Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Tonya is a cash basis taxpayer. In 2010, she paid state income taxes of $5,000. In early 2011, she filed her 2010 state income tax return and recieved a $500 refund.
a) If she itemized her deductions in 2010 on her federal income tax return and her itemized deductions exceed the standard deductions by at least $500, she must include the $500 in her 2011 Federal gross income.
b) If she took the standard deduction on her 2010 federal income tax return, she must include the $500 in her 2011 federal gross income.
c) If she itemized her deductions in 2010, she must amend her 2010 federal income tax return to reduce her itemized deductions
d) If she took the standard deduction on her 2010 Federal income tax return, she must amend her 2010 tax return
e) none of the above
The character of any income or loss will be ordinary if the contributed property is sold by the partnership within five years after the date of contribution regardless of the character of the asset in the hands of the partnership.
During the first year of partnership operations, the following events occurred: the partnership had a net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and she had a 50% share in the $16,000 of pa..
During the first week in January of the current calendar year, major structural repairs are completed on the building at a $75,585 cost. The repairs extend its useful life for 7 years beyond the 20 years originally estimated. Determine the book va..
Consider that the Millers' adjusted gross income was $50,000, how much of a medical expense deduction may the Millers claim on their joint return
The following information is available for completed Job No. 402: Direct materials, $25,000 direct labor, $35,000 manufacturing overhead applied, $20,000 units produced, 8,000 units units sold, 6,000 units. The cost of the finished goods on hand f..
What is decentralization? List and describe three potential benefits and three potential problems with decentralization.
John Brown is a PA, but not a partner, with three years of professional experience with lyle and lyle, public accountants, a one-office public accountanting firm. he owns 25 shares of stock in an audit client of the firm,but he does not take part ..
Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the unrealized gross profit; (d) the realized gross profit.
Dan and Patrick have asked you, their accountant, to determine how their repayments should be treated for tax purposes. Dan is still working as a highly compensated executive for Osprey while Patrick is retired and living off his savings.
On September 15, the City decided to borrow $200,000 in 90 day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will inc..
Determine the predetermined overhead rate. Compute the total cost of the two ending inventories. Compute cost of goods sold for the year (assume no beginning inventories and no underapplied or overapplied overhead).
The return on investment measure of performance: Answer Is relevant only to business enterprises. a) Is used by individuals to compare investment performance.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd