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Question - Oliver wanted to repay his loan of $12,000, which he borrowed from National Australia Bank (NAB). He approached his employer on 4th October 2019 and received $12,000 from him at no interest. On 15th February 2019, Oliver had a performance review with his employer when they told him that he was only required to repay half of the loan as he is a good performing employee.
Required - With reference to the relevant laws, advise Oliver and his employer of the tax consequences of this transaction.
Deana Moran is the owner of First Delivery Service. Recently, Deana paid interest of $3,600 on a personal loan of $60,000 that she used to begin the business. Should First Delivery Service record the interest payment? Explain.
Prepare Journal Entries for the government based on the production of fund-based financial statements. Than prepare JE entries in anticipation of preparing governement-wide financial statements. Before each JE for fund-based reporting, indicated i..
1.woolfords cvp income statement included sales of 3000 units a selling price of 50 variable expenses of 30 per unit
If so, come up with a plausible explanation for the difference. What evidence could you gather to verify the explanation.
Asset gains and losses
freeflight airlines is presently operating at 70 percent of capacity. management of the airline is considering dropping
The board of directors of Weston Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2007. The dividend is to be paid on August 15, 2007, to stockholders of record on July 31, 2007. The effects of the j..
For each cost, explain whether all of the cost or only a portion of the cost would appear as an expense on the income statement for the period in which the cost was incurred. If not all of the cost would appear on the income statement for that per..
William sold Section 1245 property for $25,000 in 2010. Calculate the adjusted basis of the property. Calculate the recomputed basis of the property
The multiechelon inventory model in Example 12.10 requires about 595 items of on-hand or pipeline inventory, on average, to satisfy the fill rate constraint, even though the mean total demand per week is only 450.
in 2013 sheryl is claimed as a dependent on her parents tax return. her parents ordinary income marginal tax rate is 35
Completed an addition to an office building for $250,000 cash.
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