Christina sells Christmas trees. She has a lot full of trees that she has grown and raised in her pasture. Once grown, she prepares the trees for the "sale season." The best way to describe Christina's business is that Christina is a(n): (a) Contractor of and is paid by the local farm.  (b) Farmer and should be recognized as being in the farming business.  (c) A person with a hobby and has hobby income.  (d) Sole proprietor and has self-employment income.

Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose, a local business owner, pays $30,000 in Self-Employment taxes. Sandra owns a mini golf course. She pays her employer portion of payroll taxes because of her employees, which totals to $12,000. Travis owns a CPA firm and pays his son Joe as an associate. Joe is a CPA and is paid the same salary as the other associates. X-Corp writes off a $12,000 business debt owed by Sam because he has not responded to their numerous requests for payment.

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Jessica is a professional consultant. She agrees to consulting services for Joe for $2,000. After she finishes, Joe does not have cash to pay Jessica, but he has an antique, collectible baseball card with a fair market value of $2,000 that he gives her to satisfy the payment. The baseball card cost Joe $500. How much should Jessica include in her gross income?

1. You operate a small car yard which sells cars. Which of the following could you claim a GST input tax credit for?a. Repayments on a loan contract for the building premises. b. Council fees paid to the local council on your owned building premises. c. Costs of getting your windows cleaned once a month paid to someone as wages. d. Insurance premiums paid on the building.

Beth R. jordan lives at 2322 skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manfacturing Company, 1203 Western Avenue, Mesa, AZ85201(employer identification number 11-11111111). She also Writes computer software programs for tax practitioners and has a part-time tax practise. Beth is a single and has no dependents. Beths's birthday is july 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the President Election Campaign Fund. The following  information is shown on Beth's Wage and Tax Statement (form W-2) for 2018.   The following information is shown on Beth's Wage Tax Statement (form W-2) for 2018 Chapter 13, Problem 44CP, Beth R. jordan lives at 2322 Skyview Road, Mesa, AZ85201. She is Tax accountant with Mesa , example 1 During the year, Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on Form 1099-INT. She received…

Vera owns a small shop selling stationeries in Ma On Shan. She wants to retire. She placed a notice in front of her shop which reads: “Shop for sale, HK$3,000,000 for the shop premise and HK$25,000 for all the stationeries in the shop. Can be purchased separately." Iris saw the notice in front of the shop. She has a stationeries shop in Shatin and wanted to buy all the stationeries in Vera's shop. She approached Vera and gave her two cheques of HK$3 million and HKS25,000 informing her that she intended to buy the shop and all stationeries. They agreed to sign two separate contracts for the two sale transactions. Explain to Iris whether the two contracts are governed by the Sale of Goods Ordinance.

Alex Kingsford is a mechanical engineer working for ABC engineering in Melbourne. Alex owns a property in then Dandenong Victoria where he and his family are residing. He also runs a home-based food catering business, preparing food for local residents and school canteens. Catering business is very structured. Alex works 15 days a month and earns a substantial income from the catering service business. He is travelling from ABC engineering workshop to his homeBy car or sometimes Uber.When he lost his tax return in July 2019 he has requested a deduction for a substantial amount of travelling expenses between the ABC engineering workshop and home-based food business. Alex is now seeking your advice with reference to relevant legislation and case law discuss whether Alex travelling expenses between the ABC engineering workshop and his homebase catering business is an allowable deduction.

Rene owns four small businesses. Rene spends the following number of hours this year working in those businesses: Business A, 105 hours; Business B, 130 hours; Business C, 120 hours; Business D, 99 hours. Which of the following statements is correct?   Multiple Choice   Businesses A, B, and C are material participation activities.   Businesses A, B, C, and D are all significant participation activities.   Businesses A, B, and C are significant participation activities.   Both businesses A, B, and C are material participation activities and businesses A, B, and C are significant participation activities are correct.

Dr. Nicely, self-employed, began her career in general practice. After a couple of years, however, she came to realize that she would be a lot happier – and make a lot more money – if she specialized in cosmetic surgery. So she went back to school in the evenings, took enough courses, then transitioned her practice into “making people beautiful.” She certainly is earning more now. In fact she’s all-around thrilled . . . but also tax-confused. So she calls you, her CPA, to ask whether she can deduct all of the cost(s) she’d reasonably incurred toward her goal of moving from general practice into cosmetic surgery. Your response, and why?