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Taxpayer has been engaged in the general practice of medicine for more than 30 years. In 1991, he took over the operation of his family farm and decided to convert the farm into a cattle farm. He employed a full-time helper on the farm but he himself did much of the physical work. In this endeavor taxpayer had advice of assistance of a local farm agent, an expert cattleman and an expert farm machinery mechanic. Taxpayer raised cattle as well as catfish and quarter horses. However, after encountering technical and demand problems he discontinued the raising of the catfish and horses. He was presently raising thoroughbreds and was confident that this venture would be more profitable. During the period 1991 through 2014, taxpayer farming operation resulted in substantial losses, averaging approximately $15,000 per year. During the taxable years of 2013 and 2014 his farm losses totaled $30,000 and $25,000 respectively. The evidence shows that taxpayer had not made a profit on a year by year basis during this entire period although his testimony to the IRS agent was they he always had operated and still operated his farm with a profit MOTIVE. Can taxpayer deduct the losses?
The beginning and ending balances in salaries payable were $40,000 and $15,000, respectively. Illustrate what was the amount of cash paid for salaries?
classification of cash flow activities.any given transaction may affect a statement of cash flows using the indirect
On Jan 1, 2010, Morgan Company acquires 300,000 of Nicklaus, Inc, 9% bonds at 278,384. the interest is payable each December 31, and the bonds mature Dec 31, 2012. the investment will provide Morgan Company a 12% yield. The bonds are classified as..
What is the Net Working Capital for 2013? What is it for 2012? What is the Change in Net Working Capital (NWC)? Why is an understanding of cash flow so important in the study of finance?
Bukowitz Inc. has a favorable direct labor rate variance. Which of the following would be the most likely reason for this variance?
Don Humes invested $40,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for th..
what accounting concepts state that an accounting transaction should be supported by sufficient evidence to allow two or more qualified individuals to arrive at essentially similar conclusion?
How does the contributions of Aztecs and Spanish helped create Mexico's culture?
On January 1, 2010, Ellison Co. issued 8-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semi annually on June 30 and December 31. The bonds were sold to yield 8%. Table values are as follows:
Consider Defiance Manufacturing Company's 8% bonds that mature on April 15, 2026. Assume that the interest on these bonds is paid and compounded annually.
Paid $1,200,000 to the municipal stadium as advance rent for use of the facilities for the five month period from May 1 through September 30. This payment was initially recorded as Prepaid Rent.
Compute the ROI for the division without the investment. Compute the ROI for the division with the new investment. Do you think the division manager will approve the investment?
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