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Business Law
In 2015, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000
In 2015, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,000, state income tax of $4,000, mortgage interest expense of
In 2015, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the following alternative circumstances? a) Her AMT base is $100,000, all
Steve's tentative minimum tax (TMT) for 2015 is $15,000. What is his AMT if a) His regular tax is $10,000? b) His regular tax is $20,000?
In 2015, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income is $140,000, and they itemize their deductions as follows:
In 2015, Deon and NeNe are married filing jointly. They have three dependent children under 18 years of age. Deon and NeNe's AGI is $809,900, their taxable income is $718,850, and they itemize their
Brooke works for Company A for all of 2015, earning a salary of $50,000. a) What is her FICA tax obligation for the year? b) Assume Brooke works for Company A for half of 2015, earning $50,000 in
Rasheed works for Company A, earning $350,000 in salary during 2015. Assuming he has no other sources of income, what amount of FICA tax will Rasheed pay for the year?
Alice is self-employed in 2015. Her net business profit on her Schedule C for the year is $140,000. What is her self-employment tax liability for 2015?
Kyle worked as a free-lance software engineer for the first three months of 2015. During that time, he earned $44,000 of self-employment income. On April 1, 2015, Kyle took a job as a full-time
Eva received $60,000 in compensation payments from JAZZ Corp. during 2015. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these
In 2015, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the
In 2015, Laureen is currently single. She paid $2,800 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,800 each for a
In 2015, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held
In 2015, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned
For the following taxpayers, determine if they are required to file a tax return in 2015. a) Ricko, single taxpayer, with gross income of $12,000. b) Fantasia, head of household, with gross income of
In 2015, Jack and Diane Heart are married with two children, ages 10 and 12. Jack works full-time and earns an annual salary of $75,000, while Diane works as a substitute teacher and earns
Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie is 19 years old and was a full-time student at State University. During 2015, she completed her freshman
Reba Dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in 2015. She is 45 years old and has been divorced for four years. She received $1,200 of alimony payments each month from her
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter Samantha. In 2015, John worked as a computer technician at a local university earning a salary of $52,000, and
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,500 for gasoline on these trips. His depreciation on the car if he was using it fully for
Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2015 depreciation
On November 10 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis
AMP Corporation (calendar-year-end) has 2015 taxable income of $900,000 before the §179 expense. During 2015, AMP acquired the following assets:a) What is the maximum amount of §179 expense
Assume that TDW Corporation (calendar-year-end) has 2015 taxable income of $650,000 before the §179 expense and acquired the following assets during 2015:a) What is the maximum amount of
Assume that Timberline Corporation has 2015 taxable income of $240,000 before the §179 expense (assume the 2014 §179 limits are extended to 2015).a) What is the maximum amount of §179
Dain's Diamond Bit Drilling purchased the following assets this year. Assume its taxable income for the year was $53,000 before deducting any §179 expense (assume no bonus depreciation but
Assume that ACW Corporation has 2015 taxable income of $1,000,000 before the §179 expense and acquired the following assets during 2015 (assume no bonus depreciation but assume that the 2014
Chaz Corporation has taxable income in 2015 of $312,000 before the §179 expense and acquired the following assets during the year:What is the maximum total depreciation expense that Chaz may
Woolard Inc. has taxable income in 2015 of $150,000 before any depreciation deductions (§179, bonus, or MACRS) and acquired the following assets during the year: Asset Placed in Service
Assume that Sivart Corporation has 2015 taxable income of $750,000 before the §179 expense and acquired the following assets during 2015:a) What is the maximum amount of §179 expense Sivart
Lina purchased a new car for use in her business during 2015. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum
Burbank Corporation (calendar-year end) acquired the following property this year:a) Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year? b)
Back in Boston, Steve has been busy creating and managing his new company, Teton Mountaineering (TM), which is based out of a small town in Wyoming. In the process of doing so, TM has acquired
Franco converted a building from personal to business use in May 2013 when the fair market value was $55,000. He purchased the building in July 2010 for $80,000. On December 15 of this year, Franco
WAR (We Are Rich) has been in business since 1982. WAR is an accrual method sole proprietorship that deals in the manufacturing and wholesaling of various types of golf equipment. Hack & Hack
Fizbo Corporation is in the business of breeding and racing horses. Fizbo has taxable income of $5,000,000 other than from these transactions. It has nonrecaptured §1231 losses of $10,000 from 2011
Pratt is ready to graduate and leave College Park. His future employer (Ferndale Corp.) offers the following four compensation packages from which Pratt may choose. Pratt will start working for
Santini's new contract for 2015 indicates the following compensation and benefits: Benefit Description Amount Salary..............................................$130,000 Health
In 2015, Jill, age 35, received a job offer with two alternative compensation packages to choose from. The first package offers her $90,000 annual salary with no qualified fringe benefits, requires
What is the limitation on a deductible IRA contribution for 2015?
