Answer :
Mr. Tuck part in the business loss (4600*50%) | $ 2,300 |
Marginal tax rate | 35% |
Mr. Tuck tax savings from the first year LLC loss | $ 805 |
Mr. Tuck and Ms. Under organized a new business as an LLC in which they own equal interests. The new business generated...
This year, FGH Partnership generated $690,000 ordinary business income. FGH has two equal partners: Triad LLC and Beta, an S corporation. Triad LLC has three members: Mr. T, who owns a 40 percent interest; Mrs. U, who owns a 35 percent interest; and V Inc., which owns a 25 percent interest. Beta has 100 shares of outstanding stock, all of which are owned by Ms. B. Identify the taxpayers who must pay tax on the partnership income, and determine how...
This year, FGH Partnership generated $720,000 ordinary business
income. FGH has two equal partners: Triad LLC and Beta, an S
corporation. Triad LLC has three members: Mr. T, who owns a 40
percent interest; Mrs. U, who owns a 35 percent interest; and V
Inc., which owns a 25 percent interest. Beta has 100 shares of
outstanding stock, all of which are owned by Ms. B. Identify the
taxpayers who must pay tax on the partnership income, and determine
how...
This year, FGH Partnership generated $800,000 ordinary business income. FGH has two equal partners: Triad LLC and Beta, an S corporation. Triad LLC has three members: Mr. T, who owns a 40 percent interest; Mrs. U, who owns a 35 percent interest; and V Inc., which owns a 25 percent interest. Beta has 100 shares of outstanding stock, all of which are owned by Ms. B. Identify the taxpayers who must pay tax on the partnership income, and determine how...
Keith Thomas and Thomas Brooks began a new consulting business on January 1, 2018. They organized the business as a C corporation, KT, Inc. During 2018, the corporation was successful and generated revenues of $2,000,000. KT had operating expenses of $800,000 before any payments to Keith or Thomas. During 2018, KT paid dividends to Keith and Thomas in the amount of $450,000 each. Assume that Keith’s wife earned $120,000 from her job, they file a joint return, have itemized deductions...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship, for more than seven years. Among the services she offers is tax return filing and personal investment advising. Which of the following is true of Manuela’s business? A. Manuela has little control over the management and operations of her business. B. Manuela has unlimited liability. C. Outside funding for the business has been easy for Manuela to obtain. D. Manuela had varied and complicated...
And there was a buy-sell arrangement which laid out the
conditions under which either shareholder could buy out the other.
Paul knew that this offer would strengthen his financial
picture…but did he really want a partner?It was going to be a long
night.
read the case study above and answer this question
what would you do if you were Paul with regards to financing,
and why?
ntroductloh Paul McTaggart sat at his desk. Behind him, the computer screen flickered with...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
Who do you think are top 3 stakeholder groups Now that you are familiar with the project, what are some areas that are more likely to change? What are ways to monitor the effectiveness of stakeholder engagement? CASE STUDY VIII. Integration Management About Global Information Store Introduction In the relaunch of the ERP system, now with Ms. Adriana Holmes as the new CPO, the project team reexamined and refreshed the business case. After a detailed analysis, the team agreed to...
Required information [The following information applies to the questions displayed belowj John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2018, John worked as a computer technician at a local university earning a salary of $153,500, and Sandy worked part-time as a receptionist for a law firm earning a salary of $30,500. John also does some Web design work on the side and reported revenues of $5,500 and associated expenses of $1,500. The...