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Sam, Sue and several friends want to form an LLC that will be taxed as a partnership. Sam and Sue are planning on working there and two of their friends, Bill and Barb are planning on helping during the holiday season and work maybe 400 to 800 hours each in November and December.
The other 5 friends will be silent partners who will not work there or participate in management.
If the partnership reports a loss from operations, how do the at risk rules and the passive loss rules impact the chance for each of the partners to deduct the loss?
If the year end tax return results in a profit, Sam, Sue and Bill and Barb want to take guaranteed payments of $25 per hour for all their hours worked and then distribute the remaining partnership income or loss to the partners based on their percent ownership. Discuss the tax consequences of doing that. Is there a self employment tax issue associated with this decision?
How do many companies structure the internal audit group's reporting lines in order to increase the level of independence? Do you think this is effective? Why or why not?
Convert the total costs you computed to costs per diner. Average cost per diner for serving each of the following parties A party of four diners who three drinks in total.
On March 1, 2015, Vantage Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2016. Each yearly instalment will inclu..
The machinery has a fair value of $210,000. How much should Holcomb recognize as loss on impairment.
Prepare the merchandise purchases budget for each month in columnar form. Prepare budgeted income statements for each month in columnar form. Show the details of cost of goods sold in the statements.
Compute the following for Able Control Company: The fixed overhead spending variance for October, The production-volume variance for October and The variable overhead spending variance for October.
Style wise Printing Company currently leases its only copy machine for $1,000 a month. The company is considering replacing this leasing agreement with a new contract that is entirely commission based. What is the company’s breakeven point under the..
Prepare an income statement and retained earnings statement for July. Prepare a balance sheet as of July 31, 2007. Prepare a statement of cash flows for July.
Euronext in Frankfurt trades /$ futures contracts that expire in seven months and have a contract size of $50,000. How many futures contracts should you buy to minimize the risk of your hedged position?
How does the balance in Allowance for Bad Debts before adjustment affect the amount of the year-end adjustment under the percentage of sales method? Under the percentage of receivables method?
Prepare a budget report that would be useful in appraising the performance of the various persons charged with responsibility to provide satisfactory income.
Explain why Sports Direct uses of accelerated depreciation method for plant and equipment and uses of the straight-line method for most of its other assets and identify the revenue recognition method(s) used by Sports Direct as discussed in its no..
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