Tax law questions and answers in November 2022

Remy lives in a state that legalizes marijuana for medical use. Remy obtains a prescription from an authorized caregiver and then buys the maximum amount of marijuana permitted under her state's medic...
A tapxayer has a domicile in the state of Ohio, but gets assigned under TDY orders to southern California. His wife moves into the base with him and gets a job at a convenience store, part time. Which...
A taxpayer hires three individuals. For one of them, they are expected to show up at a specific time, accomplish a specific task (according to a strict set of guidelines), and are reimbursed for anyth...
89 Si el contribuyente reclama una exención de la retención, ¿cuál de los siguientes es verdadero? A. Su empleador no retendrá impuesto federal sobre el ingreso de su salario B. La exención se a...
51 ¿En 2022, qué cantidad es la multa que se le puede imponer a un preparador de impuestos que endosa o de otra manera negocia cualquier cheque emitido a un cliente por el gobierno con respecto a un...
Tax Return Assignment 3 Primary Taxpayer Information: Name - Emma Butler SSN - 303-XX-XXXX (use random numbers in place of XX-XXXX) Date of Birth - 05/20/1983 Address - 31 Roosevelt Road, Glenview, IL...
Define fair market value and assessed value, find the tax rates, property tax, express tax rate in percent, dollars per $1000, and in mills along with taxes given the assessed value and the tax rate. ...
35¿Cuál de la siguiente es una declaración falsa en cuanto a la Depreciación Adicional? A. Depreciación adicional es útil para empresas muy grandes que gastan más que el límite de gastos de la...
A C corporation elected S corporation status during the current year. On the date that the election became effective, the entity had various assets with fair values that exceeded their adjusted bases....
10. In which of the following situations does conflict of interest does not arise for a member of AICPA in public practice? A. Preparing valuations of assets for two clients who are in an adversarial ...
Steps for a Narrative Passage (Judges 17) The section begins on p630 and the steps are explained beginning on p631. The book being used is  Köstenberger and Patterson Biblical Interpretation   Step...
Three years ago, Connie Bright purchased a commercial property consisting of land and a building at a total cost of $1,475,000, with $300,000 attributable to the land and $1,175,000 to the building. T...
Luke compró acciones de ABC el 01 de marzo de 2020, por $10,000. El 01 de mayo de 2022, vendió todas las acciones por $20,000 (después de gastos de venta). Luke es un contribuyente soltero con un i...
@36 ¿Para el año fiscal 2022, los contribuyentes individuales que se acojan a la deducción estándar pueden deducir hasta qué cantidad en donaciones en efectivo a una organización benéfica que c...
Megan es una abogada independiente. Realiza servicios jurídicos para su cliente, una pequeña corporación. En pago por sus servicios, Megan recibe acciones en la corporación con un valor de mercado...
Mason became disabled in 2021. Before becoming disabled, he was covered by an employer-paid Disability Insurance policy. Mason received a Form 1099-R with a code 3 in box 7. How will Mason's disabilit...
Josie recibió una distribución elegible de reinversión de su IRA tradicional el 30 de junio de 2022 y tiene la intención de reinvertirlo a su plan 403 (b). ¿En qué fecha debe Josie completar la ...
¿Cuál de las siguientes afirmaciones con respecto al ingreso de propinas es cierta? A. Si el contribuyente es un empleado que recibe una propina indirecta (por ejemplo, un camarero de bar o un camar...
Work Your Way Up the State Government Based on the readings for this workshop, use your knowledge of the budget tricks to work your way up the state government bureaucracy. Help your boss by selecting...
Revisit the applicable portion of Chapters 8 and 13. Read the following three articles (from the mini lecture): Education: America's No. 1 Priority, Puriefoy, Wendy, State Legislatures , Sep 2003, Vol...
Revisit the applicable portion of Chapter 8 and Chapter 13. Study the mini-lecture: Budgeting . Read the article, Fiscal Millstones on the Cities: Revisiting the Problem of Federal Mandates . Answer t...
Read Chapter 13 Bowman' and Kearney's State and Local Government . Study the mini-lecture: State and Local Finance . Read the article, Does Earmarking Matter? The Case of State Lottery Profits and Edu...
        Un contribuyente compró 10 monedas electrónicas (monedas X) por $1,000 en marzo de 2020, y en mayo de 2022 vendió cinco de las monedas por $2,500. ¿La ganancia del contribuyente en la ...
