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1. Brad purchased land for $45,000 this year. At year-end Brad sold the land for $51,700 and paid a sales commission of $450. What effect does this transaction have on Brad's gross income? Explain.
2. Tomiko is a 50 percent owner (partner) in the Tanaka partnership. During the year, the partnership reported $1,000 of interest income and $2,000 of dividends. How much of this income must Tomiko include in her gross income?
3. Clem and Ida have been married for several years, but this year they decided to get divorced. In the divorce decree, Clem agreed to deed his car to Ida and pay Ida $10,000 per year for four years. Will either of these transfers qualify as alimony for tax purposes? Explain.\
Which compensation package should she choose and by how much would she benefit in after-tax dollars by choosing this package?
You are a tax manager in an accounting firm, and you have received some tax queries from one of your main clients
xyz company is allowing for purchasing an asset for 100000 that has a 5 year useful life and a 20000 salvage value.
You are required to create a flowchart describing the general process and information flows at Top Notch T-Shirt Printing.
In January, the payroll supervisor determines that gross earnings for Halo Company are $70,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes. Halo asks you to record the employer's ..
What is the cost of the prime-mover? What is the balancing adjustment on the old truck? Calculate the decline in value of the prime-mover for 2010/11.
What are the tax consequences for CFO and for the ABC Co.
Discuss whether a capital gains tax, in your opinion, would result in a more equitable tax system in New Zealand and Discuss whether your client is a tax resident in New Zealand?
Lockwood Company currently sells its deadbolt locks for $30 each. The locks have a variable cost of $10, and the company's annual fixed costs are $150,000. The company's tax rate is 40 percent.
Calculate the expected profit and rate of return on investment for each division and for the company as a whole in the coming year, if Division B purchases its motors from Division A, and sells its entire output to retailers.
What limitations exist on the deductibility of executive compensation and do they apply to all business entities -
During the first year, Farris Corporation manufactured 5,000 units and sold 3,800. There was no beginning or ending work-in-process inventory.
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