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Although Hank is retired, he is an excellent handyman and often works part- time on small projects for neighbors and friends. Last week his neighbor, Mike, offered to pay Hank $500 for minor repairs to his house. Hank completed the repairs in December of this year. Hank uses the cash method of accounting and is a calendar-year taxpayer. Compute Hank's gross income for this year from each of the following alternative transactions:
a) Mike paid Hank $200 in cash in December of this year and promised to pay the remaining $300 with interest in three months.
b) Mike paid Hank $100 in cash in December of this year and gave him a negotiable promissory note for $400 due in three months with interest. Hank sold the note in January for $350.
c) Mike gave Hank tickets to the big game in January. The tickets have a face value of $50 but Hank could sell them for $400. Hank went to the game with his son.
d) Mike bought Hank a new set of snow tires. The tires typically sell for $500, but Mike bought them on sale for $450.
The income tax return excluded a revenue item of $10,000 (reported on income statement) because under tax laws the $10,000 would not be reported for tax purposes until 2011.
Their total income in 2014 from part-time jobs and interest income from a bank savings account is $60,000. Their itemized deductions are $12,000. Required: Compute Sean and Martha taxable income.
You will be meeting with Chris, Paula and Toby about these issues. Write a memo to the file of Peachtree addressing the issues raised in Part I and II including your analysis.
Determine whether each of the following transactions is taxable. If a transaction is not taxable, indicate what type of reorganization is affected, if any.
What is the government's property tax rate - Does this fund have any long-term debts associatedwith it? If so, does the government maintain a debtservice fund to account for the resources to servicethe debt?
The IRS only enforces the law Congress makes. However, it's widely known that many Congressman find the tax law to complex and have a CPA prepare their taxes.
What is the amount of Rick's after-tax compensation (ignore payroll taxes)? Suppose Rick receives a competing job offer of $120,000 in cash compensation and nontaxable (excluded) benefits worth $4,000.
Prepare the journal entry to recognize the income tax benefit of the operating loss. Wynn elects the carryback option.
congress recently enacted an non refundable credit based on the cost of the qualifying alcohol and drug abuse
What tax issue(s) are present in Terry's situation? What questions would you ask Terry to determine his appropriate response to the IRS?
Evaluate Ms Chan's situation by referring to the six badges of trade and advise on whether the gain will be subject to Hong Kong profits tax.
Compare and contrast for and from AGI deductions. Why are for AGI deductions likely more valuable to taxpayers than from AGI deductions?
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