Alicia has been working for JMM Corp. for 32 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM she is to receive 2 percent of the average
Kim has worked for one employer her entire career. While she was working, she participated in the employer's defined contribution plan [traditional 401(k)]. At the end of 2015, Kim retires and the
Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2015, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and
In 2015, Maggy (34 years old) is an employee of YBU Corp. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee
In 2015, Nina contributes 10 percent of her $100,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assuming she leaves this (and any employer
In 2015, Nitai contributes 10 percent of his $100,000 annual salary to a Roth 401(k) account sponsored by his employer, AY Inc. AY Inc. matches employee contributions dollar for dollar up to 10
Leslie participates in IBO's nonqualified deferred compensation plan. For 2015, she is deferring 10 percent of her $300,000 annual salary. Based on her deemed investment choice, Leslie expects to
John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income. a) If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA
William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2015 AGI is $65,000 (all earned income). a) If he does not participate in an employer-sponsored
In 2015, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and is unemployed. Compute
In 2015, Rashaun (62 years old) retired and planned on immediately receiving distributions (making withdrawals) from his traditional IRA account. The balance of his IRA account is $160,000 (before
Brooklyn has been contributing to a traditional IRA for seven years (all deductible contributions) and has a total of $30,000 in the account. In 2015, she is 39 years old and has decided that she
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2015, their AGI is $185,000. Jackson and Ashley each earned half of the income. a) How
Harriet and Harry Combs (both 37 years old) are married and both want to contribute to a Roth IRA. In 2015, their AGI is $50,000. Harriet earned $46,000 and Harry earned $4,000. a) How much can
Sarah was contemplating making a contribution to her traditional individual retirement account for 2015. She determined that she would contribute $5,500 to her IRA and she deducted $5,500 for the
Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2014). In 2015, her net Schedule C income was $120,000. This was her only source of income. This year, Elvira is
Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2015). In 2015, her net Schedule C income was $120,000. This was her only source of income. This year, Hope is
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2015). In 2015, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2015). In 2015, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is
Desmond is 25 years old and he participates in his employer's 401(k) plan. During the year, he contributed $3,000 to his 401(k) account. What is Desmond's 2015 saver's credit in each of the following
Ian retired in June 2014 at the age of 69 (he turned 70 in August 2014). Ian's retirement account was valued at $490,000 at the end of 2013 and $500,000 at the end of 2014. What is Ian's required
Alex is 31 years old and has lived in Los Alamos, New Mexico, for the last four years where he works at the Los Alamos National Laboratory (LANL). LANL provides employees with a 401(k) plan and for
Tommy (age 47) and his wife, Michelle (age 49), live in Columbus, Ohio, where Tommy works for Callahan Auto Parts (CAP) as the vice president of the brakes division. Tommy's 2015 salary is $360,000.
