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For a nonresident of California, which would not be taxed by California? $100,000 prize winning by...
Which of the following items will NOT be taxed in California for a nonresident? A. Net...
Which of the following items will NOT be taxed in California for a nonresident? A. Net rental income from a California property B. Stock options earned while working in your home state but issued by a California-based company C. Royalties from a California timber interest. D. Wages from a job in California. I already know that option C is incorrect.
Mary a single taxpayer, has $400,000 of profits from her general store, which she operates as...
Mary a single taxpayer, has $400,000 of profits from her general store, which she operates as a sole proprietorship. She has no employees, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income. How much is Mary's deduction for qualified business income? $1,000 $100,000 $80,000 $20,000 $0
Jen, an accountant, is a sole proprietor working in Queens, NY. Jen decides that she wants...
Jen, an accountant, is a sole proprietor working in Queens, NY. Jen decides that she wants to incorporate her business and that such business would be taxed as a C-corporation. When Jen incorporates, she contributes various property and cash including her accounts receivable from her sole proprietor business. Several days after incorporating, Jen decides to bring another accountant, Sam, into her team and 8 entices him with a shareholder interest in the newly incorporated company. Which of the following statements...
2. Susan is the owner of a 35-unit apartment complex. She spends 950 hours a year...
2. Susan is the owner of a 35-unit apartment complex. She spends 950 hours a year managing the property. In addition, she works part-time for a mortgage company. She spends 1,150 hours a year as a bookkeeper at the mortgage company. The apartment complex generated a loss of $32,000, and Susan's adjusted gross income for the current year, before considering the apartment complex, is $48,000. How much of the loss can Susan deduct? a. $- 0 - b. $14,476 c....
Amber Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property...
Amber Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property dispositions are as follows: Asset Rack Forklift Bin Cost $100,000 35,000 87,000 Acquired 10/10/14 10/16/15 03/12/17 Depreciation $100,000 23,000 31,000 Sold For $145,000 3,000 60,000 Sold On 10/10/18 10/10/18 10/10/18 a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter 0. Character of Gain or Loss Total Amount of...
5. Identify which of the following statements is true. A) Daisy Corporation is owned by a father and his son. The corpor...
5. Identify which of the following statements is true. A) Daisy Corporation is owned by a father and his son. The corporation employs 5 individuals to provide public accounting services. Father and son make all of the work assignments for the professional employees. The professional fees earned by the corporation are personal holding company income. B) Hakeem Corporation is owned by a mother and her two daughters. It reports $95,000 of rental income, $22,000 of depreciation, interest, and property taxes...
Sullivan, a pilot for Northern Airlines, has adjusted gross income of $92,000 before considering the following...
Sullivan, a pilot for Northern Airlines, has adjusted gross income of $92,000 before considering the following losses. The passive activity rules disallow the deduction for a loss in which of the following? I. Sullivan has a $4,500 loss from his ownership interest in Cowco, a feeder-cattle limited partnership. Sullivan is a general partner and is responsible for day-to-day management decisions. II. Sullivan has a $7,000 loss from his ownership interest in Swineco, a feeder-pig limited partnership. Sullivan is a limited...
3. Lindsay, a California resident with a federal AGI of $100,000, reported the following items on...
3. Lindsay, a California resident with a federal AGI of $100,000, reported the following items on her federal Schedule A (Itemized Deductions): State taxes withheld Real estate taxes California SDI Personal property taxes on a vehicle Mortgage interest Tax preparation fees Charitable contributions Legal fees for tax representation $1,095 $1,452 $ 495 $ 265 $5,980 $ 150 $ 680 $ 700 What is the total amount of her California itemized deductions? a) $10,817 b) $ 8,872 c) $ 6,660 d)...
1. 2. 3. For tax planning purposes, Arnold would like to report all of the income...
1.
2.
3.
For tax planning purposes, Arnold would like to report all of the income from the sale of his computers in the current tax year, rather than use the installment sale method. However, Arnold heard that use of the installment method is required when at least one (1) payment is to be received after the close of the tax year in which the sale occurs. What code section and subsection would allow Arnold to elect out of the...
question 1 through 4 multiple choice 1. Which of the follow She following statements concerning the...
question 1 through 4 multiple choice
1. Which of the follow She following statements concerning the taxation of assets is correct? Ordinary income may qualify for a special 0% rate. Capital gains are always taxed at the taxpayers marginal tax rate. Section 1231 assets are taxed at ordinary rates, and losses are taxed at capital rates. Gains on Section 1231 assets are taxed at long-term capital gains tax rates, and losses are taxed at ordinary income tax rates. Which of...
Amber Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property dispositions are as follows: Asset Rack Forklift Bin Cost $100,000 35,000 87,000 Acquired 10/10/14 10/16/15 03/12/17 Depreciation $100,000 23,000 31,000 Sold For $145,000 3,000 60,000 Sold On 10/10/18 10/10/18 10/10/18 a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter 0. Character of Gain or Loss Total Amount of...
1.
2.
3.
For tax planning purposes, Arnold would like to report all of the income from the sale of his computers in the current tax year, rather than use the installment sale method. However, Arnold heard that use of the installment method is required when at least one (1) payment is to be received after the close of the tax year in which the sale occurs. What code section and subsection would allow Arnold to elect out of the...
question 1 through 4 multiple choice
1. Which of the follow She following statements concerning the taxation of assets is correct? Ordinary income may qualify for a special 0% rate. Capital gains are always taxed at the taxpayers marginal tax rate. Section 1231 assets are taxed at ordinary rates, and losses are taxed at capital rates. Gains on Section 1231 assets are taxed at long-term capital gains tax rates, and losses are taxed at ordinary income tax rates. Which of...
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