Un contribuyente gasta $5,500 para que le instalen en su casa un acondicionador de aire de alta eficiencia calificado en 2022. Si el contribuyente no ha solicitado previamente el Crédito por Propieda...
En general, si lo regala un contribuyente soltero, ¿cuál de los siguientes no se considera "regalo sujeto a impuestos" y, por lo tanto, no se aplicaría el impuesto sobre regalos? A. Un regalo de $2...
En virtud de la Ley de Empleos y Reducción de Impuestos (TCJA), ¿cuál de las siguientes afirmaciones es verdadera con respecto a los cambios en las contribuciones de caridad? A. La nueva ley establ...
¿Cuál de las siguientes afirmaciones con respecto al ingreso de propinas es cierta? A. Si el contribuyente es un empleado que recibe una propina indirecta (por ejemplo, un camarero de bar o un camar...
¿Cuál de las siguientes afirmaciones es incorrecta en relación con el Formulario 8915-F - Distribuciones y reembolsos de planes de jubilación calificados para casos de desastre? A. El Formulario 8...
¿Cuál de las siguientes afirmaciones con respecto al ingreso de propinas es cierta? A. Si el contribuyente es un empleado que recibe una propina indirecta (por ejemplo, un camarero de bar o un camar...
Terrance is age 71 and retired. Beginning in 2021, he must start taking minimum distributions from his IRA account that had a balance of $150,000 as of December 31, 2020. Make these three assumptions:...
How to calculator the following transaction, please with the legislation.   1. 1 July 2020 Bear Pty Ltd declared a dividend of $5,000 franked to 30%. This was paid on 31 July 2021. 2. Bear Pty Ltd pa...
.  TP owns a home he lives in on a full-time basis.  He purchased the home in 2010 using a $500,000 loan from the bank secured by the home.  The balance on that loan in 2021 was $300,000. He purch...
Please choose one tax law change or new tax law that resulted from recent changes in legislation within the past two years.  The intent of this assignment is to address some aspect of the Tax Law th...
 . Boyd Salzer, an unmarried individual, has $248,950 AGI consisting of the following items: Salary $ 219, 000 Interest income 2, 950 Dividend income 11 , 750 Rental income from real property 15 , 25...
You have decided to invest $50 million of your winnings in safe and secure investment products - a wise move! You have also decided to set up a trust for the benefit of your family, friends, and/or ch...
Classify the following expenditures paid in 2021 as a deduction for AGI, a deduction from AGI, or not deductible: Roberto gives cash to his father as a birthday gift Sandra gives cash to her church. A...
Pay particular attention to the following: Does this get the assets out of risk for estate tax inclusion?  If no, why not? Is there a way to restructure the trust so it CAN get it out AND meet the ne...
Marla, an independent paralegal, provides a variety of services for the public. Among other things, she provides debtors with bankruptcy forms and types of bankruptcy petitions. Mr. Ford has sought Ma...
Question: based on Applicable Law, what is the    Relevant facts and assumptions: Specific Issues: Conclusions: Support: Actions to be taken:    Pay particular attention to the following: Does thi...
§163(j) of the Internal Revenue Code (as amended by the Tax Cuts and Jobs Act and further amended by the CARES Act) is to generally limit a corporation's net interest expense deduction to 50% of adju...
Depreciation is a deduction that allows the taxpayer to recover a portion of the cost or another basis of business property or income-producing property each year because the property is subject to de...
One of the cases reviewed in class was Kraft Foods Global, Inc. v. Director, Div. of Taxation. What was the deficiency in the intercompany transaction that prohibited Kraft from claiming an unreasonab...
States generally calculate their income tax by starting with federal taxable income, but then modify federal taxable income depending on the extent that the state conforms with federal tax laws.   Wh...
The states that have enacted so-called addback provisions also provide a variety of exceptions to their application. Which of the following general categories of exceptions may apply?   a. The recipi...
Mr. Jones will be buying a partnership interest from Mr.​ Axel, who is a​ one-third partner in JKL​ Partnership, for​ $95,000. Mr.​ Axel's adjusted cost base​ (ACB) of his partnership inte...
The ramifications for the organization's failure to disclose the violations of law, including summaries or case examples of companies that were found to have withheld information from the government r...
Question 14 with explanation please. Part 1 - Scenario 7 Review the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return. Makayla Jennings (34) is fili...
