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Question - Your client, John Butler, is an avid Houston Astros fan. Last March at the Astro's home opener, as a result of an random drawing of those in attendance at the game, John won 300 Shipley Do-Nut coupons. Each coupon entitled him to a cup of coffee and a free doughnut or dozen doughnut holes. John used some of the coupons (approximately 20), but he found that eating so many doughnuts directly conflicted with his goal of losing weight. The unused coupons expired on January 1, 2018. Thus, John was surprised when he received a Form 1099 in February 2018 that valued his prize at $900. John would like to know whether the value of the doughnut coupons should be included in income and asks you to research his question. If you conclude that their value should be included in income, John also would like to know if he can reduce his gross income by including in income only the value of the coupons that he used. He has the unused coupons as documentation that neither he nor anyone else used them.
Required - Prepare a tax file memorandum and a letter to the client. Please, note the client is not a tax expert and adjust your writing appropriately.
Beacon Company maintains and repairs warnings lights, such as those found on radio towers and lighthouses. Beacon Company prepared the end-of-period spreadsheet shown on the next page at October 31, 2012, the end of the current fiscal year.
If Popeyes are dropped, sales of Olives are expected to increase by 40 percent next year. What is the best decision of the company
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Prepare any journal entries based on the following data regarding the bank reconciliation prepared by Titon Com for the month
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A STRIPS traded on January 31, 2021 matures in 12 years on January 31, 2033. The quoted STRIPS price is 80.75. What is its yield to maturity
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