Week 5 individual TaxACC

Week 5 individual TaxACC - a) Pamello current year...

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I:6-42 Accrual basis A 1) Solutions should not deduct the amount of the bill the amount could not be determined   all-event test failed A 2)  warranty expenses ($23500.00) can be deducted at the end of the current year Both test  A 3)   Solutions  can deduct 11250 and the test requirements are met B 1)    No payment was made so there is no deduction B 2)   Solutions needs to deduct $11500 because only that amount was paid during the current B 3)  Solutions need to deduct the expenses for the seminars  $3,750.00 
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t are passed t year.
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I:6-43
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Unformatted text preview: a) Pamello current year deductions is 12000 contract payment req b) Pamello needs to deduct 18000/36 500 The contract is longer c) Pamello's deduction is $5,000.00 for mailing the check on Dec. 31 within th d) No deduction because no cash transaction occurred. e) Pamello's deduction is $1000.00. Credit card Payment of $ 1000.00 uirment of 12000 r than one year he current year. 14-45 Taxable Income 48000 Tax Preferences 20000 Adjustment (Itemized deductions) 7500-46250 56250 Adjusted at 7.5% 10000 5000 8000 AMTI 37250 9685 AMT...
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Week 5 individual TaxACC - a) Pamello current year...

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