How would greg income be treated for california tax purpose

Assignment Help Accounting Basics
Reference no: EM132807320

Problem 1: Frangelica is a california resident and makes all of her income from California sources in 2019. Her husband Greg lives in Missouri all year and has no California source income. How would Greg's income be treated for California tax purposes?

a. Half of gre's income would belong for Frangelica under california'a community property rules; therefore, that half of his income is subjet to California income tax.

b. None of Frangelica's income would be taxed to Greg

c. As long as Frangelica does not visit Greg in Missouri, none of Greg's income will be taxed by California.

d. As long as Greg does not spend more than 4.5 months in California, his income will be exempt from California state income tax.

Reference no: EM132807320

Questions Cloud

How much would amber receive as total dividends : How much would Amber receive as total dividends? Show journal entry and solution. Amber Corporation invested in 120,000 shares of Kaeya Corporation
What is the real interest rate : What is the real interest rate given a nominal rate of 9% and an expected inflation rate of 4%?
What is the journal entry to be made on december : On December 31, 2007, the most recent trade proce of the stock was at $1.91. What is the journal entry to be made on December 31, 2007?
Determine vrx free cash flow year : Suppose VRX's free cash flow is expected to grow at 1% after Year 2. If VRX's weighted average cost of capital (WACC) is 16.7%, what is the value of VRX's stock
How would greg income be treated for california tax purpose : How would Greg's income be treated for California tax purposes? Frangelica is a california resident and makes all of her income from California sources in 2019
Company percentage cost of equity-reliable electric : Reliable Electric is a regulated public utility, and it is expected to provide steady dividend growth of 2% per year for the indefinite future.
Who among three life partners will be considered california : Who among the three life partners will be considered a CALIFORNIA non resident: Anne's husband, Barbara's registered domestic partner
What the total cost of this merchandise is : The company returned $205 worth of merchandise and then paid the invoice within the 3% cash discount period. The total cost of this merchandise is
How much interest and tax expense can bailey deduct : How much interest and tax expense can Bailey deduct from 2019 taxes? Bailey lives in half a duplex. He rents the other half to a tenant.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What refer to relevant common law and legislation

Advise the company of the above and what the company should do. In your answer please refer to relevant common law and legislation.

  Discuss a house and maintained a minimum of sar

There are three members in Abdullah's Family. He has three cars, a house and maintained a minimum

  How many days of working capital financing does midas need

You calculate the following from Midas Company's financial statements: Days in Receivables = 43. How many days of working capital financing does Midas need

  Assume there was no beginning work in process inventory

assume there was no beginning work in process inventory and the ending work in process inventory is 70 complete with

  Prepare the journal entries for the recognition of scrap

Scrap at time of sale or at time of production, journal entries (continuation of 18-40). Assume that Job #10 of Jellyfish Machine Shop generates normal scrap.

  What is the difference between equity and debt securities

What is the difference between equity and debt securities

  Considering the purchase of an automatic machine

A firm is considering the purchase of an automatic machine for $6,200. The machine has an installation cost of $800 and zero salvage value at the end of its expected life of five years. Depreciation is by the straight-line method with the half-yea..

  Create journal entries for the lessor of the transaction

Using the spreadsheet Lease Amort Schedule, make an amortization schedule that would be suitable for the lessee for the lease term.

  Prepare the appropriate journal entry for pocus to record

Prepare the appropriate journal entry for Pocus to record the income tax provision for the current year. Show well-labeled computations to support the three amounts in your journal entry.

  Journalize the closing entries on october31

Aladdin Company is a small rug retailer owned and operated by Lin Endsley. After the accounts have been adjusted on October 31, the following account balances were taken from the ledger:

  What practices are important in applying the given principle

Explain the control principle of independent internal verification. What practices are important in applying this principle?

  Compute the variable cost per unit

Total fixed costs for Taylor Incorporated are $260,000. Total costs, including both fixed and variable, are $400,000 if 139,000 units are produced.

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!

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