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Tonya is a cash basis taxpayer. In 2010, she paid state income taxes of $5,000. In early 2011, she filed her 2010 state income tax return and recieved a $500 refund.
a) If she itemized her deductions in 2010 on her federal income tax return and her itemized deductions exceed the standard deductions by at least $500, she must include the $500 in her 2011 Federal gross income.
b) If she took the standard deduction on her 2010 federal income tax return, she must include the $500 in her 2011 federal gross income.
c) If she itemized her deductions in 2010, she must amend her 2010 federal income tax return to reduce her itemized deductions
d) If she took the standard deduction on her 2010 Federal income tax return, she must amend her 2010 tax return
e) none of the above
If the partnership sells the property contributed by Desmond for $360,000, how is the tax gain allocated between the two partners?"
In the middle of the year, the price of Lake Corporation's major raw material increased by 8%. How would this increase affect the company's break-even point and margin of safety?
An introduction to internal controls, explaining in your own words the two primary goals of internal control.
If Fama Company, with a break-even point at $360,000 of sales, has actual sales of $480,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number.
In light of the business scandals of the last few years, does the AICPA's Code of Professional Conduct work? What is the area of greatest concern?
Bill contributes property (adjusted basis of $60,000; fair market value of $80,000) in exchange for his partnership interest. Which of the following statements is true concerning the income tax results of this partnership formation?
Jeremy's Desks is approached by Mr. Harry Hood, a new customer, to fulfill a large one-time-only special order for a product similar to one offered to regular customers. The following per unit data apply for sales to regular customers.
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
Lyle O 'Keefe invests $21,900 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 9 years. At the end of the 9 years, Lyle withdrew the accumulated amount of money.
Calculating Profitability Index Bill plans to open a self-serve grooming center in a storefront. The grooming equipment will cost $210,000, to be paid immediately.
Which of the following financial statements is rarely the object of vertical analysis?
Someone purchased 320 shares of DNA at 35 3/4 from broker. He charges 1.6% for the transaction. Odd lot carry 1/8 of a dollar brokerage differential.
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