• Q : What amount must be added back to taxable income (loss)....
    Accounting Basics :

    In calculating Elizabeth's net operating loss, and with respect to the above amounts only, what amount must be added back to taxable income (loss)?  

  • Q : Determine janet''s cost recovery recapture for 2010....
    Accounting Basics :

    Janet purchased a new car on June 5, 2009, at a cost of $18,000. She used the car 80% for business and 20% for personal use in 2009. She used the automobile 40% for business and 60% for personal use

  • Q : How much, if any, of these expenses qualify....
    Accounting Basics :

    Twilight has medical staff in residence. Disregarding the 7.5% floor, how much, if any, of these expenses qualify for a medical deduction by Sandra?  

  • Q : Determine the cost recovery deduction for 2009....
    Accounting Basics :

    James purchased a new business asset (three-year property) on July 23, 2009, at a cost of $50,000. He did not elect to expense any of the asset under § 179, nor did he elect straight-line cost

  • Q : Determine his deductible loss on the car....
    Accounting Basics :

    Jim used the car 100% of the time for personal use. Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim's AGI for the year is $50,000, determine his

  • Q : Determine the cost recovery deduction for 2009....
    Accounting Basics :

    On June 1, 2009, Sam purchased new farm machinery for $50,000. Sam used the machinery in connection with his farming business. Sam does not elect to expense assets under § 179. Sam has, however

  • Q : What is the amount of retained earnings at the end....
    Accounting Basics :

    At the end of 2010, the company had total assets of $150,000, and at the end of 2011, total assets were $240,000. What is the amount of retained earnings at the end of 2011?

  • Q : Determine lana''s deduction for the lease payments....
    Accounting Basics :

    During 2009, she uses her car 20% for business and 80% for personal activities. Assuming the dollar amount from the IRS table is $233, determine Lana's deduction for the lease payments.

  • Q : Determine the cost recovery deduction for the year....
    Accounting Basics :

    Doug purchased a new factory building on January 15, 1987, for $4,000,000. On March 1, 2009, the building was sold. Determine the cost recovery deduction for the year of the sale assuming he did not

  • Q : Determine his cost recovery deduction for the car for 2009....
    Accounting Basics :

    Hans purchased a new passenger automobile on August 17, 2009, for $40,000. During the year the car was used 40% for business and 60% for personal use. Determine his cost recovery deduction for the c

  • Q : What is norm''s deductible loss....
    Accounting Basics :

    Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross income was $14,

  • Q : Margin of safety as a percentage of sales....
    Accounting Basics :

    Palomo Corporation sells a product for $170 per unit. The product's current sales are 35,200 units and its break-even sales are 25,344 units. The margin of safety as a percentage of sales is closest

  • Q : How much of the passive loss may white corporation deduct....
    Accounting Basics :

    White Corporation, a closely held personal service corporation, has $150,000 of passive losses, $120,000 of active business income, and $30,000 of portfolio income. How much of the passive loss may

  • Q : Fundamentals of charitable contribution deduction....
    Accounting Basics :

     Prior to a charitable gift to the Plato University of land with a basis of $6,000 and a value of $13,000, All-Set, Inc. had taxable income of $50,000. If the dividends-received deduction was $

  • Q : What is the basis of the machine for cost recovery....
    Accounting Basics :

    On June 1 of the current year, Tab converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the machine for $120,000. The ma

  • Q : Determine george''s cost recovery deduction for 2009....
    Accounting Basics :

    George purchases used office furniture (seven-year class property) at a cost of $50,000 on April 20, 2009. Determine George's cost recovery deduction for 2009 for alternative minimum tax purposes

  • Q : Why process costing is appropriate for haircutting operation....
    Accounting Basics :

    Explain why process costing is appropriate for this haircutting operation

  • Q : What is the amount of loss....
    Accounting Basics :

    At the time of the notification, the note had a balance due of $15,500. What is the amount of loss, with respect to the note, that Hank's Auto may claim on the current year tax return?

  • Q : How much qualifies as a charitable contribution....
    Accounting Basics :

    Terry pays $8,000 this year to become a charter member of Mammoth University's Athletic Council. The membership ensures that Terry will receive choice seating at all of Mammoth's home basketball gam

  • Q : Loss from the imported merchandise problem....
    Accounting Basics :

    Ynovnne Corporation manufactures and sells ceramic dinnerware. The company also sells dinnerware that is purchased from unrelated foreign producers. During tax year 2010, Yvonne had a U.S. profit of

  • Q : What is pedro''s charitable contribution....
    Accounting Basics :

    Pedro's child attends a school operated by the church the family attends. Pedro made a donation of $1,000 to the church in lieu of the normal registration fee of $200. In addition, Pedro paid the re

  • Q : What are the tax consequences to lucy....
    Accounting Basics :

    Last year, Lucy purchased a $100,000 account receivable for $80,000. During the current year, Lucy collected $85,000 on the account. What are the tax consequences to Lucy associated with the collect

  • Q : Accumulated earnings credit for ati purposes....
    Accounting Basics :

    Owl Corporation, a calendar year taxpayer, has a beginning balance in accumulated E & P of $3.5 million and current earnings of $1 million. If Own can justify accumulations for the needs of the

  • Q : Omar will have a positive amt adjustment in 2009 of....
    Accounting Basics :

    Omar acquires used 7-year personal property for $100,000 to use in his business in February 2009. Omar does not elect § 179 expensing or additional first-year depreciation, but does take the ma

  • Q : What is the amount of itemized deductions....
    Accounting Basics :

    John and mary are married taxpayers filing a joint return. They have adjusted income of $200,000 for 2010.Their preliminary itemized deductions total $20,000. what is the amount of itemized deductio

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