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1. Mary owns a drapery business and in 2014 sold three sewing machines for $6000. She purchased the machine for $5000 in 2012 and claimed depreciation of $3000. What are the amount and the correct nature of Mary's gain? a. 0 ordinary gain and $4000 section 1231 gain b. 2000 ordinary gain and 2000 section 1231 gain c. 3000 ordinary gain and 1000 section 1231 gain d. 4000 ordinary gain and 0 section 1231 gain 2. Section 1245 recapture applies to all the following except a. depreciable personal property b. assets sold or exchanged at a loss c. total depreciation or amortization allowed or allowable d. amortizable intangible personal property. 3. If an individual is liable for self-employment tax, a portion of the self-employment tax is a. a for AGI deduction b. from AGI as an itemized deduction c. a Schedule C business expense d. self-employment tax is nondeductible Problem 1. George and Meredith, who are married, have a regular tax liability of $21,800, taxable income of $100,000, tax preferences of $23,000, and positive adjustments attributable to limitations on itemized deductions of $18700 this year. They claim $11,700 of personal exemptions for themselves and their 20 year old dependent daughter. The AMT exemption is $153900 (use the $153,900 as the correct amount of the exemption). What is George and Meredith's alternative minimum tax for 2014? 2. James and Ellen Connors, who are both 50 years old and married, sell their personal residence on July 25, 2013 for $950,000. They have lived in the house for 20 years. The basis of their home is $350,000. They purchased a new home for $1,000,000 in August 2014. After living in that home for 125 days, the Connors were forced to sell their new home in 2014 for $1,300,000 and move to another climate due to Ellen's severe health problems. What is the amount of gain recognized on the home sale in 2014?
Sheppard industries evaluating a proposal expand current distribution facilities. Management projected produce cash flows years (in millions)
Why is it not possible simply to add together the separately computed earnings per share amounts of individual affiliates in deriving consolidated earnings per share? Explain.
Was the painting used in a trade or business? Was the painting depreciable (not held for sale in the ordinary course of the taxpayers business and not held for investment)?
Prepare the adjusting entry at December 31, 2002, to report the securities at fair value. Show the balance sheet and income statement presentation at December 31, 2002, after adjustment to fair value.
Hazel has investments in two nonrental passive activities: What is the total of Hazel's suspended losses from these activities?
Decker Corporation purchased 1,000 shares of Kent common stock at $75 per share plus $3,000 brokerage fees as a short-term investment. The shares were subsequently sold at $80 per share less $3,400 brokerage fees.
A share of common stock just paid a dividend of $3.25 per share. The expected long-run growth rate for this stock is 18%. If investors require a rate of return of 24%, what should the price of the stock be?
On January 1, 2010, Kentwood Company issued bonds with a face value of $800,000. The bonds carry a stated interest of 7% payable each January 1 and July 1. Prepare the journal entry for the issuance assuming the bonds are issued at 97.
Roskoff subsequently paid this balance. At December 31, 2009, an analysis of the accounts receivable aging schedule indicated the need for an allowance for uncollectible accounts of $14,900.
Decision usefulness is an underlying theme of the conceptual framework, true or false? Users of financial statements are assumed to have substantial knowledge of business and financial accounting matters by financial statement preparers, true or fa..
Discuss at least two specific examples of the expanding role of blogs in reporting and commenting on social, political, cultural, legal and sports issues.
Even though a balanced scorecard is a vital tool for organizations, you do not consider the financial area relevant for your two clients. Is this a fair assessment? Does the type of organization affect the relevancy of a balanced scorecard's four ..
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