Cambro Construction Company hires union carpenters for home building. Cambro requires, as a condition of employment, that the carpenters provide and maintain various tools of their trade. Cambro pays each carpenter a set amount per hour as a “tool allowance” to cover the costs of the tools. This amount is deter-mined quarterly based on national compiled data on the costs of carpenters’ tools. How should this employee reimbursement be treated for tax purposes?
Answer to relevant QuestionsMatt injured Buddy in an automobile accident. The court awarded Buddy $ 30,000 in damages, but Matt was only able to pay Buddy $ 12,000. They both then considered the matter closed. Under these terms, compute the amount of ...Earl is a golf course superintendent. He recently was hired by the Jack Nicks Corporation to construct an 18-hole course in Wyoming. There will be substantial earth-moving costs in creating the landscape desired for the ...Dr. Gerald W. Colbert, DFA, is a professor of television and movie production at Hollywood University (and thus an employee of the university). He often meets with his doctoral students, who call him Dr. C, in his home. In ...How are tax materials accessed on LexisNexis Academic? Use WestlawNext Campus Research to answer the following questions: a. Find Reg. § 1.61-11. What is the subject matter of this regulation? b. Which American Law Reports – Tax covers the theft of grain as a casualty or ...
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