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Question 1
If a taxpayer can deduct expenses to the extent of gross income for a hobby, is there really no taxable income? And what would be the benefit, to the taxpayer, of having it considered a for profit activity by the IRS?
Upon inquiry by the IRS, a taxpayer was unable to show that his activity had a profit in three of the past five years. Therefore, the IRS deemed the activity to be a hobby. The taxpayer believes the activity to be profit motivated. How would the taxpayer prove that the activity is profit motivated? Discuss ideas that might convince the IRS that the activity is profit motivated. What other options does the taxpayer have?
Question 2
Inventory valuation is seen by many companies as an important factor in their success. What do you feel are types of decisions a company must make when choosing an inventory valuation method? What is the relationship of this decision to the cost of goods sold for the company? Explain your reasoning.
Question 3
Discuss some of the pros and cons of using debt as a long-term source of capital funding for a company. Why does using an appropriate amount of debt increase the value of the firm?
Pope reported cost of goods sold of $925,000.
Harvey Township budgets its resources on the cash basis in accordance with state laws. State law also requires financial statements prepared on the cash basis. To comply with this requirement, Harvey Township prepares the financial statements in i..
Compute the operating leverage factor when Flow Cruiselines sells 8750 dinner cruises
the county of maxwell decides to create a sanitation department and offers its services to the public for a fee. as a
pine company produced 128000 units in 60000 direct labor hours. production for the period was estimated at 132000 units
on february 24 amw purchased 4000 shares of kmp newly issued 6 percent cumulative 75 par preferred stock for 304000.
prepare a return on investment analysis for the regional manager of Out-and-In Burgers. This growing chain is trying to decide which outlet of two alternatives to open. The first location (A) requires a $500,000 investment and is expected to yield an..
Dean signed an agreement to sell the plant for $350,000 January 1 year 10 and Lease it back for $15,000 per year, deans incremental borrowing rate is 6%. Present value factors for annuity
a firm acquires a machine for 177600. it expects the machine to last six years. estimated salvage value is 9600 at the
The process of writing off an intangible asset is
Write a 500-to-1000-word essay contrasting the roles of the temporal and frontal lobes on behavior. Include the types of behaviors for which each lobe is responsible, as well as the effects of heredity on the development of these behaviors.
dutson company manufactures running shoes and tennis shoes. the projected income statments for the two products are as
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