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Question - Nanson Co. a calendar-year taxpayer, received a check for $180,000 in payment for services rendered as a commissioned sales agent near the end of 2014. In 2015, the customer discovered that the commission was incorrectly computed on the sale, and Nanson refunded $30,000 of the $180,000 to the customer. Nanson was in the 35% tax bracket in 2014, but is in the 25% marginal tax brackets in 2015. Since Nanson was taxed on the full $180,000 in 2014 under the claim of right doctrine, he may deduct the $30,000 in 2015, but this will no "make him whole". Are there any tax elections that Nanson may make to deal with this problem? Explain.
Farm Fresh, Inc., supplies sweet peas to canners located throughout the Mississippi River Valley. Like some grain and commodity markets, the market for sweet peas is perfectly competitive. The company's total and marginal costs per ton are given b..
quality brand products uses standard costing to manage their direct costs and their overhead costs. overhead costs are
Compute 2010 depreciation expense using the sum-of-the-years'-digits method assuming the machinery was purchased on April 1, 2010.
ollie mace has recently been appointed controller of s. dilley amp company a family-owned manufacturing firm founded 28
George Parker was paid a salary of $74,700 during 2013 by Umberger Company. In addition, during the year, Parker started his own business as a public accountant and reported a net business income of $38,900 on his income tax return for 2013. Compute ..
On October 1, 2011, Evans Corporation declared a $50,000 cash dividend to be paid on December 30 to shareholders of record on November 20
which of the following is not a qualitative characteristic of useful accounting information?relevance faithful
Metro Telcom Systems develops, sells, and installs computer systems. The company has divided its customer base into five regions, and it has 15 representatives who sell and install the com- pany's systems.
1 bella company is considering purchasing new equipment for 403416. it is expected that the equipment will produce net
On January 2, Ubuy.com paid $ 100,000 to acquire 25 percent (10,000 shares) of the common stock of E- Net Corporation. The accounting period for both companies ends December 31. Give the journal entries for the purchase on January 2 and for each of t..
Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.
Prepare the journal entry to recognize the income tax benefit of the operating loss. Wynn elects the carry back option.
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