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1. In the following independent situations, is the tax position of the taxpayer likely to change? Explain why or why not.
(a) John used to make casual purchases and sales of real estate as an investor. Currently, he does so on a regular basis and has obtained a license as a dealer.
(b) Theresa quit her job as a staff accountant and has established her own practice as a CPA.
(c) After saving enough for a down payment, Paul has purchased a personal residence.
2. How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources other than wages?
Make the consolidated eliminating entries for the intercompany land
Harold also pays $20,000 for the business's goodwill and another $20,000 for the seller's covenant not to compete for the next five years. Compute Harold's amortization deduction for the year of purchase.
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Prepare the journal entry at the date of the bond issuance. Prepare a schedule of interest expense and bond amortization for 2010-2012. Prepare the journal entry to record the interest payment and the amortization for 2010.
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How does accounts receivable balance-related audit objectives relate to real life? What I mean is, not in accounting, can you apply these principles to an everyday thing like football or something.
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