Julia has invested her profits from thq last several years with BF Dutton Inc. and has provided the Forms 1099 - int. for $ 4,322, 1099 Div - for 8,450 and Total gain and looses.
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- For each of the following please identify if the business is a Corporation, Proprietorship, or Partnership.1) Georgette Green begins a pet care busines by invesgting $5,000. At the end of the year, she wil include the business income or lss on her personal income tax return.2)Additional paid-in-capital for the Trailblazer Compay is $8 per share3)Bronson Company presents a statement of Retained Earnings in it's financial statements at year end.4) Jean Johnoson home health care business does not have liability separate from herself.5) Grand Canyon Company's retained earnings balance is 5 million6) Jim Moore and his daughter, Jenna Moore, agree that 60% of their company's net profit will go to Jim and 40% of the net profit will go to Jenna.7) Michael Johnson and Joaquin Nunoz each invested $10,000 in their computer consulting business, and received shares of the company's stock in exhange for their investments. (Side note: Will you also explain how they received shares from a business…Toni calculated her gains and losses from dispositions of Sec. 1231 assets near the end of 20x4. She has a net Sec. 1231 gain of $30,000 and Sec. 1231 lookback losses of $17,000. Which of the following transactions (if Toni completed it in 20x4) would increase her LTCG? O sale of business machine (SP $40,000; cost $56,000; AB $46,000). O sale of business land (held 13 months) (SP $40,000; cost $36,000; AB $36,000). Sale of business land (held 13 months) (SP $40,000; cost $56,000; AB $56,000). None of the answers provided is correct. O Sale of business machine (SP $40,000; cost $56,000; AB $16,000).Gregory Carson is a 25% income beneficiary of the John Carson trust. This year the trust reported the following income: * $1,500 taxable interest. * $500 tax-exempt interest. * $2,000 qualified dividends. Its only expense was $1,000 in attorney fees. How much taxable interest will Gregory"s Schedule K-1 report? A. $500 B. $375 C. $281 D. $268
- In the current year, Erin had the following capital gains (losses) from the sale of her investments: $2,900 LTCG, $24,100 STCG, ($9,900) LTCL, and ($15,900) STCL. What is the amount and nature of Erin's capital gains and losses? Multiple Choice $1,200 net short-term capital gain. $1,200 net long-term capital loss. $3,100 net short-term capital gain. $3,100 net long-term capital loss. None of the choices are correct.Lefty completes the following capital asset transactions. By how much does Lefty’s AGI increase as a result of these gains/losses? Long-term gain $28,800 Short-term gain 11,520 Short-term loss 72,000 Lefty’s net result is?Margaret Lindley paid $15,050 of interest on her $300,500 acquisition debt for her home (fair market value of $500,500), $4,050 of interest on her $30,050 home-equity debt used to buy a new boat and car, $1,050 of credit card interest, and $3,050 of margin interest for the purchase of stock (investment interest). Assume that Margaret Lindley has $10,050 of interest income this year and no other investment income or expenses. How much of the interest expense may she deduct this year? Multiple Choice $22,150 $23.200 None of the choices are correct $10:300 Multiple Choice $22,150 $23,200 None of the choices are correct. $19,100 $18.300 D 6:06 am ✓ 6:07 am ✓
- Prepare your answers using excel or clearly written computations. Show your work for maximum points. 1. Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock. Ramesh contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Marie and Ramesh’s current income, gain, or loss; calculate the basis that each takes in the Roundtree stock.For the current year, Sarah has salary of 50,000. In addition, she has the following capital transactions: Long-term capital gain (15%) 12,000 Short-term capital gain 8,000 Long-term capital loss (28%) (4,000) Short-term capital loss (10,000) What is her taxable income for the year? She has a short-term capital loss carry-over of 5,000 from the previous year. The standard deduction amount for her is 12,000Billy has invested RM38 500 in three unit trusts. He divided the money into ièTY different unit trust accounts, Amanah Saham Nasional, Amanah Saham Wanuer and Amanah Saham Mas. At the end of the year, he obtained a profit of RMI 877.50. The annual interest rates given to each account are 4%, 5.5% and 6°. Rypecmeh. The total amount of money in Amanah Saham Nasional account is three times that in Amanah Saham Mas account. How much money did Billy invested in each unit trust account?
- During the current year, ARC Partnership reported the following items of receipts and expenditures: $500,000 sales, $50,000 utilities, $90,000 rent, $200,000 salaries to employees, $50,000 guaranteed payment to partner Mitchell, investment interest income of $4,000, a charitable contribution of $10,000, and a distribution of $40,000 to partner Rowan. Also, Ava received a $30,000 distribution. Ava is a 50% partner. What items will be reflected on Ava’s Schedule K-1? Assuming Ava’s outside basis at the beginning of the year is $100,000. What will be her ending outside basis at the end of this fiscal year? Is her distribution taxable? If so will it be taxable at her tax rate or at the partnerships?Radha, Mary and Fatima are partners sharing profits in the ratio of 5:4:1.Fatima is given a guarantee that her share of profit, in any year will not be less than Rs. 5,000. The profits for the year ending March 31, 2017 amounts to Rs. 35,000. Shortfall if any, in the profits guaranteed to Fatima is to be borne by Radha and Mary in the ratio of 3:2. Record necessary journal entry to show distributioin of profit among partner.Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building for $24 million for her business. This year, Rene’s proprietorship reported revenue of $95.5 million and incurred total expenses of $88.6 million. Her expenses included cost of goods sold of $48.5 million. Sales commissions paid of $16.9 million. $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. What’s Renee’s adjusted taxable income for purposes of calculating the limitation on business interest expense? What is the maximum amount of business interest expense that Renee can deduct this year, and how is the disallowed interest expense (if any) treated? Suppose that Renee’s revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation?