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In 2012, Rob met Susan at a party. Susan told Bob she was directing a business venture that bought poorly managed restaurants in order to turn them around, and she found a real "gold mine" but needed additional cash in order to purchase it. Bob loaned $100,000 to Susan under a written agreement whereby Susan would repay the loan for a five year period plus 15 percent interest annually on the unpaid balance. Later in the year, Bob discovered Susan never intended to purchase the restaurant and had used the money for her personal benefit. He then sued Susan in 2014, but was unable to recover any of the $100,000. Discuss the tax treatment that Bob may take with regard to this loan.
Calculate the depreciation for 2010. If Salem had been located in a qualified enterprise zone, what would be the depreciation amount? Explain the depreciation method you used.
Prepare Journal Entries to account for income taxes in Year 1 and Year 2.
Show the advantages and the disadvantages of a company's use of these performance measures. How are these three measures related?
What are the tax implications to Debra if she accepts the bank's offer and how do these events affect Jill's taxable income at the end of the year?
What is he supposed to report on his 2013 return and what is his basis in the car? He plans to use it in his business and wants to depreciate it. The company had been depreciating it over 5 years using MACRS.
Evaluate the project's NPV? Note that a project's expected NPV will be negative, in which case it will be rejected.
A. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. Inaddition to four dependent children, they have AGI of $65,000 and itemized deduc-tions of $15,000.
What is the ABC Partnerships required tax year and Do the allocations have Substantial Economic Effect?
It's a tax problem. john smith (age 65) is single and earns 40000$ per year as a bank examiner. He has no itemized deductions and no dependents
Indicate with explanations, sections of the Acts and relevant caselaw how the Revenue and Expense items in the company's accounts are treated for tax purposes and calculate SEM Pty Ltd's taxable income for 2011/12.
Evaluate the income tax return
Calculate their taxable income and tax liability.
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