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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.
Revenue expenditures 1. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities 2. Are known as balance sheet expenditu
A company is considering the purchase of new equipment for $45,000. The projected after-tax net income is $3,000 after deducting $15,000 of depreciation. The machine has a useful l
Q. Example on Differential cash flows? Differential cash flows: contracting out versus in-house provision NET PRESENT VALUE =£45519 The positive NPV signifies th
On its December 31, 2010 balance sheet, Emig Corp. reported bonds payable of $6,000,000 and related unamortized bond issue costs of $320,000. The bonds had been issued at par. On J
Provisions of the Partnership Act In the event of absence of a partnership agreement/deed or in the event of ambiguity therein, the provisions to the partnership Act will apply
what are the concept of economic substance over legal form under accounting for lease?
When Lydia started her vending machine business, she instituted flexible budgeting for the first few months of operations. Her first monthly budget numbers were these: Cost of g
gershwin coporation obtained afranchise fron sonic hedgeehog inc .for a cash payment of $ 120000 on april 1,2010 . the franchise grants gershwin the right to sell certain product a
The following figures are taking from the book of Sheen Compnay limited as on december 31,2009 DEBIT SIDE : opening stock Rs 75000 purchases 245000 wages 30000 c
Q. Explain Productivity linked bonus? The grant of productivity-linked bonus is intended to provide substantial motivation towards achieving higher productivity by way of incre
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