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Janet purchased a new car on June 5, 2009, at a cost of $18,000. She used the car 80% for business and 20% for personal use in 2009. She used the automobile 40% for business and 60% for personal use
Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO and (3) average-cost.
Twilight has medical staff in residence. Disregarding the 7.5% floor, how much, if any, of these expenses qualify for a medical deduction by Sandra?
As of March 31, Impatiens owed $15,000 to the bank. Impatiens' cash budget for April will show that, in April, Impatiens expects to:
James purchased a new business asset (three-year property) on July 23, 2009, at a cost of $50,000. He did not elect to expense any of the asset under § 179, nor did he elect straight-line cost
Karen's basis in the land is $275,000, and the corporation assumes a liability on the property in the amount of $300,00. The stock received by Karen has a fair market value of $550,000.
Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim's AGI for the year is $50,000, determine his deductible loss on the car.
A) Calculate the amount of the corporation's loss that may be deducted by Bill on his 2009 tax return.
however, made an election to not have the uniform capitalization rules apply to the farming business. Sam does elect not to take additional first-year depreciation. Determine the cost recovery deduc
Karen, in forming a new corporation, transfers land to the corporation in exchange for the 100 percent of the stock of the corporation. Karen's basis in the land is $275,000, and the corporation ass
During 2009, she uses her car 20% for business and 80% for personal activities. Assuming the dollar amount from the IRS table is $233, determine Lana's deduction for the lease payments.
Doug purchased a new factory building on January 15, 1987, for $4,000,000. On March 1, 2009, the building was sold. Determine the cost recovery deduction for the year of the sale assuming he did not
For Bobby Company, sales is $1,000,000 (5,000 units), fixed expenses are $300,000, and the contribution margin per unit is $80. What is the margin of safety in dollars?
Hans purchased a new passenger automobile on August 17, 2009, for $40,000. During the year the car was used 40% for business and 60% for personal use. Determine his cost recovery deduction for the c
His adjusted gross income was $14,000 (before considering the loss). What is Norm's deductible loss?
Describe the alternatives that you as an accountant would have in this situation.
White Corporation, a closely held personal service corporation, has $150,000 of passive losses, $120,000 of active business income, and $30,000 of portfolio income. How much of the passive loss may
On June 1 of the current year, Tab converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the machine for $120,000. The ma
Nichols Company had 500 units of "Dink" in its inventory at a cost of $5 each. It purchased, for $2,400, 300 more units of "Dink". Nichols then sold 600 units at a selling price of $10 each, resulti
The present value of an annuity due of 1 for six years at 10% is 4.79079. The present value of an annuity due of 1 for six years at 8% is 4.99271. Metcalf should record the leased asset at ??
At the time of the notification, the note had a balance due of $15,500. What is the amount of loss, with respect to the note, that Hank's Auto may claim on the current year tax return?
Leonard Lambert's commercial building, which had an adjusted basis of $500,000, was partially destroyed by fire. The fair market value was $800,000 just before the fire and $600,000 immediately afte
The membership ensures that Terry will receive choice seating at all of Mammoth's home basketball games. In addition, Terry pays $2,200 (the regular retail price) for season tickets for himself and
what is Pedro's charitable contribution?
The new truck listed for $ 18,950 and wumbaugh Auto Sales allowed a $2,825 trade-in allowance on the purchase of the new vehicle. How would you post this transaction?