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1. Mary owns a drapery business and in 2014 sold three sewing machines for $6000. She purchased the machine for $5000 in 2012 and claimed depreciation of $3000. What are the amount and the correct nature of Mary's gain? a. 0 ordinary gain and $4000 section 1231 gain b. 2000 ordinary gain and 2000 section 1231 gain c. 3000 ordinary gain and 1000 section 1231 gain d. 4000 ordinary gain and 0 section 1231 gain 2. Section 1245 recapture applies to all the following except a. depreciable personal property b. assets sold or exchanged at a loss c. total depreciation or amortization allowed or allowable d. amortizable intangible personal property. 3. If an individual is liable for self-employment tax, a portion of the self-employment tax is a. a for AGI deduction b. from AGI as an itemized deduction c. a Schedule C business expense d. self-employment tax is nondeductible Problem 1. George and Meredith, who are married, have a regular tax liability of $21,800, taxable income of $100,000, tax preferences of $23,000, and positive adjustments attributable to limitations on itemized deductions of $18700 this year. They claim $11,700 of personal exemptions for themselves and their 20 year old dependent daughter. The AMT exemption is $153900 (use the $153,900 as the correct amount of the exemption). What is George and Meredith's alternative minimum tax for 2014? 2. James and Ellen Connors, who are both 50 years old and married, sell their personal residence on July 25, 2013 for $950,000. They have lived in the house for 20 years. The basis of their home is $350,000. They purchased a new home for $1,000,000 in August 2014. After living in that home for 125 days, the Connors were forced to sell their new home in 2014 for $1,300,000 and move to another climate due to Ellen's severe health problems. What is the amount of gain recognized on the home sale in 2014?
Paige, Inc. owns 80% of Sigler, Inc. During 2011, Paige sold goods with a 40% gross profit to Sigler. Sigler sold all of these goods in 2011. For 2011 consolidated financial statements, how should the summation of Paige and Sigler income statement..
To determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received has been recorded. The population for this test consists of all:
A share of common stock just paid a dividend of $3.25 per share. The expected long-run growth rate for this stock is 18%. If investors require a rate of return of 24%, what should the price of the stock be?
The project will generate positive cash flows of $85,000 a year at the end of each of the next five years. The project's NPV is $100,000 and the company's WACC is 10 percent. What is the project's simple, regular payback?
Mathew Murphy, single, sold his home that he had owned for 20 years for $670,000. He purchased it for $110,000 and made $40,000 of capital improvements on the home during his time of ownership. a) How much gain is excluded? How much is recognized?
AIU hosts a marketing publication, "The Marketing Scene," which provides a platform for professionals and consumers to discuss new ways of marketing, the effectiveness of advertising trends, specific ad campaigns and the impact this information ha..
Bunting Corporation had net income of $250,000 and paid dividends to common stockholders of $50,000 in 2007. The weighted average number of shares outstanding in 2007 was 50,000 shares.
In manufacturing its products for the month of September 2008, El Dorado Corporation incurred normal spoilage of $7,000 and abnormal spoilage of $3,000. How much spoilage cost should El Dorado charge as inventoriable for the month of September 200..
Explain the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).
What is the "kiddie tax" all about? What is its purpose? What "scheme" does it seek to prevent? Do you think it is really necessary? If so, why do you think it cuts off at 14?
Determine the amount of depletion expense for the current year. Illustrate the effects on the accounts and financial statementsof the depletion expense.
Pressure is one of the components of the fraud triangle.
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