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Samuel had worked for Pearl, Inc., for 35 years when he was discharged and his position filled by a much younger person. He filed and pursued a suit for age discrimination and received an award of $1.5 million. Under the contingent fee arrangement with his attorney, one-third of the award was paid directly to the attorney, with the balance going to Samuel. Samuel reported $1million gross income on his tax return, but did not include the $500,000 paid to the attorney. The IRS audited Samuel's return and included the $500,000 contingency fee in gross income. At the same time, Samuel was allowed a miscellaneous deduction (subject to the 2% floor) for the fee paid to the attorney. The IRS adjustment caused a tax deficiency to be assessed for both the regular income and the AMT. Evaluate the results reached.
in the month of april a department had 500 units in the beginning work in process inventory that were 60 complete.
here are some questions i have on financial accounting using the text financial accounting fundamentals 1 given the
moss exports is having a bad year. net income is only 60000. also two important overseas customers are falling behind
thornton company has an old factory machine that cost 50000. the machine has accumulated depreciation of 28000.
during 2010 gordon company issued three hundred 1000 bonds at 104 due in 10 years. one detachable stock warrant
Which of the following is a characteristic of mathematical or scientific proof?
why separate the traceable fixed costs from the common fixed costs? what is meant by a traceable fixed cost of a
the following items represent liabilities on a firms balance sheeta. an amount of money owed to a supplier based on the
ashton martin is a student who plans to attend approximately four professional events a year at her college. each event
If fixed costs are $600,000 and the selling price per unit is$160 and the variable cost per unit is $60, what amount of units must be sold in order to realize an operating income of $200,000?
Cherokee Company acquired a machine on January 1, 2009, that cost $2,700 and had an estimated residual value of $200. Complete the following schedule using the three methods of depreciation: A. straight-line, B. units-of-production, C. 150% declin..
Penny, Miesha, and Sabrina transfer property to Owl Corporation for 75% of its stock. Nancy, their attorney, receives 25% of the stock in Owl for legal services rendered in incorporating the business. What are the tax consequences of these transac..
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