John Smith tax issue: 1a). How is the $300‚000 treated for purposes of federal income tax? The $300‚000 that John Smith received would be treated as income. According to the IRS‚ income is classified as “earned income includes all the taxable income and wages you get from working‚” such as: • wages‚ salaries‚ tips‚ and other taxable employee pay; • union strike benefits; • long-term disability benefits received prior to minimum retirement age; • net earnings from self-employment‚ such as own
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Week 4 – You Decide John Smith tax issues: a. How is the $300‚000 treated for purposes of Federal tax income? The $300‚000 that John received for services rendered from the court case is considered earned income for the year. The $300‚000 is earned income for John Smith and will be reported as gross income either on Schedule C of the individual return or as gross income on the LLC return. “US code defines gross income in 26 U.S.C § 61 states except as otherwise provided in this subtitle
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Captain John Smith John Smith born to Alice Rickard and George Smith left home at the age of sixteen after the death of his father. His journey led him to fight for the Independence of Spain‚ become a leader in the Long War and actively involved with the Virginia Company’s to colonize Virginia. During his journey he faced many obstacles and challenges. Smith wrote journals that were informative of his adventures and carved the future for US history. Considered one of our country’s founding fathers
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To the Student: John Smith is a character of some legend in American history. He is a controversial early leader of the near failed settlement at Jamestown‚ Virginia. There are a lot of theories and arguments about Smith’s credibility as an author. Considering the early failure of Jamestown and the Virginia Company’s desire to cover up the disaster‚ Smith was first hailed as a hero by the Company only later to be used as their scapegoat. Wikipedia has an excellent short explanation on the doubtful
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Conditions 2 Industry Definition 15 Major Markets 29 Capital Intensity 2 Main Activities 16 International Trade 30 Technology & Systems 2 Similar Industries 17 Business Locations 30 Revenue Volatility 2 Additional Resources 31 Regulation & Policy 19 Competitive Landscape 3 Industry at a Glance 32 Industry Assistance 19 Market Share Concentration 19 Key Success Factors 34 Key Statistics 4 Industry Performance 19 Cost Structure
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Items from Triguero’s retail music store Classification Normal Balance A. Amounts paid to a mall for rent. Expense Debit B. Amounts to be paid in 10 days to suppliers. Liability Credit C. A new fax machine purchased for office use. Asset Debit D. Land held as an investment. Asset Debit E. Amounts due from customers. Asset Debit F. Daily sales of merchandise sold. Revenue Credit G. Promotional costs to publicize a concert. Expense Debit H. A long-term loan owed to
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Does Money Really Bring Happiness? John Locke once stated that all men have the right to life‚ liberty‚ and property. The author of the Declaration of Independence‚ Benjamin Franklin‚ changed this statement to the right to life‚ liberty‚ and the pursuit of happiness. People have the constitutional right to be joyful and therefore strive for it‚ but what is it that really brings people glee? Many people believe that the answer to this question is simply money. They think that the more money they
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“The Truth of John Smith” The text I have chosen to write this essay about is an account by John Smith about his experiences in the New World and his first encounter with Native American people. The text I’m using is from the coursepack page 105 to page 107‚ General History of Virginia‚ New England and the Summer Isles‚ from the second chapter in book three. Although this text holds many interesting aspects‚ I have chosen the one aspect that interested me the most‚ namely‚ in which way the truth
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The question was asked on this case study what would be some of the things that would be included in an estimate of the opportunity cost of preserving part of northern Alberta Canada by prohibiting heavy crude oil extraction? The pros and cons of not utilizing the resource would be considered. How much revenue could be generated locally if extraction was allowed? An important question would be the effects on the environment if extraction was allowed. Another potential question is preservation the
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Can Money Buy Happiness? Introduction Over the years‚ there have been heated debates on whether money can buy happiness. Majority argue that money cannot‚ by all means‚ buy happiness. However‚ a considerable body of economic researchers thinks otherwise. Different studies seem to agree‚ that to a certain extent‚ money can buy happiness. Therefore‚ it appears that money can buy happiness‚ to some extent if used appropriately. In order to be able understand how money‚ as an item of exchange‚ can buy
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