Riley Company promises to pay Janet Anderson or her estate $150,000 per year for the next 10 years, even if she leaves the company or passes away to try to induce her to stay with the company. Riley Company wants to properly record this transaction as deferred compensation. Riley Company purchased a whole life insurance policy for Janet, naming the company as the beneficiary. Reed Company wants to determine if it can offset the cash surrender value of the life insurance policy against the deferred compensation liability.

To improve her body shape Ms. Ganda decided to undergo procedure and sought the services of the Body Beautiful, a clinic operated outside the hospital and owned by Below Medical Center Group Company. Body Beautiful charged Ms. Ganda the amount of P224,000 (inclusive of 12% but exclusive of excise tax) for the service rendered. Ms. Ganda bought residential house for P4,000,000. He paid P1,000,000 down and mortgage back the property as security for the P3,000,000. REQUIRED:1) How much is the DST from the mortgage? 2) How much is the Excise tax?

Teresa's manufacturing plant is destroyed by fire. The plant has an adjusted basis of $318,200, and Teresa receives insurance proceeds of $477,300 for the loss. Teresa reinvests $501,165 in a replacement plant within 2 years of receiving the insurance proceeds. If an amount is zero, enter "0". a. Calculate Teresa's recognized gain if she elects to utilize the involuntary conversion provision. $ b. Calculate Teresa's basis in the new plant.

Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.

Julie Andrews was severely injured after she fell into an open manhole in the city. She is suing the Department of Roadworks. Testimony was provided in the trial that Julie will be unable to work for five years. The jury is considering the damages that should be awarded to Julie and will include the following: (a) The present value of the last two years' pay. Julie Andrews' annual salary for the last two years would have been $53,000 and $56,000, respectively. (b) The present value of five years' future salary. Julie Andrews' salary is assumed to be $59,000 per year. 4 (c) $180,000 for her injuries. (d) $25,000 for her legal costs. Assume that her salary is paid in equal amounts at the end of each month. The interest rate is an effective annual rate of 11 percent. What is the dollar value of the damages payment to Julie Andrews? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Award

In 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and will be used 100 percent for business. Assuming the half-year convention applies and Ben does not elect out of bonus depreciation, what will be the depreciation on the auto in 2021?  a.$10,000 b.$18,200 c.$18,100 d.$57,000 e.None of these choices are correct.

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?

Bob Terwilliger received $18,351 for his services as financial consultant to the mayor's office of his hometown of Springfield. Bob says that his consulting work was his civic duty and that he should not receive any compensation. So, he has invested his paycheck into an account paying 4.22 percent annual interest and left the account in his will to the city of Springfield on the condition that the city could not collect any money from the account for 180 years. How much money will the city receive in 180 years from Bob's generosity?

Watson agreed to buy Ingram’s house for $355,000. The contract provided that Watson deposit $15,000 as earnest money and that “in the event of default by the Buyer, earnest money shall be forfeited to Seller as liquidated damages, unless Seller elects to seek actual damages or specific performance.” Because Watson did not timely comply with all of the terms of the contract, nine months after the Watson sale was to occur, Ingram sold the house to a third party for $355,000. Is Ingram entitled to Watson’s $15,000 earnest money as liquidated damages? Explain.

On June 25, 2020, Ms. Annie Rawlings purchased an automobile to be used exclusively in her unincorporated business. The cost of the automobile was $51000, before GST and PST. She finances a part of the purchase price and, as a consequence, has financing charges for the period June 25, 2020 to December 31, 2020 of $4280. Ms. Rawlings has decided not to deduct any CCA this year. Ignoring any deduction for CČA, how much other costs can Ms. Rawlings deduct in 2020 with respect to this vehicle acquisition? Round to the nearest dollar. Do NOT w commas, dollar signs, or decimals in your response.