1. Discuss the firm's decision in the payout policy and its implication.
2. Discuss the use of accounting profit in evaluating the company performance.
3. Are any of the following items deductible on an individual’s income tax return? If so, is the item deductible ‘for’ or ‘from’ AGI? Explain your answer to each item:
??a. Payment of a $100 speeding fine related to the individual’s Schedule C business.
??b. A cost of $345 for having a federal income tax return prepared by a CPA.
??c. A legal fee of $2,500 for estate planning advice of which 50% was related to tax planning