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David Drayer is the lead partner in a local accounting firm whose practice consists of tax consulting and compliance. The firm also serves clients by providing write-up and payroll processing services. As his firm has grown, David has developed various ways to build its business. David and his wife, Judy, created DJ Partnership to purchase an office building where David moved his practice. Because the building is larger than what the practice currently needs, space is rented to other tax practitioners. In addition to providing office space, the partnership offers professional and administrative services on an exclusive basis to the tenants. these services included secretarial support, telephone answering service, tax professionals and miscellaneous administrative support. DJ Partnership considers its primary activity to be providing professional and adminstrative services to its tenants rather than being a lessor. Because of the attractiveness of the services to its tenants, the building is fully leased. In the first year, judy works full-time at the partnership and David commits about 550 hours to its operations. for the first year, the partnership incurs a tax loss of $60,000. Without considering the impact of the loss, David and Judy's AGI is $175,000. Write a letter to David in which you advise him on the deductibility of the $60,000 loss for Federal income tax purposes. Because David is a professional, feel free to make use of technical language in your????ter.
This assignment assumes you are a consultant and provide your findings to your client. Please make sure the memo is clear, brief and understandable. Also attach the appropriate information and calculation in the appendix for the clients to underst..
Ming Company is considering two alternatives. Alternative A will have sales of $150,000 and costs of $100,000. Alternative B will have sales of $180,000 and costs of $120,000.
You just purchased a bond that matures in 4 years. The bond has a face value of $1,000 and has an 9% annual coupon. The bond has a current yield of 7.63%. What is the bond's yield to maturity? Round your answer to two decimal places.
Discuss the nature of preventive controls that may be designed into an AIS. Give an example and explain how it may prevent fraud or abuse of the system.
Compute the net realizable value of the accounts receivable of Lucille Company at December 31, 2007.
Assuming a 30-day period in November, calculate November's interest. Also, calculate the interest Nancy would have paid with: a) the previous balance method, b) the adjusted balance method.
A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.
What is consolidated net income for this year prior to reduction for the noncontrolling interest's share of the subsidiary's net income?
What is the difference between a general control and an application control? What internal controls can be implemented using information systems to safeguard an organization's electronic assets?
Examine how the SOX framework can prevent business model fraud in financial accounting and managerial accounting.
How much do external failure costs change if all changes are as anticipated with the new prevention procedures? Assume all units produced are sold and there are no ending inventories.
How is tax basis calculated and what effect does tax depreciation have on the computation of the gain or loss on the disposition of a capital asset?
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