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Case Study: You recall the basics of the foreign earned income exclusion (FEIE) from your individual tax course. Among other things, you recall that the FEIE is not unlimited - i.e., qualified taxpayers may exclude FEI amounts up to the applic-able annual maximum exclusion, an amount which is adjusted annually for in-flation. On 2022 returns the maximum FEIE is $112,000. On 2023 returns the maximum FEIE will be $120,000.
Question: But what about a married couple where both spouses live and work in a foreign country and they file jointly (MFJ)? Are they each entitled to up to the annual maximum FEIE so that their total exclusion could be up to $240,000 for 2023? Or is the annual maximum really a "per-return" rule, such that only $120,000 will be available on a 2023 MFJ return regardless? Where in the regulations do we find the answer, and what is the answer?
1. what is the amount of gross accounts receivable at fiscal year-end 2013? 2. suppose that write-offs of accounts
What is the role of social responsibility in finance for Michael Milken, Ivan Boesky and Martha Stewart
Show journal entries to record the issue and allotment of shares in the company's books bearing in mind that the directorspassed Allotment Resolution on 27th January 2005.
Exemption Deduction. (Obj. 4) Megan files as a single taxpayer. She claims one personal exemption and one dependent. Compute Megan's 2016 exemption deduction.
You wish to purchase an annuity today, that will pay you $50,000 per year for 30 years. You will start collecting the annuity 10 years from today.
you want to borrow 1000 from a friend for one year and you propose to pay her 1120 at the end of the year. she agrees
A 60-day, 6 percent, $100,000, Assuming the note remaining outstanding for all 60 days, what is the total interest which will accrue over the life of this note
Sales revenues are $800,000 for 2012, sales returns and allowances are $45,000, and the allowance for doubtful accounts has a credit balance of $9,000. Prepare the adjusting entry to record bad debts expense in 2012.
The market rate for similar notes is 8%. How much interest revenue should Clear Water recognize in the December 31, 20X3, fiscal year?
Question - Now compute the current ratio as of March 31, 2014 and as of March 31, 2013. (Round to two decimal places.)
Additionally, on January 01, 2012, HIVE paid P500,000 to CJM CORP as a lease bonus and P250,000. Determine the amount of rental revenue
ABC Corporation reported Ordinary Shares, 100,000 shares issued and outstanding, P15,000,000; What is the new book value per share
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