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Jane makes a living renting expensive state of the art surveillance equipment to detectives and nervous spouses. Her average rental period is 27 days. The rental price includes all the technical help the user requires. Her people frequently help set up the equipment and are willing to help the customer in any way. The IRS should classify this activity as "not a rental activity" for the purposes of the passive activity rules.
Nate owns a 8% interest in a rental. He is active with respect to the rental. His only income for 2009 is a $50,000 of salary and a $3,000 loss from the rental. He can deduct all of the rental loss against his salary.
Jerry Jones rented out his home for 12 days last year. For this he received $21,500 of rental income. Jerry can exclude the rental income from gross income.
What kinds of business ownership exist? Particular form of business ownership has significant implications for accounting purposes and so it's useful to be clear about the main
Assertion -Implicit or explicit representations by an entity's management which are embodied infinancial statement components and for which AUDITOR obtains and evaluates evidential
Q. What is Financial Statements? Financial Statements - Presentation of financial data involving BALANCE SHEETS, INCOME STATEMENTS and STATEMENTS OF CASH FLOW or any supporting
Q. Show the Audit Documentation? Audit Documentation -Written record of the basis for AUDITOR's conclusions which provides the support for auditor's representations, whether th
Calculation of Efficiency ratios - 2008 2009 2010 M Net Sales
A Company policy calls for keeping safety-stock equal to 25% the forecasted demand for that month. The company currently has a work force of 12 people. It takes a worker 3 hours
features of branch accounts
Exceptions to the rule of lapse There is no lapse in either of the following cases: 1. Where the gift or disposition is made in discharge of a moral obligation recognised by t
Q. What is Materiality? Materiality - Magnitude of an omission or misstatements of ACCOUNTING information that, in the light of surrounding circumstances, makes it probable tha
DEFINITION OF BANKRUPTCY Bankruptcy is another key area of accounting . The issues addressed here deal with the properties of an individual (a sole trader or partner in a partner
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