The de minimis rule allows a taxpayer to disregard foreign base company income and adjusted gross insurance income if wh...
The de minimis rule allows a taxpayer to disregard foreign base company income and adjusted gross insurance income if which of the following conditions is satisfied?
A) Either one is less than $10 million or 15 percent of the corporation's gross income
B) The combined total of the two is less than $5 million or 1 percent of gross income
C) The combination of the two is less than the lesser of $1 million or 5 percent of the CFC's gross income
D) The combined total of the two is less than the greater of $1 million or 10 percent of gross income
Homework Answers
If the sum of foreign base company income and the gross insurance income for the taxable year is less than the lesser of—
(i)
5 per cent of gross income, or
(ii)
$1,000,000,
no part of the gross income for the taxable year shall be treated as foreign base company income or insurance income.
Thus the answer is:
C) The combination of the two is less than the lesser of $1 million or 5 percent of the CFC's gross income
Add Answer to:
The de minimis rule allows a taxpayer to disregard foreign base company income and adjusted gross insurance income if wh...
The De Minimis Rule for nonsigning preparers says that a portion of the return will not...
The De Minimis Rule for nonsigning preparers says that a portion of the return will not be considered substantial if the item in question or claim for refund involves related amounts that are: Reported on one form or less completed by the non-signing preparer. Less than $2,500; or less than $100,000 and also less than 5% of the gross income as shown on the return or claim for refund. Less than $5,000; or less than $200,000 and also less than...
Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70,050 6. Margaret and her sister support their mother and together provide 85 percent of their mother’s support. If Margaret provides 40% of her mother’s support: a. Her sister is the only one who can claim their...
please help The data below give the dusted gross income and the amount of Bemized deductions...
please help
The data below give the dusted gross income and the amount of Bemized deductions taken by taxpayeny. Data wereported You may need to use the thousands of dolar Adjusted Gross Income ($1,000) Itemized Deductions ($1,000s) 22 9.6 27 9.6 32 10.1 48 11.1 65 13.5 BS 17.7 120 23.5 with the estimated regression equation 9 = 5.33 +0.14%, the point estimate of a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of...
please assist with d. it's incorrect The data below give the adjusted gross in thousands of...
please assist with d. it's incorrect
The data below give the adjusted gross in thousands of dollars. Adjusted Gross Income Itemized Deductions XY ($1,000s) ($1,000s)) 22 9.6 11.2 484 729 92.16 92.16 27 9.6 239.2 32 10.1 323.2 1024 2 304 10 2.0) 1 3.2) 192.25 48 11.1 532.8 65 13.5 977.5 u225 85 17.7 3בכר 15 04.5 28 2o 31 3.25 552.26 1440 120 23.5 With the estimated regression equation y = 5.33 +0.14x, the point estimate of a...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Pl:2-30 (similar to) The following information relates to Frank, a single taxpayer, age 18: E: (Click...
Pl:2-30 (similar to) The following information relates to Frank, a single taxpayer, age 18: E: (Click the icon to view the information.) 5 (Click the icon to view the standard de Read the requirements. Requirement a. Compute Frank's taxable income assuming he is self-supporting. (Complete all input fields. For amounts of zero or less, enter "0" in the appropriate cell.) 0 Reference Adjusted gross income Minus: STANDARD DEDUCTION Taxable income i Data Table Filing Status Married individuals filing joint returns...
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...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
Linette, a single taxpayer, had the tollowing income and deductions tor the tax year 2018: C...
Linette, a single taxpayer, had the tollowing income and deductions tor the tax year 2018: C ck the icon to view the income and deductions. Click the icon to v ew the standard deduction amounts 을 (Cick the con to ew the 2018 tax rate schedule or he Single ng status. Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018. First calculate the gross income, then calculate taxable income and the federal tax liability....
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
please help
The data below give the dusted gross income and the amount of Bemized deductions taken by taxpayeny. Data wereported You may need to use the thousands of dolar Adjusted Gross Income ($1,000) Itemized Deductions ($1,000s) 22 9.6 27 9.6 32 10.1 48 11.1 65 13.5 BS 17.7 120 23.5 with the estimated regression equation 9 = 5.33 +0.14%, the point estimate of a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of...
please assist with d. it's incorrect
The data below give the adjusted gross in thousands of dollars. Adjusted Gross Income Itemized Deductions XY ($1,000s) ($1,000s)) 22 9.6 11.2 484 729 92.16 92.16 27 9.6 239.2 32 10.1 323.2 1024 2 304 10 2.0) 1 3.2) 192.25 48 11.1 532.8 65 13.5 977.5 u225 85 17.7 3בכר 15 04.5 28 2o 31 3.25 552.26 1440 120 23.5 With the estimated regression equation y = 5.33 +0.14x, the point estimate of a...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Pl:2-30 (similar to) The following information relates to Frank, a single taxpayer, age 18: E: (Click the icon to view the information.) 5 (Click the icon to view the standard de Read the requirements. Requirement a. Compute Frank's taxable income assuming he is self-supporting. (Complete all input fields. For amounts of zero or less, enter "0" in the appropriate cell.) 0 Reference Adjusted gross income Minus: STANDARD DEDUCTION Taxable income i Data Table Filing Status Married individuals filing joint returns...
Linette, a single taxpayer, had the tollowing income and deductions tor the tax year 2018: C ck the icon to view the income and deductions. Click the icon to v ew the standard deduction amounts 을 (Cick the con to ew the 2018 tax rate schedule or he Single ng status. Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018. First calculate the gross income, then calculate taxable income and the federal tax liability....
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