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1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from prospective employers, he painted his house. I Ben had paid someone else to paint his house, the cost would have been $3,000. The cost of the paint Ben used was $800. What is Ben's gross income for tax purposes from the above events?2. A Series EE U.S. government savings bonds accrues 3.5% interest each year. The bond matures in three years, at which time the principal and interest will be paid. The bank will pay the taxpayer at a 3.5% interest rate each year if he agrees to leave money on deposit for three years. What tax advantage does the Series EE bond offer that is not available with the bank deposit?3. Selma operates a contractor's supply store. She maintains her books using the cash method. At the end of the year, her accountant computes her accrual basis income that is used on her tax return. For 2013, Selma had cash receipts of $1.4 million, which included $200,000 collected on accounts receivable from 2012 sales. It also included the proceeds of a $100,000 bank loan. At the end of 2013, she had $250,000 in accounts receivable from customers, all from 2013 sales.a. Compute Selma's accrual basis gross receipts for 2013.b. Selma paid cash for all of the purchases. The total amount paid for merchandise in 2013 was $1.3 million. At the end of 2012, she had merchandise on hand with a cost of $150,000. At the end of 2013, the cost of merchandise on hand was $300,000. Compute Selma's gross income from merchandise sales for 2013
Ben Grimm is a 40% partner in We Four, LLC a super-heroing organization. (He does most of the heavy lifting. Reed has 40%, he is the brains. Sue has 10%--they never see her doin
1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr
explain 5 threats to auditor
Using tax software, file out federal and california tax form! Plus cover letter
Amy R. and David T. Smith are married and live at 123 Main Street, Stafford, VA 22554. Dave is self-employed as a web developer and Amy is a commercial refrigeration sales represen
Tax incidence can be separated into- 1. Formal incidence: the party liable to the tax 2. Informal incidence: party, who really pays the tax The tax incidence is decided by t
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Cecil C. Seymour is a 646-year-old widower. He had income for 2013 as follows: Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest inco
John Alan Kelly and Rosalyn Elaine Kelly, a married couple, live at 3822 Robin Lane Houston, Texas 77049-7236. Their home telephone number is (713) 468-9721, home fax number is (7
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