Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Assignment (1,500 words maximum) 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: • Shirley was required to put on 10 kg to play the lead role in a new telemovie set in the 1950s. She was told she would only be awarded the role if she put on weight. She dined at restaurants several times a week and ate lots of fast food. She estimated that she spent around $500 on food that she would not ordinarily have eaten. She was paid $40,000 for her role. When she put on weight she had to buy new clothes to fit her at a cost of $1,500. At the end of filming the movie, she wanted to lose the weight and get back in shape. She hired a dietician at a cost of $800, a personal trainer at a cost of $2,500 and spent a week at a health farm at a cost of $1,200. • Shirley was paid $1,500 by a women's magazine for an interview in which she spoke about her new telemovie as well as about her personal life. • During the year, Shirley was fortunate enough to get a role in an upcoming Hollywood movie. Under the contract, she was to receive $15,000. She decided to pamper herself a little after her hectic filming schedule, so she flew first class to the US to film her part in the movie at a cost of $5,000 (an economy ticket would have cost $2,000). After the filming she spent a week visiting movie agents in Hollywood. She was hoping she might be able to pick up more movie roles in the US this way. She regarded this week as a "working holiday" and treated herself to a first class hotel at a cost of $4,000. • A well known gossip magazine published a story on Shirley during the year that contained a number of untruth stories. Normally Shirley does not worry about these stories because she consider this to be part of being a movie star. However, on this occasion, she felt that some parts of the story were damaging to her reputation and could damage her chances of getting future roles as a movie star. She spent $10,000 in legal fees suing the magazine. The matter was ultimately settled out of court and Shirley received $25,000 in consideration of her giving up her rights to sue. Required: Discuss the income tax implications of the above receipts and payments by Shirley during the income year.
Determine taxable income before considering expense.
Evaluate the income tax return
Evaluate what amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
You are a CPA and a tax senior at Roll Accounting Inc. (RAI), an accounting professional corporation in Canada. It is now March 31, 2014 and you have just finished meeting with Mike Dee, a partner at RAI. Mike has some tax issues that he wants you to..
Evaluate the NPV, and the Profitability Index(PI) for this project. Should this project be undertaken?
osalyn uses the Cash Method Of Accounting for Federal Income Tax purposes for her business, ROSALYN'S BOOKSTORE, and the business code for the business for Federal Income Tax purposes
Determine the days sales uncollected for both companies as of the end of the present period. Which company is doing a better job in managing the collection of its receivables?
Public Economics - Taxation, What if Matt had put his money in a Roth IRA instead and tax rate Matt faces in this problem will be the same in all years from now through retirement unless stated.
Prepare a memo to your CFO indicating the outcome of such a change on current taxes and outlining the needs for making this change and provide recommendation to Salem management regarding tax implications of this contribution.
How much income must Dave report for tax year and what is character of the income and evaluate what is Dave's basis in his partnership interest at the end of tax year?
Bob and Mary want to know how they should finance the wedding and if tax implications may be a factor and the most general end product of a research question is a research memo.
Is the purpose of Religious Publications a tax exempt purpose? Would it make any difference if Religious Publications had been established by a definite religious group and worked only for that group?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd