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Your firm has clients named Danny and Mary. They are married and have two dependent children. They also fully support Mary's mother, who lives with them and has no income. Their 2010 tax and other related information is as follows:
Total salaries - $110,000Bank account interest income - $3,500Municipal bond interest income - $1,500Rent income - $7,000Rent expenses - $9,000Value of employer-provided medical insurance - $5,500Value of premiums for $50,000 of group term life insurance provided by employer - $500Share of partnership income - $30,000Partnership distribution - $10,000Dividend income from ABC stock - $2,000Loan from Danny's parents - $5,000Gift from Danny's parents - $15,000Total itemized deductions - $16,000
Determine Danny and Mary's taxable income.
Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, accelerated depreciation is used and Orkin may deduct 14% for 2012.
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
CPAs attest to management assertions by reference to pre-established criteria. What criteria are used to judge the fairness of financial statements during a financial statement audit? Why is it important that the attest function references specifi..
Tosco Co. paid $540,000 for 80% of the stock of Martz Co. when the book value of Martz's net assets was $600,000. For all of Martz's assets and liabilities, book value and fair value were approximately equal.
If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
JBC Corporation is owned 20 percent by John, 30 percent by Brian, 30 percent by Charlie, and 20 percent by Z Corporation. Z Corporation is owned 80 percent by John and 20 percent by an unrelated party.
Instructions, (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts. (c) Prepare a post-closing trial balance at April 30.
Two parties seek to perform a like-kind exchange. The first party has real property with a FMV of $350,000 and a loan of $50,000. She purchased the property for $150,000 in 1996 and has since depreciated the property by $50,000.
Dove Corporation had purchased the land as an investment three years ago for $375,000, and the land was distributed subject to a $270,000 liability. Alexandra took the land subject to the $270,000 liability. What is Alexandra's basis in the land?
Briefly explain the rationale for a sale and leaseback and the advantages for firms engaging in such an exercise.
Aqua Tech is considering investing in a new testing device. It has two options: Option A would have an initial lower cost but would require a significant expenditure for rebuilding after 5 year.
The best means to accomplish the revenue-related motive of attracting new sources of demand is to:
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