 . Part 1 - Scenario 7 Review the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return. Makayla Jennings (34) is filing as a single taxpayer. During t...
Q: Taxable capital Gains and allowab capital lossless : Comprehensive Practice problem  sarah smith is 32years old and his lived her entire life in Edmonton.Alberta Earlier this year,Sarah decided sh...
On January 2, 2021, Ms. Sherry Kantor moves from London, Ontario, to Thunder Bay, Ontario, in order to begin employment with Northern Enterprises Ltd. (NEL). Her salary for the year was $142,000. NEL ...
From the following article please provide a short summary of the article AND impressions of how this knowledge can be used for a small business client who has received business income from a pass-thro...
A taxpayer owns an asset for six years and then sells it for $250,000 in recognized gain. Which of the following is true regarding the State's treatment of this income?   Select one: a. The sale will...
What happens to a return if the Form 3532 is NOT attached when filing?   Select one: a. If they have claimed the Head of Household filing status, the FTB will deny it. b. If they have claimed CalEITC...
A taxpayer has some family support payment expenses that they are treating as alimony from an agreement entered in 2016. A court decision determines that the family support order is improperly structu...
1. Lance (46 years old, working at DoorDash)   Considering starting his own company in a similar industry He works at DoorDash on Mon through Fri Weekends and evenings he works from home as a sole pr...
A taxpayer has an AGI for both federal and state purposes of $450,000. They are itemizing. Are there any limitations to the amount that they will be allowed to itemize on either level?   Select one: ...
Terrie, a military taxpayer has a domicile in New York, but is stationed in California under orders. She spends the entire year in California, but does not create nor intent to create a domicile in Ca...
A taxpayer generates a NOL in TY2018 and wants to know how the amounts will be treated for the federal and state purposes, respectively. Which answer best satisfies their inquiry?   Select one: a. Th...
ANSWER WITHIN 5 MINUTES PLEASE!   Q1: A business owner provides a signed and dated (that day) cheque to a management company representing first and last month's rent for a store location. The landlor...
For your discussion this week, consider the different options that businesses have available for recovering the costs of property acquisitions, find and include a link to a relevant online article whi...
Question 4 only please  . Part 1 - Scenario 2 Review the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return. Chris (45) and Allison (46) Castillo ar...
 . Part 1 - Scenario 2 Review the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return. Chris (45) and Allison (46) Castillo are married, and they wil...
Attorney Lucy Liang in Breaking Down 30 Courtroom Scenes from Film & TV assesses the accuracy of 30+ on-screen scenes. Select three of those scenes, identify the legal issue (e.g., objections, cal...
Should USA implement a public health product tax--a tax levied on food products containing unhealthy levels of sugar, salt, and other ingredients in an effort to reduce their consumption, and promote ...
Please respond to the below post. What are your thoughts on anything she said, opinions? There's no wrong answer!    Discussion - Individual Taxpayer Personal and Business Deductions       Deduct...
Question:   Wright obtained her medical degree in Europe. She had to complete a three-year residency in Canada to become a licensed doctor in Canada. She could not continue her medical studies becaus...
Gordon is 66 years old. He is a recipient of CP retirement benefits. However, he still works a ew hours every day. He does not want to make any more contributions to the Canada Pension Plan. What form...
  Do we need to worry about budget deficits and tax cuts during a pandemic? Considering the lesson learned from prior administrations (Jefferson, Eisenhower, Kennedy, Reagan, Bush, Obama, and Trump) ...
Riley bought a 50% partnership ownership share by giving $50,000 cash plus a tract of land (Riley's basis = $200,000; FMV of land is $500,000). The land had a $100,000 note payable that the partnershi...
In the paper "Explain the IVP Arrest Decision...... " " the authors suggest that: given particular incident characteristics, arrest decisions are similar across jurisdictions. In other words, whether ...
Four years ago, Onemig withdrew $13,500 from his RRSP under the Home Buyers'Plan. For 2019, his required repayment is $900, but he was only able to repay $600.Which of the following statements is true...
Calculated the net income or loss of the partnership, the amounts distributable to the partners and the taxable incomes of each of jenny and roberta for the year ended 30 june 2021. including relevant...
11.2  Can a Swimming Pool Be a Deductible Medical Expense?  Finding and Analyzing the Relevant Code Sections and Regulations and a Relevant Revenue Ruling Facts:  Your clients, Bill and Mona Holder...
Federal Income Taxation Law - Depreciation Recapture & 25% Rate Gain   1) In year 1, John purchased a boat for $200,000 for use in his charter fishing business.  In year 3, John sold the boat fo...
The controller of Radio Madness Inc., a Canadian public corporation, has prepared the accounting income statement for the year ended June 30, 2022:   RADIO AM INC. INCOME STATEMENT FOR THE YEAR ENDED...
Unused Charitable donations of the Corporations in a given year can be carry forward for:     A. 10 Years   B. 5 Years   C. 20 Years   D. 6 Years   Non-capital losses of the Corporations can be ...
The operations of Balloons Ltd. generated the following data for its current December 31 taxation year:   Business losses      (150,000) Dividends received and deducted (Division C)       ?...
Marry and the Jacob Limited, with its head office in Markham, Ontario and other permanent establishments in the provinces of British Columbia and Manitoba, and in the United States, has taxable income...
Question 2 . Part 1 - Scenario 1 Review the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return. Review the following scenario. Use the information p...
 . Part 1 - Scenario 1 Review the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return. Review the following scenario. Use the information provided to...
Hello tutors, can you help?. The Form 1099-R Evonne received is shown in the image below. The form shows a code "4" in box 7, indicating that the distribution is due to death. What amount, i...
Question: Mars, the manufacturer of M&M candies, had held its trademark in Canada since the 1950s. M&M Meats operated a retail chain across Canada selling specialty foods, including desserts. ...
Mr. Lawrence Harvey has lived and worked in Halifax for most of his adult life. In July 2019, he discovers that his wife of many years has been having an affair with both his father and his brother. H...
B owns all the shares of TR Ltd., a Canadian-controlled private corporation that operates an active business. The TR shares are valued at $800,000. B intends to transfer a portion of the ownership of ...
Which of the following is a permanent difference when reconciling book income to taxable income? a.Net operating losses b.Depreciation expense c.Postretirement benefits expense d.Entertainment expense...
Question 29 of 50.Taxpayers whose only unearned income consists of qualified dividends and capital gain distributions reported to them on Form 1099-DIV generally compute the amount of tax on their inc...
1.          A foreign tax credit would be less common in a A.          A fully operational worldwide tax system B.          A fully operational territorial tax system C.  ...
What are three scenes from the film Denial that make a particular impression on you concerning defamation & free speech; the defense of Lipstadt before & during trial in court; and/or anti-Sem...
n calculating taxable income, most states begin with some aspect of federal taxable income, to which certain modifications are made in determining state taxable income before apportionment. Which of t...
Problem 4 Parent P creates a trust for child C. Under the trust terms, the trustee is required to accumulate the income and distribute it to C or C's estate at the time C reaches age 21. The corpus is...
Note a short paragraph outlining the conditions that must be present in order to use sections 85, 84.1,  55,  86, 85.1, 51, 88 and 87. Using your income tax act, identify the appropriate references ...
Dane has always contributed the maximum that he can to his RRSP until last year, when he only contributed $15,000 of his available contribution room of $18,000. If Dane had earned income of $100,000 l...
What are the tax consequences in the following scenario for the sellers (Tom and Donna) for selling their heating oil delivery business to the competitor Energy Star Corp who is their buyer on April 3...
Shirley had made $4,000 of nondeductible payments to a governmental unemployment compensation program at the time she began receiving unemployment benefits under the program. If she received $10,000 o...
A and B are partners in an active business. The partnership business earned $100,000 before capital cost allowance. Partner A has substantial non-capital losses available for carry over. Partner B has...
Locate code section 213 and answer the following questions. How many subsections within Internal Revenue Code Section 213? How many paragraphs does 213(d) include? How many subparagraphs does 213(d)(9...
A company has only two shareholders W and K who were in a de facto relationship. The relationship between them broke down and K using his  voting rights removes W from his position as secretary of th...
What is the difference for an employer of providing an employee with a fringe benefit that is GST-free as opposed to one where the price paid by the employer included GST? Please address section and c...
Don receives the use of a company car and estimates that the value to him of having that car in 2020-21 will be $5,000. To what extent, if at all, is he assessable on that value? Why? Please address s...
Last year Ben's employer contributed $8,000 to Ben's superannuation account with AustSuper (a complying superannuation fund). How will that be taxed and at what tax rate?   Please specify the case an...
