discuss and explain your result and Calculate taxable income and taxes payable
Your role is to explain the application of the Australian tax law to the various aspects of their enterprise and make a recommendation as to the preferred business structure
Determine the amount and the character of the recognized gain or loss from the disposition of each asset and how much of the 2014 recognized gains is treated as capital gains?
What would be the tax consequences of each of the alternatives assuming that Fran currently deducts the mortgage interest on her tax return -  Determine the effect of Adri
Describe three basic tax planning strategies available to taxpayers investing in capital assets. Clark owns stock in BCS Corporation that he purchased in January of the curr
Quantco, a domestic corporation, is an engineering consulting firm that has its main offices in San Diego, California. Because Quantco does a considerable amount of busin