Entries by Munene david

Elaine Constantine, who is single, sells her current personal residence with adjustable basis of $170,000

February 14, 2020 in /by

Elaine Constantine, who is single, sells her current personal residence with adjustable basis of $170,000 for $455,000. She has owned and lived in the house for over 25 years. Her selling expenses are $25,000. (a): What is Elaine’s realized and recognized gain? (b): Explain the meaning of the terms: i:          Adjusted basis ii:         Realized gain […]

 

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Calculate the income tax liability using the tax rates for December 2015 for each of the following

February 14, 2020 in /by

Calculate the income tax liability using the tax rates for December 2015 for each of the following unrelated C Corporations. The corporations are unrelated. Name of C Corporation Amount of Taxable Income a:                    Donut Corporation $69,000 b:                    Littles Corporation $10,800,000 c:                     Skylark Corporation (a                    Personal Service corporation) $174,000 (Points : 30)   Looking for […]

 

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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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Maurice has three passive activities and has at-risk amounts in excess of $200,000 for each

February 14, 2020 in /by

Maurice has three passive activities and has at-risk amounts in excess of $200,000 for each. During the year, the activities produced the following income (losses). Activity A($75,000) Activity B($25,000) Activity C$40,000 Net passive loss($60,000) Maurice’s suspended losses are as follows.   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code […]

 

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