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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Section 1: “Cigarette tax hike sparks panic buying” By Ashley Hall Updated Thu Apr 29‚ 2010 What is the main issue presented in the media report? Discuss what has actually happened: In the year of 2010‚ the Federal Government raised taxes on cigarettes by an extra 25 per cent‚ resulting in an increase price of $2.16 to every pack of 30 cigarettes. A proclamation stated by Prime Minister Kevin Rudd on the crackdown on Internet advertising of cigarettes was mentioned. Mr. Rudd also affirmed
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Effects Drinking Soda Has on the Human Body Have you ever popped open a can of soda and wondered‚ “This is delicious! But I wonder what it could do to my body.” Well‚ not a lot of people do think that‚ and only the people drinking the soda really know why they don’t question it. For many‚ it’s because it’s just a drink. What could really happen? For others‚ it’s because they just don’t care. But people will care once they know what it can do to your body. These sodas can cause people
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In the beginning soda started out in the pharmaceutical industry where it was meant to solve health problems. Dr. Pepper was the first brand introduced in 1885 as a brain tonic. As a brain tonic‚ it promoted alertness and relieved symptoms of fatigue. Not long after‚ Pepsi Cola and Coca Cola introduced their soda remedies. Originally was named “Brad’s Drink” after the creator but later changed to Pepsi Cola after the main ingredients pepsin and kola nuts. Pepsi was used to assist in digestive
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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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must do this in two different ways‚ grants and tax incentives. This way companies could save money‚ or receive money in return for changing their ways. Companies would change because it would save them money. They would receive tax incentives or breaks‚ meaning they would have to pay less. Also‚ grants would pay the companies for changing to have recycling programs‚ safer agriculture‚ and greener production. The government must offer incentives through tax incentives and grants. On the other hand‚ some
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The payment of the motor vehicle allowance – this allowance is generally made to cover the expected deductible costs associated with the business usage of the employees vehicle. This allowance is effectively assessable income to the employee in their tax return. (sec.15-2) Task 2: Mike’s taxable income for the year ended 30 June 2012 Taxable Income = (Assessable Income – Deductions) Assessable Income § Wages RMIT under sec.6-5 ITAA 1997
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BY THE INCOME TAX ACT ------------------------------------------------- Tax Exemptions are a deduction allowed by the law to reduce the amount of income that is subject to tax‚ these exemptions come in many forms but what they have in common is they reduce or entirely eliminate tax obligations. These exemptions can be categorized into two‚ exemptions based on the identity of the receipt and exemptions based on the nature of income .The amounts which enjoy exemption from income tax by reason of
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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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1. Near year end‚ P‚ a cash basis‚ calendar year taxpayer‚ paid for various deductible expenses as described below. 1. The payment was dropped in the mail before year end. 2. P gave a note evidencing her promise to pay the amount in three months. 3. The amount was charged on her Master Card on December 28. The charge appeared on her bill for the period December 1 through December 31‚ which she received in January and which she paid on January 20. The bank actually paid the expense in January
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