Chapter 7 discussions -...

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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.    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 
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This note was uploaded on 11/29/2010 for the course ACC 102 taught by Professor Me during the Spring '10 term at Central Methodist University.

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Chapter 7 discussions -...

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