Westview Gerontology, Inc. has received a 30-day letter from the IRS pursuant to their refusal to accept the changes proposed by Wanda Wild.   1) We need to write the client explaining the appeals pr...
Grandpa transfers a gift of 4,000 shares to his 18 year old grandson.  The taxable dividend of $8,000 received by the grandson on December 30, 2022, will be included, subject to a 138% "gross up," wh...
3 Simple Canadian Tax T/F Questions   1. Investment tax credits can be obtained for the first $50,000 of wages paid per eligible apprentice TRUE OR FALSE   2.On an acquisition of control, non-deprec...
After completing an immigration status check of passengers on a bus, Officer began walking toward the front of the bus and squeezing soft-sided luggage in the overhead compartment.  Upon feeling what...
Select all that apply. Which of the following clients would qualify for special pricing? All clients receive Form 1099-K. They are not dependents unless otherwise stated. Joni received a Form 1099-K f...
Micah has a collection of sneakers. He needed some cash (to buy more sneakers), so he sells some of his sneakers. He sold 10 pairs of sneakers for $5,000. He originally paid $3,200 for those sneakers....
identify a relevant internal revenue code section and briefly state your conclusion based on the relevant authority. Kiren is 55 years old and has an IRA with $160,000 in it. Her son, Randy, was accep...
Discuss whether the taxpayer in the following circumstances can claim a general deduction for the full amount incurred in the current year of tax ending 30 June 2022. Your answer must be supported by ...
   . Discuss whether the taxpayer in the following circumstances can claim a general deduction for the full amount incurred in the current year of tax ending 30 June 2022. Your answer must be suppor...
alan comes to australia from tonga on a short-term visa to undertake seasonal work for 9 months. Under the terms of his visa, he will be work picking fruit for short periods with a number of employers...
 . QUESTION 2 (15 MARKS) Discuss whether the taxpayer in the following circumstances can claim a general deduction for the full amount incurred in the current year of tax ending 30 June 2022. Your an...
 . Do NOT CI QUESTION 1 - PARTNERSHIPS (15 MARKS) Maria and Mario are married and jointly own a small mixed business shop located in Revesby. They agreed to share the net profit from the shop on the ...
Thomson Fraser has always dreamed of owning a Rolls Royce SUV, which costs $525,000. His bank has agreed to fnance the purchase with a loan that bears interest at 7.5%. However, he can borrow the same...
6. Teddy has three capital transactions for the current year: 1. A short-term capital loss of $8,000. 2. A short-term capital gain of $6,000. 3. A long-term capital loss of $5,000. What is the net eff...
21) _________________ is an additional allowance of depreciation in the first-year certain property is placed in service. Like the Section 179 deduction, this is yet another tool the government uses t...
Jack White is the sole shareholder of Whitecap Enterprises Ltd., a small retail shop selling widgets. The shop has been in operation for a number of years. Jack provides you with the Statement of Inco...
Research case: After her employer transferred her to another town, Rosemary put her house up for sale.    After two years of Internet listings, open houses, repairs, and price cuts, a buyer finally ...
Research question:    Fred was the owner of a three-bedroom cabin in California. During 2019, he contracted with a property-management company to rent the cabin to third parties.    In exchange fo...
Research case: Professor White operates a popular CPA exam review course as a sole proprietor. He charges $2,000 tuition to each student, and he guarantees a full refund of the tuition if the student ...
Maeve has been selected to participate in Tax Pro Review for TS23. Where will she be completing Tax Pro Review returns? Always in BlockWorks Online. Never in BlockWorks Online. Always in BlockWorks Le...
All of the following are features of BlockWorks Online except: Resized diagnostic pane. Onscreen link to known issues. Tax Tip Selection screen. Always having the most current version. Advanced Finish...
Last year, Soren's return was completed in BlockWorks Online. How do you start Soren's current-year return in BlockWorks Online? (Select all that apply.) From the BlockWorks client list. From Soren's ...
In the current tax year, the Chan Family Trust received eligible dividends of $367,000. In addition, it received non-eligible dividends from a CCPC of $108,000. The Chan Family Trust also had a capita...
A police officer peered through the closed window blind of Lessee's apartment and observed Lessee and defendants bagging cocaine.  When defendants left the apartment, the officer followed them to the...
please provide a response to initiate a discussion from the following post: When I think of the tax implications of corporations, it at least appears at face that Section 351 of the Internal Revenue C...
