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Please Solve the following problems 1. In 2012, Firm A paid $50,000 cash to purchase a tangible business asset. In 2012 and 2013, it deducted $3,140 and $7,200 depreciation with respect to the asset. Firm A's marginal tax rate in both years was 35 percent. a. Compute Firm A's net cash low attributable to the asset purchase in each year. b. Compute Firm A's adjusted basis in the asset at the end of each year. 2. Ryland Company, a calendar year taxpayer, purchased commercial realty for $2 million and allocated $200,000 cost to the land and $1.8 million cost to the building. Ryland placed the real estate in service on May 21. a. Compute Ryland's MACRS deprecoiation with respect to the realty for the year of purchase. b. How would your answer change if Ryland placed the realty in service on September 2 instead of May 21? c. How would your answer to part a change if the building was a residential apartment complex instead of a commercial ofice? 3. Mr. and Mrs. FB, a retired couple, decided to open a family restaurant. During March and April, they incurred the following expenses. Prepaid rent on commercial real estate ($2,100 per month from April through December) $ 18,900 Prepaid rent on restaurant equipment ($990 per month from April through December) 8,910 Advertising of upcoming Grand Opening 900 Staff hiring and training 11,500 TOTAL $ 40,210 Mr. and Mrs. FB served their first meal to a customer on May 1. Determine the tax treatment of the above expenses on their tax return.
Advise Alex on his tax implication on the income that he received. Discuss if Tony has any tax implication and as a result Alex was made redundant and was offered a redundancy payment of $40,000. Alex has worked in that company for 5 years.
Explain and calculate FBT liability. What is the after - tax cost to the employer of providing the benefits and what is his capital gain and in what year is it assessed? Is there a CGT event?
Describe how the passage of a state tax bill is same to the passage of a Federal law.
Does Owl have to include the dividends in its computation of ACE, thus avoiding any AMT? Write a memo for the tax files in response to Ms. Bell.
he use made of appropriate legal sources, in particular primary legal sources: e.g., the Income Tax Assessment Act (1936) (Cth) and cases (it is appropriate to rely on the summaries of cases located in secondary sources)
Suppose the government is considering levying a tax in one or more of the markets described in the table. Which of the markets will allow the government to minimize the deadweight losses from the tax?
A new operating system for an existing machine is expected to cost $260,000 and have a useful life of four years. The system yields an incremental after-tax income of $75,000 each year after deducting its straight-line depreciation.
Find total cost exceeds total revenue at all output levels and evaluate total variable cost exceeds total revenue at all output levels
Compute the Meyers' federal income tax (including any AMT) on their joint return - Blake and Valerie Meyer (both age 30) are married with one dependent child
Advise the shareholders how the payments in Note (xiv) will be treated for tax purposes and the write-down of share investments is consistent with the accounting policy of valuing investments at market value.
In the existing year, David and Debbie Wayland, both successful physicians, made a cash investment for a limited partnership interest in a California berry farm.
What would the tax rate need to be in Year 2 to make the taxpayer indifferent?
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