Gerry (age 56) and Elaine (age 54) have been married for 12 years and file a joint tax return. The couple lives in an apartment in downtown Manhattan. Gerry's father, Mortey, recently retired from
Troy (single) purchased a home in Hopkinton, MA, on January 1, 2007, for $300,000. He sold the home on January 1, 2015, for $320,000. How much gain must Troy recognize on his home sale in each of the
Javier and Anita Sanchez purchased a home on January 1, 2015, for $500,000 by paying $200,000 down and borrowing the remaining $300,000 with a 7 percent loan secured by the home. The loan requires
Jesse Brimhall is single. In 2015, his itemized deductions were $4,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before
Derek and Meagan Jacoby recently graduated from State University and Derek accepted a job in business consulting while Meagan accepted a job in computer programming. Meagan inherited $75,000 from her
James and Kate Sawyer were married on New Year's Eve of 2014. Before their marriage, Kate lived in New York and worked as a hair stylist for one of the city's top salons. James lives in Atlanta where
MWC Corp. is currently in the sixth year of its existence (2015). In 2010-2014, it reported the following income and (losses) (before net operating loss carryovers or carrybacks). 2010: ...........($
WCC Inc. has a current year (2015) net operating loss of $100,000. It is trying to determine whether it should carry back the loss or whether it should elect to forgo the carryback. How would you
During the current year, FTP Corporation reported regular taxable income of $500,000. FTP used the following information in its tax-related computations: • $12,000 interest from Irvine City bonds:
Compute MV Corp.'s 2015 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book
Compute HC Inc.'s current year taxable income given the following information relating to its 2015 activities. Also, compute HC's Schedule M-1 assuming that HC's federal income tax expense for book
Timpanogos Inc. is an accrual-method calendar-year corporation. For 2015, it reported financial statement income after taxes of $1,149,000. Timpanogos provided the following information relating to
XYZ is a calendar-year corporation that began business on January 1, 2015. For 2015, it reported the following information in its current year audited income statement. Notes with important tax
Which of the following book-tax basis differences results in a deductible temporary difference? a) Book basis of a fixed asset exceeds its tax basis. b) Book basis of a pension-related liability
Identify the following items as creating a temporary book-tax difference, permanent book-tax difference, or no book-tax difference.
As of the beginning of the year, Gratiot Company recorded a valuation allowance of $200,000 against its deferred tax assets of $1,000,000. The valuation allowance relates to a net operating loss
Which of the following evidence would be considered negative in determining whether Gratiot Corporation needs to record a valuation allowance for some or all of its deferred tax assets? a) The
What was IBM's accounting effective tax rate for 2013? What items caused the company's accounting effective tax rate to differ from the "hypothetical" tax rate of 35 percent? What was the company's
Which of the following items is not a reconciling item in the income tax footnote? a) State income taxes. b) Foreign income taxes. c) Accrued pension liabilities. d) Dividends received deduction. e)
You have been assigned to compute the income tax provision for Motown Memories Inc. (MM) as of December 31, 2015. The company's federal income tax rate is 34 percent. The company's income statement
You have been assigned to compute the income tax provision for Tulip City Flowers Inc. (TCF) as of December 31, 2015. The company's federal income tax rate is 34 percent. The company's income
Spartan Builders Corporation is a builder of high-end housing with locations in major metropolitan areas throughout the Midwest. At June 30, 2015, the company has deferred tax assets totaling $10
Wolverine Corporation made a distribution of $500,000 to Jim Har Inc. in partial liquidation of the company on December 31 of this year. Jim Har Inc. owns 100 percent of Wolverine Corporation. The
Jefferson Millinery Inc. (JMI) decided to liquidate its wholly owned subsidiary, 8 Miles High Inc. (8MH). 8MH had the following tax accounting balance sheet:a) What amount of gain or loss does 8MH
Several years ago, your client, Brooks Robinson, started an office cleaning service. His business was very successful, owing much to his legacy as the greatest defensive third baseman in major league
Your client, Midwest Products Inc. (MPI), is a closely held, calendar-year, accrual-method corporation located in Fowlerville, Michigan. MPI has two operating divisions. One division manufactures
Rex and Felix are the sole shareholders of the Dogs and Cats Corporation (DCC). After several years of operations, they decided to liquidate the corporation and operate the business as a partnership.
Cartman Corporation owns 90 shares of SP Corporation. The remaining 10 shares are owned by Kenny (an individual). After several years of operations, Cartman decided to liquidate SP Corporation by
Why does a partner's tax basis in her partnership interest need to be adjusted annually?
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue...............................................................$ 40,000 Long-term capital
Jenna began the year with a tax basis of $45,000 in her partnership interest. Her share of partnership debt consists of $6,000 of recourse debt and $10,000 of nonrecourse debt at the beginning of the
The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca
Carrie D'Lake, Reed A. Green, and Doug A. Divot share a passion for golf and decide to go into the golf club manufacturing business together. On January 2, 2015, D'Lake, Green, and Divot form the
Jane has been operating Mansfield Park as a C corporation and decides she would like to make an S election. What is the earliest the election will become effective under each of these alternative
Cathy, Heathcliff, and Isabelle are equal shareholders in Wuthering Heights (WH), an S corporation. Heathcliff has decided he would like to terminate the S election. In the following alternative
Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2015 under both the daily allocation
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