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Problem
John is a 50% shareholder of an S corporation that owns rental real estate that generated a $30000 loss for the current tax year. The S corporation paid $90000 for the property it purchased. The corporation financed its purchase by John paying $1000 for his stock and lending the corporation $9000 from John's personal funds. The corporation borrowed $80000 from Bank of America which John guaranteed so the bank would lend the corporation the money. Thus the corporation collected $90000 total cash to buy the property (10K from John and 80k from the bank). The $30000 loss was financed by the other shareholder lending the corporation the money it needed to pay the business expenses. How much can John deduct in this tax year as his pass-thru of loss from this S corporation?
What would you say to Massie regarding her listed deductions? How much of the deduction is allowed for charitable contributions?
The remainder of the fixed selling and administrative expense represents current cash flows. The cash disbursements for selling and administrative expenses on the March selling and administrative expense budget should be:
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Steve Smith has completed a forecast of cost-volume-profit analysis for the Swiss Chocolate Manufacturing Company's U.S. division manufacturing plant for the coming year.
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prepare a form 1065 and appropriate schedules for ab custom saddles for tax year 2012 based upon the following factsab
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