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In 2012, Rob met Susan at a party. Susan told Bob she was directing a business venture that bought poorly managed restaurants in order to turn them around, and she found a real "gold mine" but needed additional cash in order to purchase it. Bob loaned $100,000 to Susan under a written agreement whereby Susan would repay the loan for a five year period plus 15 percent interest annually on the unpaid balance. Later in the year, Bob discovered Susan never intended to purchase the restaurant and had used the money for her personal benefit. He then sued Susan in 2014, but was unable to recover any of the $100,000. Discuss the tax treatment that Bob may take with regard to this loan.
What is the net cash saved in income taxes by using double-declining-balance depreciation over straight-line depreciation?
Evaluate the combined (state+ federal) income tax rate for XYZ company. Use this rate for evaluating after tax cash flows and evaluate the after tax cash flow for this investment. Make adjustment in the DDB depreciation charges if required in any y..
Create a memo to Texaco Inc's chief accountant showing the appropriate income tax allocation required for the above items, adding the appropriate balance sheet presentation
What recommendation will you make to Mary in order for her to be able to withdraw the $100,000 without future tax consequences?
The computer is used 100 percent for business. Muhammad did not make a $179 election with respect to computer. He does not claim additional first-year depreciation.
She expects to eventually sell those automobiles but expects that they will sell for less than the real cost. Evaluate what tax issues should Judy consider?
a. Determine Elizabeth's taxable income for 2014
Edwina worked at three jobs during 2011. She earned 30,000, 40,000 and 9,000 respectively form the jobs and had 10,000 from self-employment income. What amount can Edwina apply as credit against her 2011 income tax liability for overpayment of F..
1. Aall events occurred in "the current taxable year;"
Describe and contrast the deficits projected under the baseline and alternative fiscal scenario and the implications of the projections based on the CBO report.
Evaluate Oriole Company's current income tax expense. Evaluate Oriole Company's deferred income tax expense or benefit.
Assist Thorn in completing schedule by filling in blanks for items related to its income taxes for 2014 and Create the income tax journal entry for Fairfax Company for 31 st December, 2014.
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