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Universal Leasing leases electronic equipment to a variety of businesses. The company's primary service is providing alternate financing by acquiring equipment and leasing it to customers under long term leases. Universal earns interest under these arrangements at a 10% annual rate.The company leased an electronic typesetting machine it purchased on December 31, 2012, for $90,000 to a local publisher, Desktop Inc. The six year lease term commenced January 1, 2013, and the lease contract specified annual payments of $8,000 beginning December 31, 2013, and each December 31 through 2018. The machine's estimated useful life is 15 years with no estimated residual value.The publisher had the option to terminate the lease after four years. At the commencement of the lease, there was no reason to believe the lease would be terminated.Required:1. Prepare the appropriate entries for Universal Leasing from the commencement of the lease through the end of 2013.2. At the beginning of 2014, there was a significant indication that Desktop's economic incentive to terminate the lease had changed causing both companies to believe the lease will terminate at the end of four years (three years remaining). Prepare the appropriate entries for Universal Leasing at January 1, 2014, to reflect the change in the lease term.3. Prepare the appropriate entries pertaining to the lease for Universal Leasing at December 31, 2014.4. Determine the balances in the following accounts pertaining to the lease at December 31, 2013: Lease receivable, residual asset, and asset for lease.5. Determine the amounts reported in earnings pertaining to the lease during 2013 and during 2014 (ignore taxes).
Determine the taxable year of the LLC under the Code and Regulations and two years after formation of the LLC, Barney sells half of his interest (25%) to Aldrin, Inc. Can the LLC retain the taxable year determined in part (a)? Why or why not?
Blair, who is divorced, maintains a home in which she, her twin sons, and her baby daughter live all year. The children's father, Ross, provides over half their support. No special arrangements exist between Blair and Ross.
Discuss, with reasons, the apparent contradiction between the budgeted breakeven sales and production volumes and the preliminary profit achieved in the 2003 financial year and Calculate the budgeted profit before tax for the 2004 financial year. I..
part a explain why the payment to the taxpayer in fct v dixon 1952 86 clr 540 was assessable income but the payment in
Expenditures were made for the training of new employees. The average employee remains with the company for five years, but is trained for a new position every two years.
Evaluate Ms Chan's situation by referring to the six badges of trade and advise on whether the gain will be subject to Hong Kong profits tax.
What is Direct tax cross-border problem
According to Australian tax actions, Question Explain using examples and relevant sections of the act, what the differences between Ordinary Income and Statutory income are. Use your own examples (not from MTG or Barkoczy text)
How much should they save annually for the next three years if they want to build up Joseph's college fund to $20,000, assuming a 3 percent rate of return and ignoring taxes on the interest?
Advise Justin of the capital gains tax implications if he sells these assets now
Based on these three transactions what is Patrick's assessable income for the year ended 30 June 2012? Support your answer with reference to appropriate authority.
Necktie Pty Ltd (Necktie), an Australian resident company, had the following transactions in the year ended 30 June 2012.
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