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Problem
Bob Smith, a professional basketball player, raises Black Angus cattle under circumstances that would indicate that the activity is a hobby. His adjusted gross income for the year is $80,000, and he has $1,000 of other miscellaneous itemized deductions, all of which are subject to the 2% floor. During the taxable year, the feed for the cattle costs $3,000. The income from the sale of cattle was $2,800.
(a) Under the hobby loss rule, to what extent is the expense of $3,000 deductible?
(b) Under the 2%-of-adjusted-gross-income limitation, how much is the overall deductible amount of his itemized deductions?
Record the tax levy for 2011 in the General Fund. (Ignore subsidiary detail and entries at the government-wide level.)
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on january 1 2008 parent company acquired 90 percent ownership of subsidiary corporation at underlying book value. the
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Calculate Keller's gross margin per unit for each product under the traditional costing system
Mr. Brown's employer provides him with an automobile for his personal use, and pays all operating costs for that vehicle
howell corporation produces an executive jet for which it currently manufactures a fuel valve the cost of the valve is
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