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Discussion questions for federal income tax:
Types and Benefits
John and Jill, who are married, reported 2012 itemized deductions of $7,500 and $500 respectively. John suggests that they file their Federal income tax returns separately-he will itemize his deductions from AGI, and she will claim the standard deduction. Explain why John suggested the taxes be prepared in such a way. What should the couple do? What is the best option? What are some tax planning considerations for John and Jill in future years?
Intricacies of Rules
Tax rules are often very precise. For instance, a taxpayer must ordinarily provide "over 50%" of another person's support in order to claim a dependency exemption. Why is the threshold "over 50%" as opposed to "50% or more"? Explain in detail.
Please provide references.
Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income
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The committee which is responsible for holding hearings on tax legislation for the House of Representatives is the
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Nashville Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and long-run monthly usage of staff hours for Operating Departments 1 and 2 follow:
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
Prepare a schedule of cash collections for January, February, and March and for the quarter in total, Prepare a production budget for January, February, and March and for the quarter in total.
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
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