User Account

All Pages

How should susan tom and jim treat their loss based on tax

Assignment Help Taxation
Reference no: EM131131128

Assignment

Susan formed Dental LLC, and received 80% interest in the company. Two other dentist Tom and Jim received a 10% interest in the company. Susan provided all necessary capital, while Tom and Jim provided experience and commitment to work for Dental LLC. Taxed as a partnership for federal income tax purposes.

Susan worked about 300 hour for the company, and received a guaranteed payment of $100,000. Tom and Jim each worked about 600 hours and each received a guaranteed payment of $150,000. Company generated a net loss of $530,000.

Required: How should Susan, Tom and Jim treat their loss based on the tax codes?

Reference no: EM131131128

Questions Cloud

What is the value per share of boehm stock : Constant Growth Valuation Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1 = $1.50). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, rs, is ..
What should the broker recommend : What should the broker recommend if the couple wants to maximise the return on their investment?
Identify the critical issues or problems in the case : Identify the critical issues or problems in the case and analyze the key facts related to the issues or problems. Discuss a tentative solution that addresses the issues or problems and how you would implement your solution.
What does horizontal segmentation mean in this paragraph : What does horizontal segmentation mean in this paragraph?- very critical point, he made us realize the importance of what he likes to call "horizontal segmentation."
How should susan tom and jim treat their loss based on tax : Susan formed Dental LLC, and received 80% interest in the company. Two other dentist Tom and Jim received a 10% interest in the company. How should Susan, Tom and Jim treat their loss based on the tax codes?
What did nan aka observe on gavaskar body : What did Nan aka observe on Gavaskar's body on the day of his birth? How did it help in retaining his identity
What are the us tax consequences of the bank loan : What are the US tax consequences of Greg contributing the $50,000 for all the stock, The bank loan, The ordinary losse for the two years, Ex-wofe receiving half the stock and The ordinary income from 2015.
Essay about my mother stuck on body paragraphs : Writing a personnel essay about my mother stuck on body paragraphs
What is the dollar anoint coming in and going out : One week a computer store sold a total of 36 computers and external hard drives. The revenue from these sales was $28765 If computers sold for $1180 per unit and hard drives for $125 per unit, how many of each did the store sell? How many computer..

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd