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Ryan Ross (111-11-1111), Oscar Oleander (222-22-2222), Clark Carey (333-33-3333), and Kim Kardigan (444-44-4444) are equal members in Rock and Roll, LLC. Rock and Roll serves as agents and managers for prominent musicians in the Los Angeles area. The LLC's Federal ID number is 55-5555555. It uses the cash basis and the calendar year and began operations on January 1, 2000. Its current address is 6102 Wilshire Boulevard, Suite 2100, Los Angeles, CA 90036. Rock and Roll was the force behind such music icons as Rhiannon and Ulster and has had a very profitable year. The following information was taken from the LLC's income statement for the current year (2013):
You purchase a 6 percent $ 10,000 bond for $ 9,180 plus $ 156 in accrued interest for a total outlay of $ 9,336. Subsequently you receive a $ 300 interest payment. You are in the 20 percent income tax bracket. How much tax do you owe on the int..
David, a lawyer (age 65), is married and files a joint return. His spouse, Susan, is also 65 years of age. During the current year he engages in the following activities and transactions.
Evaluate Ms Chan's situation by referring to the six badges of trade and advise on whether the gain will be subject to Hong Kong profits tax. As the information given above may not be sufficient to deal with the issue adequately.
What code section defines net earnings from self-employment. Where is the treatment of partners with respect to self-employment tax explained in one of the tax services
Comment on the proposals as submitted by the HKICPA and evaluate whether they are desirable or undesirable in terms of the ideal objectives and characteristics of a good tax system.
Explain the significance of the source of employment in terms of taxability of employment income under Hong Kong salaries tax.
Mark has been a professional gambler for many years. He loves this line of work and believes the income is tax free. He has decided to buy a condo in Las Vegas and is trying to secure a mortgage. The ba..
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2011, assuming taxable income of $325,000.
Calculate Johnson's expense deduction using the 2009 Form 2106 (Employee Business Expenses) based on actual automobile expenses and other employee business expenses.
Describe the 401 K limits and special treatment for highly-compensated employees. Document how, as a tax analyst, you see this program. Document what, if any, will be the tax implications of this program.
The Internal Revenue Code is the most authoritative source of income tax law. In trying to resolve an income tax question, however, a tax researcher also consults administrative rulings (Income Tax Regulations, Revenue Rulings, etc.) and court dec..
Periwinkle Pty Ltd (Periwinkle) is a bathtub manufacturer which sells bathtubs directly to the public. On 1 May 2013, Periwinkle provided one of its employees, Emma, with a car as Emma does a lot of travelling for work purposes.
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