Federal Taxation 2/10/2013 Questions: 21-2‚ 21-13‚ & 21-26 Problems: 21-53 & 21-63 Homework Week Six 21-2. What are the eligibility requirements that a corporation must meet in order to qualify under Subchapter S? Answer: In order to qualify under Subchapter S‚ a corporation must be a small business corporation. The following additional requirements must be met in order to be a small business corporation: 1. Must be a domestic corporation 2. Must have no more than 100 shareholders
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Taxation Assignment Chpt1 #45 LO.5‚ 6 In March 2013‚ Jim asks you to prepare his Federal income tax returns for tax years 2010‚ 2011‚ and 2012. In discussing this matter with him‚ you discover that he also has not filed for tax year 2009. When you mention this fact‚ Jim tells you that the statute of limitations precludes the IRS from taking any action as to this year. a. Is Jim correct about the application of the statute of limitations? Why or why not? b. If Jim refuses to file for 2009‚ should
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Tax 2 Test 3 Multiple Choice Identify the choice that best completes the statement or answers the question. _D___ 1. Which of the following are organizations exempt under § 501(c)(3)? a. Girl Scouts of America. b. Washington and Lee University. c. Veterans of Foreign Wars (VFW). d. Only a. and b. are § 501(c)(3) organizations. e. All of the above are § 501(c)(3) organizations. __D__ 2. Which of the following is a requirement for exempt status? a. The organization does not exert
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CHAPTER 1 UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS Question/ Problem 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Learning Objective LO 1 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 3 Topic Revenue neutrality Controlling the economy Encouraging industries Research and development expenditures Social considerations Earned income credit Charitable
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business which is a separate law practice established as an LLC)? - LLCs are generally treated as disregarded entities for income tax purposes and all income and expenses are reported on owner’s tax return as self-employment income on the schedule C. (1) Lease expenses are deducted on the line 20.The office lease payments will be reported as a business expense on your business tax return. Do I get better tax benefits for paying the lease or for buying the building? What are the differences? – The
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Taxation law notes – Winson Edition 2010 Income from business The main issues that arise from income from business: 1. Is a business being carried on? Ferguson v FCT FCT v Walker Ruling TR 97/11 Ruling TR 2007/8 1.1 hobby or business - Evans v FCT—gambling - FCT v Stone—sportman and sponsorship 1.2 Share trading - Shields v Deputy Commissioner of Taxation 2. Is income or capital nature? 2.1 scope of business - Californian Copper Syndicate v Harris - Western Goldmines (NL) v DCL (WA) -
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73 Chapter 6 Deductions: General Concepts and Trade or Business Deductions SUMMARY OF CHAPTER Tax deductions are allowed to taxpayers only if specifically authorized by the Internal Revenue Code. Deductions allowable to individual taxpayers fall into four categories: trade or business expenses‚ expenses incurred for the production of income‚ losses‚ and personal expenses. In addition to discussing the general requirements for deductibility for each of the above types of expenses‚ this chapter also
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Throughout this assessment‚ we are going to survey the different adjustments the current freshmen in AUP are going through. We’re going to survey what are the problems that they would face upon entering college and how they would pass through it and overcome those problems. Theoretical Framework As a guide in assessing the problems met by freshmen students in AUP‚ our study used the “Tinto’s Theory of Freshmen Development” (1987). According to Tinto’s theory‚ there are three stages in freshmen
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MACC-650 Seminar in Federal Taxation Spring 2010 Team Research Project Presentation to John Smith KMCE & A GOLD Gold Group KMCE & A Gold LLC Lawrenceville‚ NJ Dear Mr. Smith‚ We have been requested to review and present to you our recommendations for the start of your new Pharmaceutical/Biotech Consulting Company. To begin‚ we would like to review the information that we have been given from you to KMCE&A. We understand that you have a background as a business executive
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CHAPTER 1 Introduction to Quantitative Analysis TRUE/FALSE 1.1 Interviews‚ statistical sampling‚ and company reports provide input data for quantitative analysis models. ANSWER: TRUE {moderate‚ THE QUANTITATIVE ANALYSIS APPROACH} 1.2 In the early 1900s‚ Henry Ford pioneered the principles of the scientific approach to management. ANSWER: FALSE {moderate‚ WHAT IS QUANTITATIVE ANALYSIS?} 1.3 Managers do not need to be familiar with the limitations
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