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Case 1:
A lawyer withdraws his entire capital account from his law firm and uses the funds to finance the purchase of a home in which he resides. On the same day, the lawyer borrows an equivalent amount of funds by way of bank loan and deposits the funds to his law firm.
Issue: Is the interest expense on the bank loan deductible for tax purposes by the lawyer?
Case 2:
An accountant, whose entire practice consists of real estate agents and real estate developers, purchased, on the advice of a client, a parcel of raw land two years ago for $50,000. The accountant today accepted an offer to purchase the land from a third party for $125,000. The third party is going to use the parcel of land as part of a golf course development. Disposition costs will amount to $15,000.
Issue:1. What is the amount of the gain to be reported by the accountant for income tax purposes?2. Advise the accountant on the nature of taxation of his gain on the sale of the land for income tax purposes
Calculation of cost of common stock shares and shares of common stock outstanding and it is presumed the Larsen Co
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Critically evaluate these comments. Please don't wander; concentrate on the issues stated by quotation.
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Throughout 2007, Gorilla Corporation has net short-term capital gains of $90,000, net long term capital losses of $570,000, and taxable income from other sources of $1.5 million. Prior years' transactions included the following:
The following selected data is taken from the records of Beckstrom Company. Make an income statement for the year ended December 31, 2006.
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Interest rates on 1-year, 2-year, and 3-year Treasury bills are 5% , 6% , and 7%, respectively. Suppose that the pure expectations theory holds and that the market is in equilibrium. Determine which of the following statements is most correct?
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