Business, 02.09.2021 17:00 smusisca53

Discuss the probable justification for each of the following aspects of the tax law. Be sure to use concepts and terminology covered in this chapter. A tax credit is allowed for amounts spent to furnish care for minor children while the parent works. Deductions for interest on home mortgage and property taxes on a personal residence. The income-splitting benefits of filing a joint return. Fines and penalties are not deductible. Net operating losses of a current year can be carried forward to profitable years. A taxpayer who sells property on an installment basis can recognize gain on the sale over the period the payments are received. The exclusion from Federal tax of certain interest income from state and local bonds. Prepaid income is taxed to the recipient in the year received and not in the year earned.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 16:00

Corey is trying to save money to buy a new tv. he invests $800 into an account paying 6.5% simple interest. for how long must he save if the tv costs $950? a. 2 years b. 3 years c. 4 years d. 5 years

Answers: 1

Answer

Business, 21.06.2019 22:30

True or false: on january 1, year one, the epstein corporation buys a plot of land with a four-story office building. the company believes the building is worth $1.9 million and has an estimated life of twenty years (with no anticipated residual value). the straight-line method is used. the land has an assessed value of $100,000. because the seller was interested in a quick sale, epstein was able to buy this land and building for $1.7 million. depreciation expense to be recognized in year one is $80,750.

Answers: 3

Answer

Business, 22.06.2019 09:40

Wilson center is a private not-for-profit voluntary health and welfare entity. during 2017, it received unrestricted pledges of $638,000, 65 percent of which were payable in 2017, with the remainder payable in 2018 (for use in 2018). officials estimate that 14 percent of all pledges will be uncollectible. a. how much should wilson center report as contribution revenue for 2017? b. in addition, a local social worker, earning $20 per hour working for the state government, contributed 600 hours of time to wilson center at no charge. without these donated services, the organization would have hired an additional staff person. how should wilson center record the contributed service?

Answers: 2

Answer

Business, 22.06.2019 13:20

Last year, johnson mills had annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. the firm paid $700 in dividends and had a tax rate of 35 percent. the firm added $2,810 to retained earnings. the firm had no long-term debt. what was the depreciation expense?

Answers: 2

Answer

You know the right answer?

Discuss the probable justification for each of the following aspects of the tax law. Be sure to use...

Questions