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John called you late on Friday afternoon with a simple question. He is considering selling an old a car and wants to know what the tax implications will be. He gives you the following facts.
He purchased an old car from a junk yard 20 years ago for $1,000 and has been restoring it. His hobby is fixing old cars. He has put $20,000 into restoring the car and it is now in mint condition. He displays it proudly at local car shows. Last weekend an individual at a car show offered to buy it. John said he was very proud of his work and believes it to be worth $35,000. Jokingly, he offered to sell it for $950,000. The other individual accepted the offer. John now is concerned what the tax implications will be if he accepts the offer and has asked for your advice. He asked the following questions:
What is ABC's annual effective rate of interest and what is the MNO's annual effective rate of interest
airborne manufacturing co. completed the following transactions during 2012.jan
Which of the following is an audit procedure that auditors most likely would perform concerning litigation, claims, and assessments?
Prepare a schedule assigning activity's overhead cost pool to each service based on the use of the cost drivers and classify each of the activities as a value-added activity or a non-value-added activity.
Two firms both announce 20 percent earnings increase. One firm’s stock increases substantially and the other firm’s stock is basically unchanged. Why did market react differently to these announcements?
data for december concerning dinnocenzo corporations two major business segments-fibers and feedstocks-appear showsales
1.The 2013 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million, and net income of $800,000.
What are noncash investing and financing activities? Provide an example. How are such transactions shown on the statement of cash flows?
computation of future value of investments.1.nbspalbert invested 12000 into two accounts. one payed 8 interest and one
What is the depreciation expense for 2010 using the company's existing method and what is the depreciation expense for 2010 if Mary incorporates her changes to how depreciation expense is calculated?
Is this ever discussed by management in the financials? Explain how might management minimize the impairment loss if one is reported? Consider the two steps of the process for determining impairment.
How does Net Income/Profit defer from the cash balance of a business? Why is it important to collect on receivables in a timely manner?
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