Alt Partnership, a cash-basis, calendar-year entity, began business on October 1, 2021. Alt incurred and paid the following in 2021: Legal fees to prepare the partnership agreement $12,000 Accountin...
The principal and a police officer with a dog show up to your classroom.  The principals asked everyone, including the teacher, to leave all their belongings in the room and to exit the room.  After...
Which of the following is true for a non-dividend distribution? Select one: a. The distribution reduces the basis of the stock. b. It is not taxed until the basis of the stock if fully recovered. c. I...
Please provide a response to initiate a discussion from the following post:   "C corporation funding is differentiated by type and source of funding. The tax treatment accordingly varies, and likewis...
1. Mrs. Jones owns 55% of the shares of Jones Consulting Ltd. and 40% of the shares of White Enterprises Ltd. The remaining 45% of the shares of Jones Consulting Ltd. are owned by Mr. Allard, who is n...
. Ms. Didsbury owns 90% of the shares of Didsbury Widgets Ltd. and 10% of Barrow Enterprises Ltd. Her 17 year old daughter owns 40% of the shares of Barrow Enterprises Ltd. Ms. Didsbury also holds an ...
Jackson Ltd. owns 80% of the outstanding common shares of Black Ltd. and Black Ltd. own 70% of the outstanding common shares of White Ltd. Are Jackson Ltd. and Black Ltd. associated corporations? Are ...
. Mr. Andrew Fit and Mr. James Jack are friends, who studied together while at university. Andrew Fit owns 90% of the shares of Fit Fitness Ltd. and 10% of Jack Physio Ltd. James Jack owns 90% of the ...
Mrs. Jones owns 55% of the shares of Jones Consulting Ltd. and 40% of the shares of White Enterprises Ltd. The remaining 45% of the shares of Jones Consulting Ltd. are owned by Mr. Allard, who is not ...
 . 20. Solve the following questions: Sanjay would Like to organize HOS {a business entity) as either an S corporation or as a corporation (taxed as a C corporation) generating a 12 percent annual be...
Read and discuss the article Hairsplitting Under I.R.C. Section 2035(d): The Cause and the Cure (PDF) Links to an external site. by Jeffrey G. Sherman, 16 Va. Tax Rev. 1996-1997 pgs. 111-154.   Does ...
Which of the following is true regarding the self-employment tax?   One half of self-employment tax is deductible as an itemized deduction.   All self-employment income is subject to both Medicare a...
Educators are often tasked with selecting reading materials for students. These texts might be used in whole class, small group, or one-on-one instruction, or they might be used during independent rea...
Abatement of Penalties   1) The number of penalties assessed in the most recent year for which the IRS has data   2) The process used to attempt to get a penalty abated   3)The reasons for which th...
Two curly-haired parents, each have one gene for curly hair and one gene for straight hair. They have a straight-haired child, who inherited a straight-hair gene from each parent. This example illustr...
In September 2021, Dan sold: 1. his postage stamp collection for $700 - he had bought this at a online market 24 months ago for $25,000. 2. a set of rare soccer gear kit for $4,000 - this had been bou...
  1.  A US citizen is self-employed and works providing services in another country for 180 days during the year.  He A, has a fixed base in the other country.  Under the US tax Treaty Model B. Hi...
Citrus Squeezer, Inc. is incorporated and headquartered in Florida, where it grows oranges and produces orange juice. Its wholly-owed subsidiary, Citrus Sales sells and distributes Squeezer's products...
Most states that require combined filing by unitary business groups require or permit taxpayers to file on a so-called water's-edge basis, effectively excluding certain corporations from the combined ...
From the time of its incorporation in 2001, Hassle Pty Ltd ran a business of importing and selling trucks. The head office of the business was in Melbourne and warehouses and retail outlets were locat...
The states authorize many different types of filing methods for members of corporate groups. In general, each state has a default filing method, and then may allow an alternative method if a taxpayer ...
Allan's employer purchased a car in March 2019 at a cost of $88,000 GST inclusive and provided the car to Allan on 1 April 2019. Allan garages the car at his home 300 nights during the 2019/20 FBT yea...
Which of the following is correct regarding the Leung case judgment? Select one: a.Wong was ordered to refund Leung's losses because Wong breached the mandate     b.The bank was ordered to refund Wo...
