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Question 1:
Show the tests developed by court cases to differentiate between losses and outgoings on revenue account and on capital account.
Show the deductibility, with reference to legislation or case law, of the subsequent losses or outgoings of Michael, a solicitor:
You should describe why you have come to your decision in each case above.
Question 2:
Justin, aged 58, is about to sell his lawn mowing business that he has owned for 14 years, and has come to you for advice to minimize his tax in relation to the sale. He evaluates he will make a gain on sale of $90,000. He is considering moving overseas permanently and selling this business as well as a rare artwork and a canoe he acquired in September 2012.
Advise Justin of the capital gains tax implications if he sells these assets now.
Determine taxable income before considering expense.
Prepare the required journal entry to record the tax expense
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Calculate Carolines taxable income
Prepare a Tax Research Memorandum to convey conclusions
Prepare an argument for using the AMT to a taxpayer's advantage
Quarterly estimated tax payments
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
What is the ABC Partnerships required tax year and Do the allocations have Substantial Economic Effect?
Complete Phillip and Claire Dunphy's 2012 federal income tax return.
Examine and determine each capitalization creiteria and evaluate what type of lease this is for Adden.
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