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Your clients Bubba and Cindy RIos need tax preparation help. They sold a house for $401,000, basis of $55,000 bought another for $220,000. CIndy received dividends from her inheritance which was an annuity, but her mother's financial advisor told her to take the proceeds of annuity and buy mutual funds because she is so young and requires exposure to the market. The basis in the annuity is $200,000 Date of Death (DOD) value is $231,340. The mutual fund, Franklin Templeton Distressed Property Fund paid $7500 in qualified dividends. YOur clients also have 2 dependents, Shelly Rios (SSN:423-54-0923) and ROger Rios (SSN: 423-54-8065). Bubba has pension income from military for $9400 and Cindy has a small business netting $550. Bubba had $700 withheld for federal income tax. The genius financial advisor had taxes withheld on the transfer of annuity in the amount of $22,000. Assignment: Please create a 1040 for the RIos' and determine their amount of federal tax owed/refund for 2012. do you using the f1040
Stacey wants to know the tax consequences of incorporating the business. Her business assets include a building, equipment, accounts receivable and cash.
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Journalize December transactions. Do not record adjusting entries at this point - No journal entry required" for your answer to grade properly
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How do I evaluate the tax on the total cumulative gifts of 1,548,000? The answer is given to us which is 577,400 but we require to show how we got to that answer. Please help.
1. lee is starting a small lawn service. on advice of his accountant lee has formed a corporation and made an s
What is the firms after tax component cost of debt for purposes of calculating the WACC (base answer on nominal rate. Round answer to 2 decimal places. My answer was 12.87%, but that is not correct.
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