The legal principle where the mandatary is always liable for the fault committed by the mandator is referred to as: Select one: a.Contributory fault     b.Absolute fault     c.Vicarious liability ...
Under the CCQ, contracts to be valid, must be: Select one: a.In writing     b.Oral     c.If written, then witnessed by a lawyer     d.If oral, then spoken in the presence of 2 independent person...
Which of the following is true regarding minors? Select one: a.They can be a party to a contract     b.They may enter into contracts on their own providing that they are solvent     c.They cannot ...
The President of the University calls you into his office and tells you that you have received a $20,000.00 educational scholarship. You then go directly to the university financial services office to...
What are california state property and sales tax revenues identify who pays?  What is the rate or the base?  How is it allocated?   What is the revenue used for?  Who collections?  Who enforces ...
 . ade and Investment / Determine knowledge In Islamic countries, any business enterprise must structure its commercial activities to avoid - , as the payment and receipt of can violate certain relig...
Which of the following statements most accurately describes the concept of apportionment for purposes of state taxation?   A. The allocation of business income earned by an entity in several states t...
In general, all C corporations can elect to use eitherthe accrual or cash methodof accounting. ⊚        true ⊚        false   Income that is included in book inco...
please research the probate laws and procedure in a state other than FL (please limit your research to a U.S. jurisdiction)Does the jurisdiction you have selected align with the UPC closely or are the...
1. As a general matter, judicial power is the power to interpret law.   1) True   2)False   2. Agencies are sometimes required to conduct cost-benefit analyses of proposed regulations and to submit...
 . REQUIRED METHOD OF ACCOUNTING The taxpayer is a subchapter C corporation engaged in the construction business. In addition to performing construction projects using its own personnel, the taxpayer...
Fifteen years ago, husband and wife Stuart and Marsha Widell organized Widell Engineering Associates (WEA), a Delaware corporation that builds, repairs, and manages  waste treatment plants throughout...
This infographic will outline contract law in Canada. you could look at the process of establishing a contract from offer to performance, or a breakdown of the elements of a contract. You could look a...
Mahmood and Fawlty carry on a partnership. Gross income for the current income year is $40,000, of which $8,000 is made on sales outside Australia (for which no expenses are incurred). Business expens...
Abraham Bellefonte is a fitter employed as a toolmaker at Eastwood Engine and Works Pty Ltd. He is provided with a four-wheel-drive station sedan which he uses occasionally to pick up parts and suppli...
Monica is a book editor and she is employed at a major legal publishing house. In her spare time she writes short stories. Monica has never submitted any of her work for publication, as she writes fo...
Your client is Westcott Corporation. Westcott produces educational, informational, and training programming and delivers the programming to subscribers throughout the nation via satellite broadcast an...
Under Massachusetts law, if a taxpayer has one or more items of income derived from unrelated business activities, as determined under 830 CMR 63.38.1(4) , the items of income will be excluded from th...
Take a look at the following provision of North Carolina law and see if you can determine where the revenue generated from the transaction should be sourced. The assignment of receipts to a state or s...
When assets that constitute a trade or business are sold, Internal Revenue Code Sections 1060 and 338(b)(5) require that the sales price be allocated among the assets. Federal form 8594 is the asset a...
Quest earns income by performing diagnostic testing services for clients for a fee. This involves obtaining specimens from clients, testing the specimens at Quest's laboratories, interpreting the resu...
For a flat fee, Logistics Corp located in Colorado contracts with Customer Corp to arrange for the pickup and delivery of Customer Corp's goods between Wyoming and California. Within the contract ther...
Your Senior Partner, Wanda Know, has asked you to write her a Memo explaining the concept of "nexus" which is the amount and degree of a taxpayer's business activity that must be present in a state f...
 . Gaven Fitzgerald is single and has AGI of $211,300 in 2021. His potential itemized deductions before any limitations for the year total $56,750 and consist of the following: Medical expenses 34,00...
Required informationComprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) (Static) Skip to question   [The following information applies to the questions displayed below.] Sandy and Joh...
John is the director of SS Pty Ltd, which is a property investment company in Sydney and the company is registered for Goods and Services Tax. Due the COVID-19 impact, SS Pty Ltd has decided to rent o...
There were three major tax bills passed during the Reagan administration.  The Economic Tax Recovery Act (ERTA) was passed in 1981. The Tax Equity and Fiscal Responsibility Act (TEFRA) was passed in...
