User Account

All Pages

What is the maximum deduction allowed for the farm loss

Assignment Help Accounting Basics
Reference no: EM132718821

Problem 1: A full time school teacher recognized a $26000 loss in 2020 from his part time farming activities. What is the maximum deduction allowed in 2020 for the farm loss?

Johnny Jobul is self employed and runs his business from his home. He has $200,000 in business income in 2020. During the current year, he has the following costs:

Utilities- $190; Maintenance- $500; Property taxes- $200; Interest on Mortgage- $6000; Repainting and rewiring the work space in home-$1020

  • His home office is 310 square feet. His house is 1000 square feet total. Determine the maximum work space in home deduction that would be available to Mr. Jobul.

Reference no: EM132718821

Questions Cloud

Operational plan for running a café : Outline at least three (3) legislative and regulatory requirements that would relate to an Operational Plan for running a café.
How will phylonoe report on balance sheet at dec : How will Phylonoe report this on their balance sheet at December 31, 20X3? Phylonoe, Inc., a company that prepares its financial statements
What law prohibits sexual harassment in the workplace : A few years ago, Alyssa Milano popularized a movement (created a decade before by the activist Tarana Burke)
How should paxton classify the note on balance sheet : Paxton's financial statements were issued on March 31, Year 3. How should Paxton classify the note on its balance sheet at December 31, Year 2?
What is the maximum deduction allowed for the farm loss : What is the maximum deduction allowed in 2020 for the farm loss? A full time school teacher recognized a $26000 loss in 2020 from his part time
What would williams amt liability : What is the Smiths AMT liability? What would Williams AMT liability if he were an unmarried taxpayer filing single with regular tax liability of $18,175?
What are the two kinds of internal control : What are the two kinds of internal control according to functional responsibility? which internal control will concern more the independent auditor
What journal entry would the company have recorded : Class A share is due to new share issuances for cash. What journal entry would the Company have recorded for the issuance of those new shares?
Which is not benefit of blockchain : Describes the relationship between artificial intelligence and machine learning? Which of the following is not benefit of blockchain?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the company''s return on equity

S&J Plumbing, Inc.'s 2010 income statement shows a net profit before tax of $468, whereas the balance sheet that the company's equity for the fiscal year-end 2010 is $1,746. Calculate the company's return on equity and explain whether the managers..

  Transistors that realize the current sources

For the folded-cascode differential amplifier of Fig. 9.38, find the value of VBIAS that results in the largest possible positive output swing, while keeping Q3: Q4: and the pnp transistors that realize the current sources out of saturation.

  Sonimad sawmill manufactures two lumber products from a

sonimad sawmill manufactures two lumber products from a joint milling process. the two products developed are mine

  Roi and residual income-new product line

Compute the East Division's ROI for last year; also compute the ROI as it would appear if the new product line is added and compute the East Division's residual income for last year; also compute the residual income as it would appear if the new pro..

  Did vallejos net income as a percent of sales

Did Vallejos net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Provide numerical support for your answer.

  Initial investment required for project

This project is expected to generate $44,000 of net cash inflows each year of its 6 year life. The project has no salvage value. What was the initial investment required for this project?

  How much cash will macki receive as a result of liquidation

Both partners agree to make up any capital deficits with personal cash contributions. How much cash will Macki receive as a result of the liquidation

  Expected sales are 30000 for the first month and 38000 for

show work prepare a cash budget for the next two months based on the following information showing total cash receipts

  Prepare statement of cash flows for May

May 1 G. Gram invested $40,000 cash in the company in exchange for its common stock. Prepare statement of cash flows for May

  What is the contribution margin ratio

Question - If sales are $814,000, variable costs are 73% of sales, and operating income is $248,000, what is the contribution margin ratio

  Corrected an error that had understated the net income

Issued 50,000 shares of common stock as a result of a 10% stock dividend declared onDecember 15, 2009.

  Discuss the appropriate role of the public in the creation

Discuss the appropriate role of the public in the creation and implementation of public policy in a scientific policy domain, for example, environmental

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd