Homework Answers
| Renee | ||
| Requirement c: | ||
| Taxable Income before interest | 85 | |
| Total Expense | -78.1 | |
| 6.9 | ||
| Add:Net Interest expense(10.5 - 5) | 5.5 | |
| Depreciation | 12.7 | |
| Adjusted Taxable Income | 25.1 | |
| Interest deductible @30% of ATI | 7.53 | |
| Max Interest allowable (lower of 7.53 or 5.5) | 5.5 | million |
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19 Required information Part 3 of 3 [The following information applies to the questions displayed below...
Required information [The following information applies to the questions displayed below.] Renee operates a proprietorship selling...
Required information [The following information applies to the questions displayed below.] Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $6.4 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. b....
Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building...
Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building for $24 million for her business. This year, Renee’s proprietorship reported revenue of $95.5 million and incurred total expenses of $88.6 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. a. What is Renee’s adjusted taxable income for purposes of calculating the...
Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building...
Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building for $24 million for her business. This year, Renee’s proprietorship reported revenue of $95.5 million and incurred total expenses of $88.6 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. a. What is Renee’s adjusted taxable income for purposes of calculating the...
Required information [The following information applies to the questions displayed below.] Rita owns a sole proprietorship...
Required information [The following information applies to the questions displayed below.] Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes...
Required information [The following information applies to the questions displayed below.] Rita owns a sole proprietorship...
Required information [The following information applies to the questions displayed below.] Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,840. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes...
Required information [The following information applies to the questions displayed below.) This year, Randy paid $30,400...
Required information [The following information applies to the questions displayed below.) This year, Randy paid $30,400 of interest on his residence. (Randy borrowed $482,000 to buy his residence, and it is currently worth $532,000.) Randy also paid $3,300 of interest on his car loan and $5,400 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? a. Randy received $2,840 of interest this year...
Required information The following information applies to the questions displayed below.) Rita owns a sole proprietorship...
Required information The following information applies to the questions displayed below.) Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes...
Required information [The following information applies to the questions displayed below] Melissa recently...
Required information [The following information applies to the questions displayed below] Melissa recently paid $870 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $400 Tee to register for the conference, $260 per night for three nights' lodging. $120 for meals, and $425 for cab fare (Leave no answers blank. Enter zero if applicable. Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) b....
Check my wc Required information [The following information applies to the questions displayed below) Betty operates...
Check my wc Required information [The following information applies to the questions displayed below) Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,604 in self-employment tax on her salon income, with $1,302 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that...
Required information [The following information applies to the questions displayed below.] Lewis and Laurie are married...
Required information [The following information applies to the questions displayed below.] Lewis and Laurie are married and jointly own a home valued at $245,000. They recently paid off the mortgage on their home. The couple borrowed money from the local credit union in January of 2019. How much interest may the couple deduct in each of the following alternative situations? (Assume they itemize deductions no matter the amount of interest.) (Leave no answer blank. Enter zero if applicable.) borrows $45,000,...
Required information [The following information applies to the questions displayed below.] Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $6.4 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. b....
Required information [The following information applies to the questions displayed below.) This year, Randy paid $30,400 of interest on his residence. (Randy borrowed $482,000 to buy his residence, and it is currently worth $532,000.) Randy also paid $3,300 of interest on his car loan and $5,400 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? a. Randy received $2,840 of interest this year...
Required information The following information applies to the questions displayed below.) Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes...
Required information [The following information applies to the questions displayed below] Melissa recently paid $870 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $400 Tee to register for the conference, $260 per night for three nights' lodging. $120 for meals, and $425 for cab fare (Leave no answers blank. Enter zero if applicable. Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) b....
Check my wc Required information [The following information applies to the questions displayed below) Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,604 in self-employment tax on her salon income, with $1,302 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that...
Required information [The following information applies to the questions displayed below.] Lewis and Laurie are married and jointly own a home valued at $245,000. They recently paid off the mortgage on their home. The couple borrowed money from the local credit union in January of 2019. How much interest may the couple deduct in each of the following alternative situations? (Assume they itemize deductions no matter the amount of interest.) (Leave no answer blank. Enter zero if applicable.) borrows $45,000,...
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