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Assignment_Week_2 - mp T pies M ch04 pelr rmwb arrisV Nth...

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Unformatted text preview: mp T pies M ch04 pelr rmwb arrisV Nth III: avlg—ll‘tfi- 5- rmuee ism. . when E3 Ilene . l—nil-lier. the cash and (211' are laxalsle. rile scholarship is also lasame because slie was nol rent-nether _ 1 demonstrate aeaeleiiiie aciiievenient to receive the scncnnrsiun. Wt is beans referred to here is an award or pr i7c. not H senomrsnip. 1-: e $2.000 travel expense money s income (she will nflscr ner erpens mer). Kern: and Securiw Degas-es 25. Billy I)cIIl has the ronow. ig rental (1 ) RC1 I reee ved ' January 1010. bul due in De center 2009 $5.000 t2; Rei receiver; iieeeinlie. 201 o. no. it e m. H mm), 2011 4 ()(K) roral rental income :52 52515.2 The se riry deposit is not considered income because it is refundable Constructive Receipt zo. Abby musr incinrle $300 ooo ($2<o.ooo \ $50 000) in leer ere -s income for 2010. The $2<o ooo salary is. I eompe r. r.) 2010. $10,000 was it )1c in he gross e i0 he. i. ]) eei he i . no] u. 'I Ilm=rcp e. (‘- e . 4(I.()()(I ebi—n-uy 9. 2011 is inelndib e in her gross incense for 2011. 'l‘lhc .] 510.000 that was credited to her account and avzl 'Ihll: to her on December 1. 2010 is aise inclneibie in her gross Income fhr 20 IO under the censrnietive i-eeeipr doctrine. Stock ends 27. No. None 0r .e rules listed . 1‘4401 have bee. vi«)lnl=«l. Stock Series Gain Corr-puree on 28. M. Harrison o us 220 .are or Wldgrl Corns-any steels at a cost in liini ur$1.(-UO. or $7.27 per share. r—ris earn. tnererore. is $4.73 ($12 $7.77) per share. Chapter 4 «2:2010 cc". A I Righune Reserved. 201 1 Comp Top cs M Ch06 pdf \‘Ie Ldlt \llew Documeht \oo‘s VVIhdow Help e ED * 3. lg) -5 as (issue) 09 mm . 3lHJ M s...” - losses are not normally deductible for tax purposes. Loss on sale ofpersonal automobile ($2.000) is not deductible. Personal losses are not deductible for tax purposes. or Busings Deductions The following expenditures are deductible on Ajsx‘s current year tax return: Salaries and Wages $400,000 Entertainment expenses (50 percent I nitatinn) 12 500 Total fig lg ggg The expenditure relating to the new office building is not deductible currently since it is a capital expenditure. It is, however. depreciablc, so Ajax‘s total business deductions will be increased by the amount of depreciation Cxpcnsc allowed on the building for the current year (not calculated here because we don’t lcnow the month it was placed in service). The payment offllegal parking tines is not deductible since fines and penalties paid to the government rni the violation nra law are Ilul deductible. l'Lle' payment or wedding expenses is not deductible nee the expenditures- are personal in nature interest on money borrowed to buy taxecxempl securities is not deductible since the related taxeexempt income is not included in taxable income. Deductions for AG]: or from AGI 30. From For For Frnln e. From Deductions for AGI or from AGI Deductlhle Anion .25 Pal‘l 0.. Banan- of Another faxpayar 2. 222.222..) .nay clanxx s. drd‘1ctiau 023225.000 for 9212-3; and wage expense. l. 11K (uwnuy "Any 2.2.2.2. s<1§23 2.. £2,222. .2.“ 2.222;.27 (a; . 1.250 ‘ 3; >758). pmper—y fax Deana-an, 2 Dcvia my (Irdllci’ Propel—'3' (2.222 snij1utal>lc (o (122 Pernod soul STPQCJ))hI:r 1 tm'011gl) Deccnuycx 2 1, ”2‘,” ”WINK. lug H.092“, 12‘. 122 42,3. 2.; .t’ xuuwxl22 ‘2... agglmugu A, (gun; ‘u $6.012, (122/225, 2 h H222“; n“ .he Nyme 22.2“”. (. ,2 1m 0.6 (.2 .h, amount Hrvk ”gm tn the 22. .— w . he "92.2.1 22 2 rcnnbuxgcmcnr to the 221.21 229 P311101) Orr-12 Propexw (ax psm by the scucx 1 I111s, 122‘»va r23 basis in (.12 land WA” D2 5215.924. (3,225.02...) $5.012), 5.2 . 232.4 2.222.122 0.02;, ...
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