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Problem 1
Joey parked his car on the top of a hill when he went to watch the Superbowl games in San Diego. He did not properly set his brakes or curb the wheels when he packed the car. When he returned from the games, he found his car had rolled down the hill, smashed into Nick's house, and injured Nick, who was watching TV in his den. Joey does not have car insurance. List as many tax research issues as you can to determine the tax consequences of this accident. Do not attempt to answer any of the questions you raise. Simply identify the research issues.
Problem 2
John and Marsha are married and field a joint return for the past year. During that year, Marsha was employed as an assistant cashier at a local bank and, as such, was able to embezzle $75,000, none of which was reported on their joint return. Before the defalcation was discovered, Marsha disappeared and has not been seen or heard from since. List as many tax research issues as you can to determine the tax consequences of this crime. (CPA adaptive).
The differences between the book basis and tax basis of the assets and liabilities at the end of 2008 are as follows: What is the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2008?
What is the formal definition in the glossary of the term "Current Assets?" Provide one drill-down reference from the Master Glossary for where the term "Current Assets" is used in the Codification.
Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April and prepare the entry to record the company's payroll tax expense.
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
Compute the total amount of goodwill of International Co. based on the price paid by Melissa Co. Prepare all journal entries in Melissa's accounting records relating to the investment for year ended December 31 under the cost method of accounting, ..
How much overhead is allocated? What is the over/under absorbed overhead?
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
Solutions Corporation, a computer vendor and consulting company, uses the accrual method of accounting. Its tax year is the calendar year. The following are three of the corporation's transactions during the current year:
Future cash flows are, in many cases, subject to change. List several events that could occur that might influence the cash flows in this situation.
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
What would be the proper entry for the following transaction?
Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognitio..
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