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Office supplies unlimited is a small office supply outlet. The result of its operations is for the most recent year are summarizedas follows:
gross profit on sales: $95,000cash operating expenses: 43,000depreciation expense: 16,500compensations to owner(s): 20,000distribution of profit to owner(s): 5,000
determine how much income is to be taxed for:
-a sole proprietorship owned by H?
-partnership owned by L and P with agreement to share all itemsequally. P is guaranteed a salary of $20,000
- a corporation owned equally by N and K. K is employed bythe business and receives salary of $20,000.
The income tax return excluded a revenue item of $10,000 (reported on income statement) because under tax laws the $10,000 would not be reported for tax purposes until 2011.
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What could be the income tax consequences to real estate owners of receiving the rebate in 2012 and When Wally died in 2011, the life insurance policy was still in force, and Lime received $3,500. Is $3,500 of life insurance proceeds received by Li..
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