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David builds and maintains web applications for a number of clients. He does a majority of his work from his home office, but he frequently drives to the client site to meet with his clients. Occasionally, he meets with his clients in his home office. David's home office occupies 400 square feetof their 4,000 square foot home. The home was built at a cost of $350,000 on a lot previously acquired for $75,000. The Smiths moved into the home on May 10, 2008. As to business use, depreciation has been based on MACRS. Besides home mortgage interest and property taxes, residence expenses for 2011 are summarized below.
Utilities $4,200
Cleaning service 2,400
Home security system 1,200
Homeowner's insurance 2,100
Repair to drywall in office 750
In addition, David has office supplies expense of $800 and a dedicated phone line at a cost of $600. For use in his business, David purchased a laptop for $2,500 on August 4th and a printer for $400 on March 7th. Except for his vehicle, David opts to maximize his depreciation deductions whenever possible.
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
Dan and Cheryl are married, file a joint return, and have no children. Dan is a pharmaceutical salesman and Cheryl is a nurse at a local hospital. Dan%u2019s SSN is 400-20-1000 and
A1 Evaluate the accuracy of the term "New South" in describing the post-Civil War South, and discuss ways in which the term was and was not appropriate. A2 What was the Indian "
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Microrax Company earned before-tax income of $960,000 for its 2013 fiscal year. During the year the company experienced a $605,000 loss from earthquake damage that it considered to
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What is the amount of tax expense? Describe the controversy with respect to the recognition of deferred tax liabilities?
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