{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 7 discussions - 1.Y&,butitdoesnotmeetthe...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1.  Y&M Associates is a partnership that wishes to retain its fiscal year ending October 31, but it does not meet the  business purpose requirement.  Therefore, the partnership agrees to make the "required tax payment." The  partnership made a required tax payment for the prior year of $7,000 and earned $300,000 for the fiscal year ended  October 31, 2009.    a.) Calculate Y&M Associates' required tax payment for the fiscal year ending October 31, 2009. Estimated taxable income for the deferral period $50,000 = [($300,000/12 months) x 2 months Estimated taxes for the deferral period $18,000 = [$50,000 x 36% (max. rate + 1%)] Required tax payment $11,000 = ($18,000- $7,000)   b.) What is the due date for the required tax payment? The required tax payment is due by May 15, 2010 5. Is land allowed to be depreciated?  Why or why not? A house, car, or equipment suffers from wear and tear over time, making them worth less and less.  Land does not do  this.  You can, of course, ruin the value of a property by tearing it up, dumping chemicals, or any number of things, but 
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern