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Mathias has been the sole proprietor of a clothing store for many years. He intends to retire after holding a "liquidation sale". He wants to avoid ordinary income from the sale of the business inventory, so he shuts down the store for one month and then begins the liquidation sale. Mathias tells you (his tax return preparer) to report the liquidation sale proceeds as capital gain because he was no longer using those assets in a business at the time of the sale, but was holding them for investment. Evaluate the propriety of Mathias's plan. Justify your answer.
Shepherd Cycles sells a variety of bicycles. The business which uses the FIFO method, began the last quarter of 2013 (October 1 to December 31) with 20 "Iron Man 2" bicycles at a total cost of $122,000. During the quarter, the company complete..
pitman chemical company manufactures and sells goody a product that sells for 10 per pound. the manufacturing process
pueblo co. acquires machinery by paying 10970 cash and signing a 4400 2-year zero-interest-bearing note payable. the
What is self-employment tax? What are its components? How does this compare with FICA payments and payroll taxes that an employee pays on earned income?
Shubelik Company is changing to an activity-based costing method. They have determined that they will use three cost pools. They are set-ups, inspections, and assembly. Which of the following would be used as the activity base for assembly?
assume sparkle co. expects to sell 150 units next month. the unit sales price is 100 unit variable cost is 35 and the
Evaluate the following scenarios, assuming both companies use the accounts receivable method of estimating bad debts expense.
1.what are the functional currencies of fords subsidiaries?2.how much and where did ford report the gain or loss on
Assume the same facts except that loon's long-term capital gain is $100,000 (instead of $60,000. Compute Loon's taxable income for the year.
olson amp wolcott inc. issued 2400000 of face value bonds on january 31 2014. they are 12 bonds and sold for 2400000
Gore company had beginning work in process inventory of 5,000 units that were 40% complete as to conversion costs. X started and completed 42,000 units this period and had ending work in process inventory of 12,000 units. How many units were start..
pringle company distributes a single product. the companys sales and expenses for a recent month followtotal
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