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Nancy operates a business that uses the accrual method of accounting. In December, Nancy asked her brother, Hank, to provide her business with con- sulting advice. Hank billed Nancy for $5,000 of consulting services in year 0 (a reasonable amount), but Nancy was only able to pay $3,000 of the bill by the end of year 0. However, Nancy paid the remainder of the bill in year 1.
a) How much of the $5,000 consulting services will Hank include in his income in year 0 if he uses the cash method of accounting? What amount can Nancy deduct in year 0 for the consulting services?
b) How much of the $5,000 consulting services will Hank include in his income in year 0 if he uses the accrual method of accounting? What amount can Nancy deduct in year 0 for the consulting services?
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2011, assuming taxable income of $325,000.
Prepare a memorandum for your Tax MAnager explaining why the exchange does or does not mee the Sec 351 control requirements. Your Manager has sugested that, at a minimum you consult the following authorities
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Nothing else occurs during the year which would affect the partners' bases. As a result of this loss, what amount should Martin, Clark, and Lewis report on their individual tax returns for the current year?
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Compute the depreciation for the current year on the tugboat - compute the amount of gain to be reported currently on the sale of the tugboat.
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