Business, 17.03.2020 02:23 at28235

Sean Moon is president, secretary, treasurer, sole director, and sole shareholder of Streetz, an S corporation real estate company. He manages all aspects of the company's operations, and he is the only person working at the company that holds a real estate broker's license. Sean works 22-hour days and takes few days off. During 2014 and 2015, Streetz's gross receipts and net income figures were reported as follows.

Year Gross Receipts Net Income
2014 $376,453 $122,605
2015 405,244 161,660
2016 518,189 231,454

Sean and his wife, Kim, filed joint returns, but they did not report any wages or salaries on line 7 of their returns. During 2016, Moon transferred $240,000 from the S corporation to his personal account. 3. You are an expert witness for the IRS. Using a memo form, Identify the items you would present to the U. S. Tax Court with respect to the amount of Moon's compensation that is subject to employment taxes and any other taxes due for the year 2016 (especially the Medicare net investment income tax). Hint: This is a reasonable compensation issue.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 23:00

James has set the goal of achieving all "a"s during this year of school.which term best describes this goal

Answers: 2

Answer

Business, 22.06.2019 04:50

Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?

Answers: 3

Answer

Business, 22.06.2019 13:00

The green revolution is a scientific breakthrough that improved seeds for basic crops. how did the green revolution impact the supply of basic crops such as wheat and corn? the supply of wheat and corn increased. there was no impact on the supply of basic crops. the supply of basic crops did not change, but the quantity supplied of basic crops increased. the supply of wheat and corn decreased.

Answers: 3

Answer

Business, 22.06.2019 23:10

Which of the following best explains the purpose of a strike? a. to pressure employers to increase the minimum wage. b. to make sure that producers don't make any profit. c. to get employers to submit to collective bargaining. d. to prevent employers from taking industrial action.

Answers: 2

Answer

You know the right answer?

Sean Moon is president, secretary, treasurer, sole director, and sole shareholder of Streetz, an S c...

Questions