The controversial topic I have chosen is body image and the cultural identifier is race. Transform your ideas into an essay rough draft. Your research essay should focus on a controversial topic invol...
The deficits generated by ERTA, TEFRA and The Tax Reform Act resulted in a 186% increase in the U.S. deficit over the debt inherited by the Regan administration. What were the 4 major factors contribu...
Solution?. mination of Gain or Loss, Basis Considerations, and Nontaxable Exch Tax Return Problems 90. Alton Newman, age 67, is married and files a joint return with his wife, Clair, age 65. Alton and...
Use this link to read the article: https://www.cpajournal.com/2019/02/04/the-status-of-the-marriage-penalty-an-update-from-the-tax-cuts-and-jobs-act/   1. Based on your reading of the article, discus...
Address the following in your research rough draft:  The controversial topic I have chosen is body image and the cultural identifier is race. Describe the controversial topic and cultural identifier....
Please use Thomson Router/ Checkpoint to answer this question. Provide at least one court case to support your analysis. Provide any IRC regulation  format as tax meme.    Mr. Gates is the presiden...
Topic: Assigned topic is as below. Each student is required to follow the assigned topic and will be penalized if any amendments are made in such a way that content does not fit the assigned topic.  ...
the peppermint corporation operates a successful candy business. it is considering taking the partnership public and becoming a master limited partnership. if it does so, will it be subject to the cor...
    research the Internet for a school violence incident that has been reported in the media and critique the actions taken in those incidents. Use information from the guide textbook to support ...
 . * Question Completion Status: AMoving to the next question prevents changes to this answer. Question Question 3 1 points On January 1. 2021 Ralph purchased US Goverment Series EE bond. He paid $70...
LB Corporation purchased a business car in June 2022 for $62,000. The car weighs 4,000 pounds and will be used 100 percent of the time in the business. Compute the largest depreciation deduction possi...
Reference and citation. 22.  The foundations of financial accounting and tax accounting differ because: Explain a. the primary focus of financial accounting is the balance sheet, while the primary fo...
Service Learning Ideas Template One of the benefits of teaching for social justice is that teachers and their students can get involved in service-learning as a way to learn the curriculum while also ...
http://www.milwaukeeindependent.com/featured/systemic-racism-101-dear-america-i-cant-believe-what-you-say-because-i-see-what-you-do/ https://www.npr.org/2020/09/16/913398383/whistleblower-alleges-medi...
 . 11.6 Charitable Gift of Property Subject to a Mortgage, Writing a Memorandum to the Client's File Facts: Your clients are Matt and Lucy Bauer, a married couple. The Bauers owned 100 acres of land ...
 . 11.5 Trust's Payment of Investment Advice Fees, Writing a Memorandum to the Client's File Facts: Your client. Justin Pauly, is employed as a car salesman. Justin's aunt, Marge Simmons, recently di...
4)  A taxpayer owns business property that is destroyed in a fire on 12/10/X1. The insurance   company makes payment for the fair market value of the property (which exceeds its tax   basis) on 1/...
Calculating 'cash flows at the end' Corona Corporation (COR) is a beer manufacturer. In Year zero, COR will purchase new bottling equipment for $200,000, which it is expects to use for ten years. Assu...
3.4. Problem 3: Use the facts below for Problem 3 Questions 1-3 In 2019, Kevin purchased 5,000 shares of Purple Corporation stock at $6 per share. In 2021, he receives a 5% preferred stock dividend. A...
For many years, Janice Virtue had been a professor of Business Ethics in the Faculty of Business at a major Canadian university. In 2019, while continuing to teach one section of Business Ethics, she ...
Marcella Lam purchased a residential property on the south coast of NSW for $325,000 in September 1987 and sold it for $550,000 on 31 August 2021.   Stamp duty and other capital costs in September 19...
The Organisation of Economic Cooperation and Development's (OECD) Base Erosion and Profit Shifting (BEPS) Project was launched in 2013. The proposals which were agreed upon in 2021 meant that there wo...
Courts have often repeated the principle that persons have the right to order their tax affairs in a manner most beneficial to them short of engaging in tax evasion. However there are certain circumst...
Retailer, Inc., a Pennsylvania corporation, generally sells products (TPP) online and claims protection under P.L. 86-272 in every state other than Pennsylvania. In an effort to boost its Califor...