Entries by Munene david

One of your corporate clients has approached you about whether or not its employees are required to include

February 14, 2020 in /by

One of your corporate clients has approached you about whether or not its employees are required to include certain benefits provided by the corporation in their income. In particular, the corporation has inquired whether the following benefits provided by the corporation to employees would be included in an employee’s taxable income: I. The employer would […]

 

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We spent quite a bit of time this term learning about deductions

February 14, 2020 in /by

We spent quite a bit of time this term learning about deductions. One of the important distinctions between various types of deductions that we examined was the distinction betweenfor AGI andfrom AGIdeductions. Explain how the names for these two types of deductions developed, as well as the fundamental differences between the two types of deductions and […]

 

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(TCOs 3 and 7) Mr. and Mrs. Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year.

February 14, 2020 in /by

(TCOs 3 and 7) Mr. and Mrs. Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year. They have salary income of $70,000, dividend income of $2,300, hobby loss of $1,700, and deductions for adjusted gross income of $4,200. In addition, their itemized deductions total $11,800. […]

 

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13. (TCO H) On January 2, Year 1, Logan Co. purchased a manufacturing machine for $864,000.

February 14, 2020 in /by

13. (TCO H) On January 2, Year 1, Logan Co. purchased a manufacturing machine for $864,000. The machine has an 8­year estimated life and a $144,000 estimated salvage value. Logan expects to manufacture 1,800,000 units over the life of the machine. During Year 2, Logan manufactured 300,000 units. Calculate the Year 2 depreciation expense using […]

 

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