Reference no: EM131206426
Provide me answer in details for the following Corporate Taxation related course. “To what extent are the personal assets of a general partner, limited partner, or member of an LLC subject to (a) contractual liability claims such as trade accounts payable and (b) malpractice claims against the entity? Answer the question for partners or members in a general partnership, an LLP, a nonprofessional LLC, and a limited partnership.” Write briefly.
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About the standard deduction
: Louis files as a single taxpayer. In April of this year he received a $1,120 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the..
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Compute the revised annual depreciation
: Relaford Corporation purchased a piece of equipment for $61,800. It estimated an 7-year life and $3,070 salvage value. At the end of year 4 (before the depreciation adjustment), it estimated the new total life to be 9 years and the new salvage value ..
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Company predetermined overhead rate for the year
: Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 35,000 direct labor-hours would be required for the period’s estimated level of production. Compute t..
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What is the acquisition cost of each asset
: Lump-Sum Purchase To add to his growing chain of grocery stores, on January 1, 2014, Danny Marks bought a grocery store of a small competitor for $435,000. An appraiser, hired to assess the acquired assets' values, determined that the land, building,..
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Contractual liability claims such as trade accounts payable
: Provide me answer in details for the following Corporate Taxation related course. “To what extent are the personal assets of a general partner, limited partner, or member of an LLC subject to (a) contractual liability claims such as trade accounts pa..
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Properly classified between current and long-term
: At the financial statement date of December 31, 2017, the liabilities outstanding of ABC Corporation included the following: Cash dividends on common stock, $50,000, payable on January 15, 2018. Note payable to XYZ State Bank, $470,000, due January 2..
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Prepare the entry to record the employer payroll taxes
: The following information about a company is as follows: Total payroll was $2,760,000. $480,000 of the $2,760,000 represented amounts paid in excess of $118,500 to certain employees. Prepare the journal entry for the salaries and wages paid. Prepare ..
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Prepare the journal entry to record the accrual of interest
: According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $130.00 for FICA taxes, $17.50 for federal unemployment taxes, and $84.50 for state unemployment taxes. Prepare the journal entry to record the issuance of th..
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Partner basis in the partner partnership interest
: Which of the following decreases a partner’s basis in the partner’s partnership interest? Jim, one of two equal partners of the JJ Partnership, a general partnership, contributed business property with an adjusted basis to him of $15,000 and a fair m..
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