Homework Answers
Answer 11 (c) Both I and II as income
Answer 11 (d) Neither I and II consider as income
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11. Which of the following items would be considered taxable income to the payee/recipient in the...
16. Which of the following would be considered income to Joe for tax purposes in 2020?...
16. Which of the following would be considered income to Joe for tax purposes in 2020? I. Joe steals $5,000 on June 1, 2020. II. Joe grows vegetables in his back yard garden and then receives $200 after selling the vegetables at a farmers market (on July 1, 2020). a. b. C. d. I only II only Both I and II Neither I nor II 17. Your client receives a scholarship to State University. Which of the items listed below...
18. The client has income under all of the following situations except: (A) Your client gets...
18. The client has income under all of the following situations except: (A) Your client gets a free gift (FMV $100) for hosting a "party". The people at the party are sold Tupperware and other kitchen gadgets. (B) Your client is a doctor and she is paid by a local group of doctors $10,000 not to open up a practice in Delaware county, PA. (C) Your client builds a car from spare parts he found for free in a junkyard....
8. Which of the following statements about the estate and gift tax is (are) correct? I....
8. Which of the following statements about the estate and gift tax is (are) correct? I. There is no estate or gift tax due at the death of the first spouse. II. There is no estate or gift tax due if a single mother gives her son a $35,000 car. I only b. II only Both I and II d. Neither I nor II a 9. Which tax form should Jack and Jill a married couple file if they need...
Which of the following items would be included in the discontinued operations section of the income...
Which of the following items would be included in the discontinued operations section of the income statement? A. The gain or loss on disposal of the segment. B. Both the income or loss from operating the segment prior to its disposal, and the gain or loss on disposal of the segment. C. Income or loss from operating the segment prior to its disposal. D. Only losses and not gains on the disposal of a segment. 2. All things being equal,...
14) Which of the following statements about life income settlement options is (are) true 1. Under...
14) Which of the following statements about life income settlement options is (are) true?I. Under a joint-and-survivor life income option, payments cease at the death of the second (last) surviving) annuitant,II. Under a life income with guaranteed period, a contingent beneficiary is guaranteed a minimum number of payments regardless of when the primary beneficiary dies.A) I onlyB) II onlyC) both I and II]D) neither I nor II15) Bruce left a question about heart disease blank on his life insurance application...
1. ParentCo and SubCo report the following items of income and deduction for the current year....
1. ParentCo and SubCo report the following items of income and deduction for the current year. ParentCo's SubCo's Taxable Item Taxable Income Income Income (loss) from operations $100,000 ($10,000) § 1231 loss (5,000) Capital gain 15,000 Charitable contribution 12,000 Compute ParentCo and SubCo's consolidated taxable income or loss. a.$90,000 b.$81,000 c.$88,000 d.$90,500 2. A Federal consolidated group reported the following taxable income amounts. Parent owns all of the stock of both Junior and Minor. Determine the net operating loss (NOL)...
Question 8 (1 point) Sadie is a full time nurse and a part time painter. Her...
Question 8 (1 point) Sadie is a full time nurse and a part time painter. Her painting qualifies as a hobby. Her gross income from painting is $7,000. Her expenses include $800 of interest on inventory loans, $5,200 of expenses in conducting business activities, and $2,000 of depreciation of equipment. Which of the following statements about Sadie's hobby activity is/are correct? Sadie will not recognize any taxable income as a result of her hobby. Sadie can deduct the interest of...
15-1: Which of the following items account for the difference in income between Variable Costing and...
15-1: Which of the following items account for the difference in income between Variable Costing and Absorption Costing when inventory levels are changing? (Check all that apply.) (A) Fixed manufacturing costs (B) Fixed non-manufacturing costs (C) Variable manufacturing costs (D) Variable non-manufacturing costs 15-5: The Impatients-To-Go Silk Flower Company began operations on January 1, 2004. Which of the following circumstances ensures that the company’s net income will be the same under Absorption Costing as under Variable Costing for 2005,...
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...
1. Which of the following items are determinants of external financing needed (EFN) when the percentage...
1. Which of the following items are determinants of external financing needed (EFN) when the percentage of sale approach is applied normally based on a sustainable growth rate? I. increase in total assets II. new borrowing III. taxes payable IV. addition to retained earnings Select one: a. I only b. I and II only c. I, II, and III only d. I, II, and IV only e. I, II, III, and IV 2. Given the following information, what is the...
16. Which of the following would be considered income to Joe for tax purposes in 2020? I. Joe steals $5,000 on June 1, 2020. II. Joe grows vegetables in his back yard garden and then receives $200 after selling the vegetables at a farmers market (on July 1, 2020). a. b. C. d. I only II only Both I and II Neither I nor II 17. Your client receives a scholarship to State University. Which of the items listed below...
18. The client has income under all of the following situations except: (A) Your client gets a free gift (FMV $100) for hosting a "party". The people at the party are sold Tupperware and other kitchen gadgets. (B) Your client is a doctor and she is paid by a local group of doctors $10,000 not to open up a practice in Delaware county, PA. (C) Your client builds a car from spare parts he found for free in a junkyard....
8. Which of the following statements about the estate and gift tax is (are) correct? I. There is no estate or gift tax due at the death of the first spouse. II. There is no estate or gift tax due if a single mother gives her son a $35,000 car. I only b. II only Both I and II d. Neither I nor II a 9. Which tax form should Jack and Jill a married couple file if they need...
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