Reference no: EM131966181
Kevin McDilly is a sole proprietor running a used-car lot with two employees, Carmelita and Debbie. Kevin decides to relocate his business from New Wilmington to Ellwood City, and Carmelita and Debbie agree to relocate as well. All three decide to move their families to Ellwood City. Kevin agreed to reimburse Carmelita and Debbie for their moving expenses.
(a) Debbie's old residence was 13 miles from the old job location, and the new job location is 71 miles from her old residence. Once in Ellwood City, Debbie worked full-time for the next 2 years. What are the federal income tax consequences for Debbie and Kevin regarding the reimbursement of Debbie's moving expenses?
(b) Carmelita's old residence was 8 miles from the old job location, and the new job location is 60 miles from her old residence. Once in Ellwood City, Carmelita works full-time for the first 13 weeks, but then decides she wants to retire to babysit her grandchildren. What are the federal income tax consequences for Carmelita and Kevin regarding the reimbursement of Carmelita's moving expenses?
(c) Kevin's old residence was 10 miles from the old job location, and the new job location is 75 miles from his old residence. Once in Ellwood City, Kevin works full-time for the next 52 weeks; however, he only works full-time 20 of the following 52 weeks. What are the federal income tax consequences to Kevin regarding his qualified moving expenses?
Find the marginal rate of substitution
: Find the marginal rate of substitution, Discuss how MRS XY changes as the consumer substitutes X for Y along an indifference curve,
|
What if the company raises money through the issuance
: What are the key points of consideration between a stock and a bond from the issuing corporations point of view?
|
What is their current yield
: Kilroy Enterprises' bonds currently sell for $1, 110. They have a 6-year maturity, an annual coupon of $75, and a par value of $1,000.
|
Present value and the future value of an asset
: a) What is difference between Present Value and the future value of an asset?
|
What are the federal income tax consequences for debbie
: What are the federal income tax consequences for Debbie and Kevin regarding the reimbursement of Debbie's moving expenses?
|
What is total revenue
: a. What is her total revenue? Explain b. What are her accounting profits? Show your steps leading to your answer
|
What was the delta ray brands net income after-tax
: Delta Ray Brands Corp. just completed their latest fiscal year. The firm had sales of $17,845,000. Depreciation and amortization was $899,500.
|
Discuss your best qualities as a writer
: How did your writing change throughout the semester? Consider providing specific examples. Discuss your best qualities as a writer.
|
What is kurzs market value of assets after
: What is the market value of Kurz's assets (including any tax shields) just after the debt is issued, but before the shares are repurchased?
|