Homework Answers
Answer is Option b)
Both the buyer and seller who each file form 8594
Form 8594 is used to report sale and purchase of a group of assets that are involved in business sale. Along with their own individual own income tax returns both purchaser and seller must file Form 8594
Both entities must report the total sales price of the business along with agreement for allocation of total consideration for among 7 different class of assets. It is important to include allocation negotiations as part of sales agreement. The assets must be allocated comparable to their fair market value.
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MBK Tor Torow up Question 8 of 30. For the year in which one taxpayer sells an entire business to another taxpayer,...
Question 23 of 75. How is the installment sale of an entire business reported on the...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? O One Form 6252 reports the entire disposition. O Separate Foms 6252 are completed for each asset O One Form 6252 is completed for the tangible assets,and anotheris complated for intangible asset O Separate Foms 6252 are completed for each asset class and type. □Mark for follow up Question 24 of 75. Which of the following taxpayers would be most likely to...
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Question 48 of 50. When one vehicle is used for more than one business purpose, the O Mileage for each use would not include the mileage from the other business use U Taxpayer must allocate the expenses based on the ratio of each vehicle's miles to total miles for both vehicles Taxpayer must use the actual expense method for the vehicle. Taxpayer must use the same method of claiming expenses for all business uses. Mark for follow up « Back...
Question 23 of 75. How is the installment sale of an entire business reported on the...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? One Form 6252 reports the entire disposition. O Separate Forms 6252 are completed for each asset. O One Form 625 O Separate Forms 6252 are completed for each asset class and type. 2 is completed for the tangible assets, and another is completed for intangible assets. Mark for follow up L ue uplele fo éach asset class and type. □Mark for follow...
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should...
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should Encourage them to take both the Section 179 deduction and bonus depreciation to benefit on this year's tax return. Explain to them that bonus depreciation is automatically calculated because they should take it. Discourage them from taking a Section 179 deduction because it is rarely beneficial. Discuss how Section 179 and bonus depreciation will effect this year's tax return, as well as future years,...
$1,000 capital gain $1,000 dividend income Mark for follow up Question 34 of 75. A taxpayer...
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Keauze rourrotential: M&M ช.OCK Mark for follow up Question 5 of 75. the information provided for...
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federal income tax question Mark for follow up Question 3 of 12 Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
federal income tax question Mark for follow up Question 6 of 12 Which of the following...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? O One Form 6252 reports the entire disposition. O Separate Foms 6252 are completed for each asset O One Form 6252 is completed for the tangible assets,and anotheris complated for intangible asset O Separate Foms 6252 are completed for each asset class and type. □Mark for follow up Question 24 of 75. Which of the following taxpayers would be most likely to...
Question 48 of 50. When one vehicle is used for more than one business purpose, the O Mileage for each use would not include the mileage from the other business use U Taxpayer must allocate the expenses based on the ratio of each vehicle's miles to total miles for both vehicles Taxpayer must use the actual expense method for the vehicle. Taxpayer must use the same method of claiming expenses for all business uses. Mark for follow up « Back...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? One Form 6252 reports the entire disposition. O Separate Forms 6252 are completed for each asset. O One Form 625 O Separate Forms 6252 are completed for each asset class and type. 2 is completed for the tangible assets, and another is completed for intangible assets. Mark for follow up L ue uplele fo éach asset class and type. □Mark for follow...
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should Encourage them to take both the Section 179 deduction and bonus depreciation to benefit on this year's tax return. Explain to them that bonus depreciation is automatically calculated because they should take it. Discourage them from taking a Section 179 deduction because it is rarely beneficial. Discuss how Section 179 and bonus depreciation will effect this year's tax return, as well as future years,...
$1,000 capital gain $1,000 dividend income Mark for follow up Question 34 of 75. A taxpayer brings in a Form 1099-B showing $7,521 in net proceeds from the May 20, 2018, sale of non-covered shares What are all of the other items you need to know to report the transaction? The date(s) the asset was acquired and the asset basis on the sale date Whether the client sold stocks or mutual funds. The asset basis on the sale date. The...
Keauze rourrotential: M&M ช.OCK Mark for follow up Question 5 of 75. the information provided for each choice, then determine which taxpayer is required to file Form 1040. Courtney, who has a dependent child. She received $7.200 in child support. Caden, a recent cellege graduate claiming the student toan interest deduction Noah, who did not have qualifying health coverage and is subject to the shared responsibility payment. Laura, who received $2,500 of alimony from her ex-spouse. Review Mark for follow...
federal income tax question
Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
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