Aneta Lesna FINAL EXAM –ACCT 349 1. Samantha Corporation owns a building with a fair market value of $70‚000 and an adjusted basis of $40‚000. It exchanges the building for land with a fair market value of $45‚000. Also assume that Samantha has a $10‚000 mortgage on the building. As part of the exchange‚ the owner of the land agrees to assume the mortgage and pay the corporation $15‚000 in cash. What are Samantha’s realized gain‚ recognized gain‚ and basis in the land? Gain 5000 2
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Ordinary income Tennant v Smith‚ (money or convertible into money) An employee was given accommodation rent free by his employer. Was this ordinary income? • The employee could not sublet the accommodation to anyone else‚ therefore could not turn this accommodation into cash. • The Court said it was not ordinary income under s. 25(1) (now s.6-5) since the accommodation was not convertible into money. • Not ordinary income under s.6-5. FCT v Cooke & Sherden. (money or convertible into money) Soft
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NATIONAL SECURITY CONCERNS The discussion focuses on the firmness‚ safety and the security of our country and of our community. This lecture is a fundamental awareness for us‚ as students‚ as young models‚ and as members of our respective societies. This is for us to be knowledgeable and responsive even to the least details because every aspect matters a lot. Security is the condition of being protected and to protect. In our community‚ we have patrols and forces of the high authorities. Their
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Petersan Tax Return Teri A Burris Federal Income Taxes I ACC 401 Gary Tate 1 April 2013 In order to properly prepare a tax return‚ there should be a complete list of the correct documentation in order to facilitate In this case Harold and Sarah Petersan; the forms will be a varied depending on their information. Harold and Sarah Petersan is a married couple living in California‚ with one dependant. Both husband and wife
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For this individual project‚ I chose population as my topic of economic concern. This economic concern effect several countries in the world today. A large population produces a large labor force which will in turn produce more total production. With a fixed amount of assets and an increasing labor force‚ the amount of assets per worker will be less. With fewer assets‚ production output per worker will be less because the worker won’t have enough equipment and machines to use. This demonstrates
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With respect to the prepaid income from services which of the following is true? The treatment of prepaid income is the same for tax and financial accounting. An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year ^^^answer The effects of a below-market loan for 450‚000 made by a a corporation to its chief The corporation has imputed interest income and compensation expense. As a
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This unit aims to develop knowledge and understanding of child and young person development and the factors‚ including transitions‚ which may affect development. 3 Understand the potential effects of transitions on children and young people’s development 3.1 Identify the transitions experienced by most children and young people: Transition could either be a stage or an experience that can affect the behavior or development of a
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DIFFERENT PROPULSION OPTIONS FOR LONG DISTANCE SPACE TRAVEL for Jerrie Fiala Technical Communication Instructor Western Michigan University Kalamazoo‚ MI by Ian Mackey IME 1020 Student November 5‚ 2013 TABLE OF CONTENTS ABSTRACT ………………………………………………….......................... INTRODUCTION ……………………………………………….................. Definitions and Background ……………..…………...…….................. Purpose and Audience …………………………...…......….............
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TOPIC:- GOODS AND SERVICE TAX ---AN EFFORT TO REDUCE DISPARITY SUBMITTED TO MR.VISHVAS CHAKRANARAYAN. SUBMITTEDBY SABA MASOD ROLL NO:- B43 SECTION:- SM1001
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language and culture? How is it that people from different countries who speak the same language may still miscommunicate? Language conveys culture‚ technologies and priorities. Language is inseparable from culture; language cannot be interpreted without an understanding of culture. Within a given language group are many sub-cultures that have their own interpretations of certain words or phrases‚ or who may have their own idioms or regional expressions Give some examples of cultural differences in
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