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1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from prospective employers, he painted his house. I Ben had paid someone else to paint his house, the cost would have been $3,000. The cost of the paint Ben used was $800. What is Ben's gross income for tax purposes from the above events?2. A Series EE U.S. government savings bonds accrues 3.5% interest each year. The bond matures in three years, at which time the principal and interest will be paid. The bank will pay the taxpayer at a 3.5% interest rate each year if he agrees to leave money on deposit for three years. What tax advantage does the Series EE bond offer that is not available with the bank deposit?3. Selma operates a contractor's supply store. She maintains her books using the cash method. At the end of the year, her accountant computes her accrual basis income that is used on her tax return. For 2013, Selma had cash receipts of $1.4 million, which included $200,000 collected on accounts receivable from 2012 sales. It also included the proceeds of a $100,000 bank loan. At the end of 2013, she had $250,000 in accounts receivable from customers, all from 2013 sales.a. Compute Selma's accrual basis gross receipts for 2013.b. Selma paid cash for all of the purchases. The total amount paid for merchandise in 2013 was $1.3 million. At the end of 2012, she had merchandise on hand with a cost of $150,000. At the end of 2013, the cost of merchandise on hand was $300,000. Compute Selma's gross income from merchandise sales for 2013
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.2% × current service years × final year's salary, payable at the end of each year. Angel
Hi can you help me with my tax research and answer the following After reading the Treasury Department Circular 230 and AICPA statement of standard for tax services, answer the fo
The Madison Restaurant was formed a S corporation at the end of last year. Bob Buron, owns 60% of the stock, manages the restaurant. Ray Huges owns the remaining 40%
The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following info
Clem paid self-employment tax of $14,200 and Wanda had $3,000 of Social Security taxes withheld from her pay. Determine deductible amount for AGI
Question 1: Government imposes a specific tax on hotel room. Use demand and supply analysis to explain the incidence of this tax on the tourist, hotelier, Government as well a
A company issues 15-year, $1,000 par-value bonds, with a coupon rate of 5%. The bonds are sold for $619.70. The tax rate is 30%. Compute the cost of debt before taxes and after tax
Hello I need some help with a tax return assignment
Research Problem 2: Carol is a successful physician who owns 100% of her incorporated medical practice. She and her husband, Jared, are considering the purchase of a commercial off
Q. Define the Tax Year? Tax Year -Period used to compute a taxpayer's TAXABLE INCOME is tax year. It's an annual period which is either a calendar year , FISCAL YEAR or fractio
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