(rather than employee) status. True False 1 points Question 4 For self-employed taxpayers‚ travel expenses are not subject to the 2%-of-AGI floor. True False 1 points Question 5 A taxpayer who claims the standard deduction will not be able to claim an office in the home deduction. True False 1 points Question 6 As Christmas presents‚ Lily sends gift certificates (each valued at $25) to Caden (a key client) and to each of his two minor children. Lily can deduct $75 (3 ´ $25) as to these gifts
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treated for tax purposes‚ it is important to note that in 2006 the board of directors made up of Dan‚ Patrick and their uncle John‚ adopted a legally enforceable resolution. The resolution stipulated that any overpayment of salary disallowed as a deduction by the IRS would be repaid to the Osprey Corporation. In late 2010 during an audit by the IRS‚ $200‚000 of Patrick’s compensation‚ and $150‚000 of Dan’s compensation were recharacterized as constructive dividends. This was done because the salaries
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and gratuities; prizes and awards granted in recognition of achievements; and income exempts under treaty. Meanwhile‚ deductions or those amounts which the law allows to be deducted from the gross income to arrive at taxable income are the following optional standard deduction (a deduction an individual other than nonresident alien may claim in lieu of itemized deduction)‚ business expenses‚ interests‚ taxes‚ losses (not paid by insurance)‚ bad debts‚ depreciation of properties‚ depletion of
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CHAPTER 1--AN INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAWCHAPTER 1--AN INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW Student: ___________________________________________________________________________ 1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations. True False 2. Before the Sixteenth Amendment to the Constitution was ratified‚ there was no valid Federal income tax
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COVER PAGE Filing Checklist for 2013 Tax Return Filed On Standard Forms Prepared on: 09/25/2014 07:18:46 pm Return: C:\Users\Jess\Documents\HRBlock\Lance Dean 2013 Tax Return.T13 To file your 2013 tax return‚ simply follow these instructions: Step 1. Sign and date the return Because you ’re filing a joint return‚ Lance and Wanda both need to sign the tax return. If your return is signed by a representative for you‚ you must have a power of attorney attached that specifically authorizes the representative
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depreciation‚ while many of the items replaced in the renovation were eligible for 5 year depreciation. This would allow AmeriSouth to depreciate $3.4 million of the property over 5 or 15 years instead of 27.5‚ thereby increasing their depreciation deduction by roughly $397‚000 in 2003‚ $640‚000 in 2004‚ and $375‚000 in
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Authorization of hiring‚ firing‚ wage-rate and salary adjustments‚ salaries‚ and payroll deductions. | Supervision | Review and approval of employees’ attendance and time information; monitoring of employee scheduling‚ productivity‚ and payroll cost variances. | Timekeeping | Processing of employees’ attendance and time information and coding of account distribution. | Payroll processing | Computation of gross pay‚ deductions‚ and net pay; recording and summarization of payments and verification of account
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FOREIGN STUDIES Titus Information Payroll System (Www.titusinformationsystems.com) A Payroll System designed to produce payroll checks with appropriate withholdings‚ benefits‚ allowances‚ and deductions for employees in multiple companies‚ departments‚ and/or sub-departments. It has been designed to handle up to 1‚000‚000 employees in 100 companies‚ 1‚000 departments in each company‚ and 36 sub-departments in each department. Canadian Payroll System (www.2020software.com)
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taxation‚ the following statements are true‚ except: (Points : 5) Individuals have exemptions and a standard deduction; corporations do not. Both corporate and individual taxpayers may have a long-term capital loss carryforward. All taxpayers may carry net operating losses back two years‚ forward 20 years. Both types of taxpayers have percentage limitations on the charitable contribution deduction‚ coupled with a carryover of the excess contribution. | 3. (TCO H) Al and Amy file a joint return for
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SUGGESTED SOLUTION – BUSINESS TAXATION ASSIGNMENT S1 2008 Introductory Notes References to sections are to ITAA 1936 (e.g. s 88) or ITAA 1997 (e.g. s 43-10). Note up-front that this is a fairly comprehensive answer. We are not expecting students to come up with an answer as comprehensive as that attached. We are looking for: a coherent approach to the question‚ quality of argument‚ identification of key points‚ absence of self-contradiction in later part of paper‚ familiarity with primary sources
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