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Question 1 Jack and Jill jointly own and run a bed and breakfast business. The business is run through their partnership, J & J Bed and Breakfast. Jack and Jill also own an investment property together which they purchased in equal proportions. During the year, they undertook the following transactions: • Purchased furniture for their bed and breakfast business for $3,000 on 21 December 2014. The furniture is expected to last for seven years. • Purchased a printer for their bed and breakfast business for $700 on 30 April 2015. The machine is expected to last for three years. • Purchased an air-conditioner for their investment property for $2,000 on 15 March 2015. The air-conditioner is expected to last for eight years. Jack and Jill contributed to the purchase price of the air-conditioner equally. Advise Jack and Jill of their income tax consequences arising out of the above information under both the diminishing value method and the prime cost method (if relevant) for the year ended 30 June 2015. Assume that the business does not qualify as a small business entity. Question 2 Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the following remuneration package with ABC: • salary of $300,000; • Payment of Alan's mobile phone bill ($220 per month, including GST). Alan is under a two-year contract whereby he is required to pay a fixed sum each month for unlimited usage of his phone. Alan uses the phone for work-related purposes only; • Payment of Alan's children's school fees ($20,000 per year). The school fees are GST free. ABC also provided Alan with the latest mobile phone handset, which cost $2,000 (including GST). At the end of the year ABC hosted a dinner at a local Thai restaurant for all 20 employees and their partners. The total cost of the dinner was $6,600 including GST. (a) Advise ABC of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2015. Assume that ABC would be entitled to input tax credits in relation to any GSTinclusive acquisitions. (b) How would your answer to (a) differ if ABC only had 5 employees? (c) How would your answer to (a) differ if clients of ABC also attended the endofyear
Express a conclusion in regard to the issues identified and indicate any other information required.
Shirley is an actress. She has had various roles in Australian movies as well as guest appearances on many TV serials. During the current year, the following events occurred:
sidney rabinovitch a client of long standing has operated a business as a sole proprietor since 1996. net business
olaf owns a 500 acre farm in minnesota a tornado hit and destroyed a farm building and equipment and damaged a barn. he
Discuss business with Joe during this visit, but Joe wants to maintain good relations to encourage additional business next year - Determine the effect of each of the transactions on the taxable business income.
Prepare Form 1040 including Schedules A, B, and D and Form 3903 - Prepare Form 8960
The Dapper-Dons Partnership was formed ten years ago as a general partnership to custom tailor men's clothing. Dapper-Dons is located at 123 Flamingo Drive in City, ST, 54321.
The genius financial advisor had taxes withheld on the transfer of annuity in the amount of $22,000.
1. kyle sold land on the installment basis for 100000. his basis in the land was 70000. kyle received a 40000 down
During Year 1, Hans had rental income of $300,000 and operating expenses (depreciation, interest, insurance, etc.) of $220,000. On the advice of his accountant, Hans made a Code Sec. 871(d) election in Year 1.
What are the U.S. tax consequences of this liquidation for Winco - How does the United States tax Erica's activities? How would your answer change if Erica were a self-employed technician rather than an employee?
The Corporation wrote off $10,000 in accounts receivable as uncollectible during the year - regular tax depreciation was $28,000. None of the depreciation should be claimed on Form 1125A.
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