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During the course we often discussed the concept of "tax doctrines". Discuss where and how these originate and how they are important to the conclusion of tax law as it may apply to unique circumsta
Sam works at the Enrico Arpaci men's clothing boutique in Beverly Hills, earning $30,000 per year. At work he wears Enrico Arpaci suits, which cost $1,500 each. Sam purchases five new suits each yea
Carlos bought stock in year one for $1,000. In year three, when the stock is worth $10,000, he donates the stock to Alma Mater Law School. Carlos has $300,000 of adjusted gross income in year three.
Bill owns a sporting goods store. If Bill contributes inventory (shoes, baseballs, and so forth) with an adjusted basis of $1,200 and fair market value of $1,000 to a public charity, how much can h
In December, year one, Elizabeth phones the AIDS Project of Los Angeles and charges a $1,000 donation to the organization on her Mastercard.
Bill's buys a raffle ticket for $100 as sold by a local charity as a fund raising event for the charity. The potential prize is $5,000. Is this raffle ticket purchase deductible as a charitable don
How, if at all, would your answer in part (a) change if the Beverly Hills community pool is two blocks from George's mansion and George can swim at the community pool? IF medical expenses are deduct
Total contribution margin currently is (50-15)*3600=126,000. If you increase total contribution margin by 40% you get 176,4000. what would the contribution margin be?
Jerry, a Maine resident, has a chronic respiratory infection. His doctor recommends that he spend a few weeks in a special ecological environment facility where the air is especially purified. Jerry
Giovanni suffers a $7,000 loss when his kitchen floor suddenly collapses due to a flood. Is Giovanni's loss deductible?
Mayer Instrumentation sold a depreciable asset for cash of $490,000. The original cost of the asset was $1,580,000. Mayer recognized a gain of $61,000 on the sale. What was the amount of accumulate
Assume Select made no adjusting entry with respect to this note before preparing the financial statements at December 31, 2011. What is the effect of this error on the financial statements for 2011?
What gain or loss is recognized by the corporation when it issues its shares to John? What is the basis to the corporation of the property it received from John?
Kramer Corporation is consideringtwo investment projects, each of which would require $50,000 Cost and cash flow data concerning the two projects are given below.
Two months ago, Victory Corporation purchased 5,500 pounds of Hydrol, paying $18,700. The demand for this product has been very strong since the acquisition, with the market price jumping to $4.05 p
The Poe Corporation has 50,000 shares of common stock outstanding. Net income for the year was $142,000. Poe declared and paid preferred stock dividends of $16,000 during the year. Calculate earning
A company had net income of $252,000. Depreciation expense is $26,000. During the year, Accounts Receivable and Inventory increased $15,000 and $40,000, respectively. Prepaid Expenses and Accounts P
Central Tendency We have several Measures of Central Tendency (averages). We usually use the mean. Where would we use other measures, such as the mode or the median?
Should Charity Begin with the Politician? A recently retired political figure has decided to start a charity for a popular cause. Appropriate clearances were obtained and a board created of friends
With the increased advertising, the company expects sales revenue to increase by 15 percent. Assume that cost of goods sold remains a constant proportion of sales. Can the company reach it's goal
A firm is planning to invest $150000 in a project with the following cash inflows for the coming 4 years Year 1 30000 Year 2 40000 Year 3 50000 Year 4 60000 What is the NPV and IRR of the project ?
Calculate the amount of net profit with the use of following figures Sales 10000units Selling Price $10 per unit Variable Cost $5 per unit Break even point 5000units
The Higgins Company has just purchased a piece of equipment at a cost of $140,000. This equipment will reduce operating costs by $66,000 each year for the next nine years.
Sohr Corporation processes sugar beets that it purchases from farmers. Sugar beets are processed in batches. A batch of sugar beets costs $48 to buy from farmers and $15 to crush in the company's pl
Suppose the selling price of the upgraded computers has not been set. At what selling price per unit would the company be as well off upgrading the computers as if it just sold the computers in thei