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Research Problem - Your client was the beneficiary of an annuity contract purchased by her stepmother. When the stepmother died, the insurance company paid the client $400,000 and sent her a Form 1099 indicating that the taxable portion (i.e., the amount in excess of the investment in the contract) was $50,000. However, according to the client, her father fraudulently convinced her that he was the intended beneficiary. She gave her father a check equal to the amount she had received from the insurance company. She did not report any of the annuity proceeds in her income tax return. She later discovered the fraud and filed a lawsuit to collect from her father. The IRS has examined your client's return and has taken the position that she must include the $50,000 in her gross income. Evaluate the IRS's position.
on january 1 2013 albacore company had 340000 shares of its common stock issued and outstanding. albacore issued a 10
Sarah just graduated from college. What is the amount of annual payment that Sarah must make at the end of each year for 7 years
‘Sound business models are a necessary component in a healthy visual arts ecology and essential for most publicly funded organisations' (Royce, 2011, p. 3)
Net Income Operating Cash Flows Investing Cash Flows Financing Cash Flows 2015 $10,900 $14,800 -$7,500 $10,600 2016 $12,300 $19,200 -$9,100 -$6,400 What is the amount of Terastar's free cash flows for 2016? $6,900 $10,100 $12,800 $3,300
On January 23, 2011, a strike was called at one of Coburn's largest plants, which halted 30% of its production. As of today (February 13) the strike has not been settled.
Countries are using different approaches to strengthen auditor independence. What are the main benefits of international harmonization of auditing standards
Compute the December 2013 gross margin for Bishop's Falls Lumber Corporation assuming that by-product revenues reduce joint production costs
On January 1, a company issued a $50,000 face value, 8% five-year bond for $46,139. What is the bond carrying amount on December 31 of the current year?
here is the 1112 balance sheet of abc corporation cash 3500 accts payable 2950 accts rec 5700 accrued interest 156
Determine the value of ending inventory and gross profit under each of the methods LIFO, FIFO and average Cost
During July 2010, the first month of the 2011 fiscal year, Show the general journal entry to record the issuance of the purchase orders and contracts
Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2009.
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