Homework Answers
Answer-The correct option is a-Utilities
Explanation:-
The safe harbor for small taxpayers (SHST; IRS Reg. §1.263(a)-3h) took effect at the start of 2014. If you qualify to use it, you may currently deduct on Schedule E all your annual expenses for repairs, maintenance, improvements, and other costs for business real property, including rental property owned by landlords
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Question 46 of 75. The safe harbor election for small taxpayers (a business with total assets...
Question 41 of 75 Zack purchased a rental house for $250,000. He put down $50,000 cash...
Question 41 of 75 Zack purchased a rental house for $250,000. He put down $50,000 cash and took out a mortgage for the balance of $200,000. At closing, he paid $4,000 in points, $3,500 for transfer taxes and legal fees, and $8,500 for delinquent proper taxes left unpaid by the seller. What is Zack's basis in the rental house? Question 42 of 75. The safe harbor election allows taxpayers to elect to expense improvements if the total amount paid during...
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect...
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect to apply a de minimis safe harbor election. This election allows them to claim an immediate deduction for O Amounts paid for small repair parts that the taxpayer elects to capitalize. Improvements costing less than $200. O Property that does not cost more than $2,500 per invoice or item. O Repairs to real property costing less than $2,500.
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect...
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect to apply a de minimis safe harbor election. This election allows them to claim an immediate deduction for: Amounts paid for small repair parts that the taxpayer elects to capitalize. Improvements costing less than $200. Property that does not cost more than $2,500 per invoice or item. Repairs to real property costing less than $2,500
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect...
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect to apply a de minimis safe harbor election. This election allows them to claim an immediate deduction for: Amounts paid for small repair parts that the taxpayer elects to capitalize. Improvements costing less than $200. Property that does not cost more than $2,500 per invoice or item. Repairs to real property costing less than $2,500
Question 66 of 75. All of the following are deductible business expenses reported in Part II...
Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
QUESTION 1 Tom, age 13, is claimed as a dependent by his parents. Tom has unearned...
QUESTION 1 Tom, age 13, is claimed as a dependent by his parents. Tom has unearned income of $3,400 and $300 of income from mowing lawns in the neighborhood. If the first $2,600 of Tom's net unearned income is taxed at 10%, what is Tom’s 2019 income tax liability? a. None of these b. $260 c. $370 d. $0 e. $459 QUESTION 2 The 3.8 percent ACA Medicare tax does not apply to: a. Wages b. Interest c. Capital gains...
this is business 241 question... need help P 10-8 (similar to) Sora Industries has 65 million outstanding shares, $123 million in debt, $46 million in cash, and the following projected free ca...
this is business 241 question... need help
P 10-8 (similar to) Sora Industries has 65 million outstanding shares, $123 million in debt, $46 million in cash, and the following projected free cash flow for the next four years: Year012 3 4 Earnings and FCF Forecast (s million) 1 Sales 433.0 468.0 516.0547.0 574.3 2 Growth vs. Prior Year 8.1% 10.3% 6.0% 5.0% 3 Cost of Goods Sold 4 Gross Profit (313.6) (345.7) (366.5) (384.8) 154.4 180.5 (93.6) (103.2) (109.4) (114.9)...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70,050 6. Margaret and her sister support their mother and together provide 85 percent of their mother’s support. If Margaret provides 40% of her mother’s support: a. Her sister is the only one who can claim their...
[32] If an individual taxpayer's suspended passive losses and credits from an activity other than rental...
[32] If an individual taxpayer's suspended passive losses and credits from an activity other than rental real estate cannot be used in the current year, they may be carried A. Back 2 years, but they cannot be carried forward. B. Forward up to a maximum period of 20 years, but they cannot be carried back. C. Back 2 years or forward up to 20 years, at the taxpayer's election. D. Forward indefinitely or until the property is disposed of in...
U.S. Corporation Income Tax Return OMB No. 1545-0123 Fam 1120 For calendar year 2019 or tax...
U.S. Corporation Income Tax Return OMB No. 1545-0123 Fam 1120 For calendar year 2019 or tax year beginning ,2019, ending 20 2019 Dopartment of the Treasury Internal Rovenue Service A Check if: 1a Consolktatod rotum (attach Form 851) b Lifenonlile consol- datod roturm. ► Go to www.irs.gov/Form1120 for instructions and the latost information. Name B Employer identification number ТҮРЕ OR Number, stroet, and room or suite no. If a P.O. box, s0o instructions. C Duto incorporated PRINT 2 Posonal holding...
Question 41 of 75 Zack purchased a rental house for $250,000. He put down $50,000 cash and took out a mortgage for the balance of $200,000. At closing, he paid $4,000 in points, $3,500 for transfer taxes and legal fees, and $8,500 for delinquent proper taxes left unpaid by the seller. What is Zack's basis in the rental house? Question 42 of 75. The safe harbor election allows taxpayers to elect to expense improvements if the total amount paid during...
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect to apply a de minimis safe harbor election. This election allows them to claim an immediate deduction for O Amounts paid for small repair parts that the taxpayer elects to capitalize. Improvements costing less than $200. O Property that does not cost more than $2,500 per invoice or item. O Repairs to real property costing less than $2,500.
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect to apply a de minimis safe harbor election. This election allows them to claim an immediate deduction for: Amounts paid for small repair parts that the taxpayer elects to capitalize. Improvements costing less than $200. Property that does not cost more than $2,500 per invoice or item. Repairs to real property costing less than $2,500
Question 9 of 30. Under the tangible property regulations, taxpayers without applicable financial statements may elect to apply a de minimis safe harbor election. This election allows them to claim an immediate deduction for: Amounts paid for small repair parts that the taxpayer elects to capitalize. Improvements costing less than $200. Property that does not cost more than $2,500 per invoice or item. Repairs to real property costing less than $2,500
Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
this is business 241 question... need help
P 10-8 (similar to) Sora Industries has 65 million outstanding shares, $123 million in debt, $46 million in cash, and the following projected free cash flow for the next four years: Year012 3 4 Earnings and FCF Forecast (s million) 1 Sales 433.0 468.0 516.0547.0 574.3 2 Growth vs. Prior Year 8.1% 10.3% 6.0% 5.0% 3 Cost of Goods Sold 4 Gross Profit (313.6) (345.7) (366.5) (384.8) 154.4 180.5 (93.6) (103.2) (109.4) (114.9)...
U.S. Corporation Income Tax Return OMB No. 1545-0123 Fam 1120 For calendar year 2019 or tax year beginning ,2019, ending 20 2019 Dopartment of the Treasury Internal Rovenue Service A Check if: 1a Consolktatod rotum (attach Form 851) b Lifenonlile consol- datod roturm. ► Go to www.irs.gov/Form1120 for instructions and the latost information. Name B Employer identification number ТҮРЕ OR Number, stroet, and room or suite no. If a P.O. box, s0o instructions. C Duto incorporated PRINT 2 Posonal holding...
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