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In 2012, Rob met Susan at a party. Susan told Bob she was directing a business venture that bought poorly managed restaurants in order to turn them around, and she found a real "gold mine" but needed additional cash in order to purchase it. Bob loaned $100,000 to Susan under a written agreement whereby Susan would repay the loan for a five year period plus 15 percent interest annually on the unpaid balance. Later in the year, Bob discovered Susan never intended to purchase the restaurant and had used the money for her personal benefit. He then sued Susan in 2014, but was unable to recover any of the $100,000. Discuss the tax treatment that Bob may take with regard to this loan.
What is the basis in the like-kind property received and what is the basis in the not like-kind property received
Compute Kit Inc.'s general rate income pool (GRIP) account balance as of December 31, 2011.
Describe how is the $25,000 treated for purposes of Federal tax income and explain what is your determination regarding reducing the taxable amount of income for both (a) and (b) above?
CALCULATE the TAXABLE INCOME and TAX PAYABLE of John for the year ended 30 June 2014.
Prepare a memorandum that outlines the tax consequences of each of the three alternative acquisitions
Assuming Chen elect not to claim bonus depreciation, what is the maximum current year cost recovery deduction on the asset purchased?
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Prepare Journal Entries to account for income taxes in Year 1 and Year 2.
Topaz Corporation had the following income and expenses during the current year: Revenues $80,000 Expenses $30,000 Gains on sale of Capital assets $ 5,000 Losses on sale of Capital assets $(25,000) What is Topaz's taxable income
In addition, include the tax benefits (savings) for the first year and the present value (use 5% discount rate) of the total tax benefits for the entire 5-year period. Discuss how the tax benefits and present value would change if a different method ..
A. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. Inaddition to four dependent children, they have AGI of $65,000 and itemized deduc-tions of $15,000.
what should be the ratio of the cable tax to the satellite tax? Discuss briefly the assumptions behind your calculation and discuss the incentive effects associated with this EMTR schedule, regarding the decision to join the workforce and to increas..
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