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Sam, Sue and several friends want to form an LLC that will be taxed as a partnership. Sam and Sue are planning on working there and two of their friends, Bill and Barb are planning on helping during the holiday season and work maybe 400 to 800 hours each in November and December.
The other 5 friends will be silent partners who will not work there or participate in management.
If the partnership reports a loss from operations, how do the at risk rules and the passive loss rules impact the chance for each of the partners to deduct the loss?
If the year end tax return results in a profit, Sam, Sue and Bill and Barb want to take guaranteed payments of $25 per hour for all their hours worked and then distribute the remaining partnership income or loss to the partners based on their percent ownership. Discuss the tax consequences of doing that. Is there a self employment tax issue associated with this decision?
Prepare Circuit Citys statement of cash flows for the year ending May 30, 2001.
what is the formula for calculating current ratio and acid test ratio after a transaction. For example, a Company has $1,000,000 of current assets.
Estimate the ratio slide from the presentation (Let's Estimate some Ratios for Ruckman (GAAP)). Follow the presentation and complete the second table (Let's Estimate some Ratios for Ruckman (IFRS).
Unger Company uses the perpetual inventory method. Unger sold goods that cost $3,500 for $7,200. If the sale was made to a customer on account, the sale will:
The statement of cash flows and must be prepared on a daily basis and summarizes the operating, financing, and investing activities of an entity
He goes to Dane. He gives Dane a security interest in the car in exchange for $10,000. Dane files a financing statement to perfect the interest. A week after that Liv does the same. Eventually, Steve defaults in his payments. The car is reposed, and ..
Payment was received the following July. Was the revenue earned in June or July? What accounts should be debited and credited in June and July?
the condensed financial statements of westward corporation for 2009 and 2008 are presented below.westward corporation
Carla Janes and Associates incurred total costs of $10,000 to produce 500 custom mirrors. A total of 550 direct labor hours was required for the production of the mirrors. Direct labor is variable and costs $10 per hour. How much fixed cost did Carla..
After a preliminary assessment has been made of Lakeside's control risk, what possible actions can be taken by the auditors?
On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of principle will be included in the first annual payment?
Dunkin Industries sold a 15 year $1,000 face value bond with a 10.5 percent coupon rate. Interest is paid annually. After flotation costs, Dunkin received $920 per bond. Compute the after-tax cost of debt for these bonds if the firm's marginal tax ra..
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