ACA1 Task 2 A. Filing Status: There are two choices of filing status available to this taxpayer couple, married filing separately and married filing jointly. For this taxpayer couple the recommended filing status is married filing jointly. The tax rates would be higher if they filed separately. Additionally, some deductions (e.g. tuition and student loan interest), credits (e.g. Earned Income Credit) and exclusions would not be allowed if they filed separately. Since they sold a personal residence during this tax year, they will be able to exclude up to $500,000 profit from the sales as joint filers rather than only up to $250,000 if filing separately. There will be 2 qualified personal exemptions and 3 exemptions for the 3 …show more content…
A2c. Profit or Loss from the Sale of Property: The taxpayer couple sold personal and rental property for this tax period. Both sales have potential gains. However, the gain from the sale of the personal residence qualifies for exclusion up to $500,000 under Section 121 as they lived in and used the residence at least two of the five years prior to the sale. The gain or loss is calculated as the sale price less selling costs and adjusted basis of the property. Proceeds from the sale of the rental property are taxable because it is an income producing property and would be considered normal income. However, Section 1231 designates that exchanges of business property held longer than one year may be considered a long-term capital gain if there is a gain realized and any loss would be considered an ordinary loss. Any depreciation taken in past tax years will need to be recaptured in the tax year of the sale. A2d. Partnership Income and Losses: Income and loss from a partnership is business income. The loss or income for the business is reported to the IRS on form 1065 but the partnership does not pay taxes on the income. Instead, the profits or losses are passed through to the individual partners on Schedule K-1 and they account for the taxes on their individual tax returns. Spouse A’s $142,000 from Schedule K-1 will be reported as income on their 1040 tax return. The $85,000 in withdrawals from the business will not be
Partnership Income & Losses through to the Partners so there is NO Entity Level Taxation. You can transfer Property into a Partnership at any time with NO tax consequences. There is no 80% Rule!! Only exception to this would be:
Preparing for The Joint Commission, Nightingale Community Hospital reviews areas of compliance and non-compliance. A periodic performance review, which is a self-evaluation, is utilized by Nightingale Community Hospital, to prepare for The Joint Commission. The Joint Commission has eighteen accreditation requirements. (Commission, 2013) The periodic performance review found the hospital to be compliant and non- compliant in the following areas:
Developing positive relationships is important within most situations in life, a good way of ensuring these positive relationships progress is to ensure you have effective communication. When working with children if you complicate things it can lead to the child becoming confused as to what is expected of them. Make sure the language that you use is age appropriate to avoid confusion. You may be able to see if the child has understood your request by either checking that your instructions have been carried out or simply by asking the child "do you understand?" and asking them to relay back what you have asked. Communication is a two way thing and to have a positive relationship with somebody you will also
The Joint Commission is scheduled to visit Nightingale Community Hospital for its triennial accreditation survey within the next 13 months. The purpose of this document is to provide senior leadership with an outline of the hospital’s current compliance status in the Priority Focus Area of Communication. Recommendations for corrective action are included in this document which are designed to bring the organization into full compliance in the areas where deficits have been identified.
Willow Bend Hospital’s compliance does indeed have multiple deficiencies and is in need of review as many were updated in 2009 and 2010. All information on deficiencies would be found on the latest updated version of the Joint Commission Information Standards. This should be located within the Corporate Compliance/Risk Manager’s office. As this information is not currently available to this writer without a subscription and fee, I must use the information available to me. So expansion and explanation of policy details are limited.
e) Yes, there may be an indirect benefit to John if he makes a $15,000 investment into Jane's business if John and Jane file “Married filing jointly tax return”. Jane must use the $15,000 for business deductible purchases. If the money sits in the bank it will not provide a tax benefit.
Nestled in Southern Indiana just west of Louisville, Kentucky and south of Indianapolis, Indiana is Dubois County, Indiana. Dubois County is comprised of the towns of Birdseye, Ferdinand, Holland, Huntingburg and Jasper. Of those towns, Jasper is the largest and is the county seat (Kelly School of Business, 2014). Over fifty-two percent of the population consists of adults ranging from 25-64 years of age (Kelly School of Business, 2014). The leading cause of mortality in this county is heart disease, cancer, suicide and injuries (Memorial Hospital and Health Care Center & Dubois County Health Department, 2011).
In September of 2012, beginning in the country of Saudi Arabia, hospitals began seeing increased cases of a respiratory virus never before seen in humans. They named it Middle East Respiratory Syndrome, or MERS. MERS is a viral respiratory illness caused by the coronavirus. It was originally thought to have started there in Saudi Arabia. It was not until later that they were able to trace the origin back to Jordan starting in April of 2012. All outbreaks of MERS have been traced back to originating from the Arabian Peninsula (CDC, 2015a). Unfortunately, it is not known exactly how MERS was contracted in humans, but it is believed to have come from an animal source, probably from camels. Strains of MERS
Embrace new technologies to improve efficiency, maintain environmental stewardship through green practices and sustainable operations, support continuous improvement of the business processes, develop employees’ capability, and provide excellent customer services.” (Hillsborough County, 2015)
Take each bag of popped popcorn and count the individual kernels that did not pop and record the data on the chart. Perform this for each
Type of event, training, or exercise: (actual event, table top, functional or full-scale exercise, pre-identified planned event, training, seminar, workshop, drill, game, etc.)
mitigate these points assessments will be made in how to best mitigate the failure and what would need to be done to
| Not being able to respond to consumer wants/demands quickly enough, leading to short-term revenue loss
Presentation regarding the university’s Disaster Recovery Plan/Enterprise Continuity Plan including: basic structures; roles within the DRP/ECP plan; areas within a company if addressed improve resilience to catastrophic events, and an employee awareness campaign.
Brain Bigelow, John La Gaipa and William Corsaro have both made important contributions into understanding how children interpret “friendship”. Bigelow and La Gaipa carried out one of the first studies from what was a very under researched area. Bill Corsaro, a key figure in childhood studies, was particularly successful in gaining access into young children's worlds which has helped shape a further picture of this somewhat intriguing definition. Brace and Byford (2012)