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Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $9,700, real estate taxes of $3,500, state income taxes of $6,000, and interest on a home-equity loan of $3,900. Sylvester’s regular taxable income is $126,000.
a. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car?
b. What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage next to his home?
Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less?
norman company sells MP3 players for $60 each. Variable cost are $40 per unit, and fixed cost total $60,000. What sales are need bay norman to break even?
What are the total contributions by profit center (CPC) for these divisions and operating income for the company? Assume there are no untraceable fixed costs.
Advanced Financial Accounting AMFA700 Assignment. Prepare the consolidation journal entries necessary to prepare the consolidated financial statements for Horopito Limited, its subsidiary and associated company at: 31 March, 2015
It is now January 1, 2012. Today you will deposit $1,000 into a savings account that pays 8%. If the bank compounds interest annual, how-much will you have in your account on January 1, 2015 ? What will you January 1,2015, balance be if the bank uses..
Honda sells recreational vehicles and is running a special package on one of its four wheel models.
In your opinion could the unrealized gains on the investment held in the special revenue fund be nonexpendable or expendable. How is the transfer from the permanent fund to the particular revenue fund reported in the government-wide statements
Ted also owns a 10% of Subco (an S corporation) that had $100,000 of taxable income and distributed a total of $60,000 to its shareholders. How much must Ted include in his gross income as a result of being a shareholder in these two corporations?
Presented below is pension information related to Woods, Inc. for the year 2013. Service cost $85,000 Interest on projected benefit obligation $66,000 Interest on vested benefits $30,000 Amortization of prior service cost due to increase in benefits ..
Each year he will receive a bonus equal to 10 percent of his salary. Mr. Adams is expected to work for 25 years. What is the present value of the offer if the discount rate is 12 percent?
On Jan 1, 2013 the Sub issues $550,000 in 6% 8 year Bonds at 103%, interest payable Dec 31. On June 30, 2017, the Parent acquires the Sub’s bonds for $498,500. The Sub is 65% owned by the parent. What is the impact on the Sub’s Net Income for 2017? W..
Alpha and beta are partners who share income in the ratio 1:2 and have capital balances of $40,000 and $70,000 at the time they decide to terminate teh partnership. after all non cash assets are sold and all liabilities are paid, there is a cash bala..
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