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Discussion: "Business Expenditures and Deductions"
• Jane's Air Conditioning Service decided that this year was the year to "take over" the air conditioning business in her town. Beginning in January, she started advertising her business (even though there was snow on the ground), bought a supply of Freon, updated her vehicles and bought new uniforms for her service technicians who were making house calls.
Jane comes to you to determine how to optimize her deductions in order to reduce her tax liability. What advice would you give her as to the expenditures above (assuming they all took place in the same year)? Be sure to also explain what may (or may not) be capitalized and/or deducted.
What tax issue(s) are present in Terry's situation? What questions would you ask Terry to determine his appropriate response to the IRS?
HI6028 Taxation, Theory, Practice & Law Assignment. Explanations of the respective outcomes reached by the courts in the following cases which all involving sales of land - Californian Copper Syndicate Ltd v Harris (Surveyor of Taxes) (1904) 5 TC 159..
Determine Philip's taxable income and his total tax liability Self-employment and regular tax - In December 2014, Joanna tells Harry that she has filed for bankruptcy and that he will be lucky to get $2,000 of his money back. The bankruptcy proceed..
Determine the tax consequences for Edith for 2014 for the disposition of the chalet, and identify any elections she can make - What is the proper tax treatment for Mark's income from this contract? Explain your reasoning.
HI6028 Taxation - Discuss whether Kit is a resident of Australia and how his salary and investment income would be taxed (10 marks, max. 1000 words).
In preparing this year's tax return, you notice a sizeable mistake on last year's tax return. The client legitimately owes the government substantially more money. Review the SSTS' (Statements of Standards for Tax Services) and Circular 230, then wri..
Explain the reasoning why the tax laws require the cost of certain assets to be capitalized and recovered over time rather than immediately expensed.
Mary Ann visits Hazel twice a week and meets with doctors and nurses regarding Hazel's medical care. What tax issues should Mary Ann consider?
questionbarb age 55 is divorced and lives with her 16-year daughter katie. barb worked as a therapist and earned 45000
What income tax consequences ensue from Tim's suggested approach? Compare this result with what would happen if Tim merely transferred the Moore farm in return for stock in the new corporation.
Write a 2 page paper on a recent tax fraud case. Try to find a case involving an individual verses a corporation or other business entity. Explain how the taxpayers were cheating, how they got caught, and what punishment was imposed on the citizen. ..
Determine the net income after taxes if the leases are treated as capital leases and determine the return on assets under the (a) operating lease assumption and (b) capital lease assumption.
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