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Question 1
If a taxpayer can deduct expenses to the extent of gross income for a hobby, is there really no taxable income? And what would be the benefit, to the taxpayer, of having it considered a for profit activity by the IRS?
Upon inquiry by the IRS, a taxpayer was unable to show that his activity had a profit in three of the past five years. Therefore, the IRS deemed the activity to be a hobby. The taxpayer believes the activity to be profit motivated. How would the taxpayer prove that the activity is profit motivated? Discuss ideas that might convince the IRS that the activity is profit motivated. What other options does the taxpayer have?
Question 2
Inventory valuation is seen by many companies as an important factor in their success. What do you feel are types of decisions a company must make when choosing an inventory valuation method? What is the relationship of this decision to the cost of goods sold for the company? Explain your reasoning.
Question 3
Discuss some of the pros and cons of using debt as a long-term source of capital funding for a company. Why does using an appropriate amount of debt increase the value of the firm?
Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts). Compute an ending balan..
ted has been offered a job where his salary would be 150000 and he would also receive health insurance coverage.
thai bays computer system generated the following trial balance on december 31 2011. the companys manager knows
(Annualizing a monthly rate) You credit card statement says that you will be charged 1.05% interest a month on unpaid balances. What is the Effective Annual Rate (EAR) being charged?
unicorn magic manufactures a part for use in its production of stuffed toys. when 10000 items are produced the costs
Because her medical costs are lower than expected, Janet gets back only $1,250 of the $1,300 she paid into the plan. What is Janet's gross income for the current year?
EBay Incorporation is one of the leading and extremely close to be the top best place for buyers and sellers to meet and be able to exchange practically anything. eBay Inc. provides online trading services by developing eBay Marketplace, an Intern..
on december 31 2010 the american bank enters into a debt restructuring agreement with barkley company which is now
A transportation company is paid in the month of May for delivering a truckload of goods, although it actually delivers it in June. What effect will there be on the financial statements if the correct adjusting entry is not made?
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows ($ thousands):
the brocks business westchester wood has the following income and expenses 1 assume westchester wood is a business... a
carlyn corporations accumulated depreciation - furniture account increased by 7500 while 2750 of patent amortization
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