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Paige is starting Paige's Poodle Parlor and is considering alternative organizational forms. She anticipates the business will earn $100,000 from operating before compensating her for her services and before charitable contributions. Page, who is single, has $3,000 of income from other sources and other itemized deductions of $12,000. Her compensation for services will be $50,000. Charitable contributions to be made by the business are expected to be $5,000. Other distributions (dividends) to her from the business are expected to be $14,000.
Required: Compare her current income tax assuming she operates the business as a proprietorship, an S corporation, and a C corporation. Ignore payroll and other taxes.
explain the purpose of a flexible budget. suppose a manager claims flexible budgets are useful because costs are
Determine whether each of the leases should be classified by Henri as an operating lease or a capital lease. Show computations and reasons to support your answers.
Analyse the ATM servicing costs for withdrawals and deposits and recommend an allocation of these servicing costs to transaction costs for XpressCash and XpressTeller ATMs for each transaction type.
Compute Amelie's deduction before the 2% of AGI floor if she uses the actual cost method and compute Amelie's deduction before the 2% of AGI floor if she uses the standard mileage method.
Rasheed works for Company A, earning $400,000 in salary during 2014.
question nick operates his own business selling pool equipment and materials as well as servicing swimming pools. sales
You are to Prepare the Wardens' 2012 Form 1040 Joint Individual Tax Return, including Schedules A, B,, C, D, E, and F and Forms 2106, and any other form which you think is appropriate.
Jones has an interest in history, particularly commercial history. In 2005 he purchased 500 old share certificates from an acquaintance who practised in the area of insolvency and liquidation.
Except for $2,000 which was used for purchase of raffle tickets, the others were made to various approved charitable organizations without consideration. The raffle tickets were used for lucky draw by the general staff during the annual dinner.
the following financial information relates to a suburban retail business serendipity pty ltd that owns and operates a
Calculate the capital gain-capital loss (if any) in relation to each of the above scenarios. Cite the relevant section reference for each scenario (where relevant, you must identify the specific provisions/subsections/ paragraphs/items, etc.).
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
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