Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Rebecca is a calendar year taxpayer

06/01/2021 Client: saad24vbs Deadline: 7 Days

1.


value:

15.00 points




Indicate the amount (if any) that Josh can deduct as ordinary and necessary business deductions in each of the following situations. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)




a.


Josh borrowed $87,000 from the First State Bank using his business assets as collateral. He used the money to buy City of Blanksville bonds. Over the course of a year, Josh paid interest of $13,300 on the borrowed funds, but he received $12,000 of interest on the bonds.




  Deductible amount


$ [removed]




b.


Josh purchased a piece of land for $50,000 in order to get a location to expand his business. He also paid $5,400 to construct a new driveway for access to the property.




  Deductible amount


$ [removed]




c.


This year Josh paid $23,400 to employ the mayor’s son in the business. Josh would typically pay an employee with these responsibilities about $19,200 but the mayor assured Josh that after his son was hired, some city business would be coming his way.




  Deductible amount


$ [removed]




d.


Josh paid his brother, a mechanic, $5,550 to install a robotic machine for Josh’s business. The amount he paid to his brother is comparable to what he would have paid to an unrelated party to do the same work. Once the installation was completed by his brother, Josh began calibrating the machine for operation. However, by the end of the year, he had not started using the machine in his business.




  Deductible amount


$ [removed]


check my workreferencesebook & resources




2.


value:

15.00 points




Melissa recently paid $640 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses:




$590 fee to register for the conference,


$255 per night for three night’s lodging,


$170 for meals, and


$605 for cab fare.






(Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)




a.


What amount of the travel costs can Melissa deduct as business expenses? (Round your answer to the nearest dollar amount.)




  Deductible amount


$ [removed]




b.


Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,990 for transportation, $940 for lodging, and $295 for meals during this part of her trip, which she considers personal in nature. What amount of the travel costs can Melissa deduct as business expenses? (Round your answer to the nearest dollar amount.)




  Deductible amount


$ [removed]




c.


Suppose that Melissa made the trip to San Francisco primarily to visit the national parks and only attended the business conference as an incidental benefit of being present on the coast at that time. What amount of the airfare can Melissa deduct as a business expense?




  Deductible amount


$ [removed]




d.


Suppose that Melissa’s permanent residence and business was located in San Francisco. She attended the conference in San Francisco and paid $590 for the registration fee. She drove 107 miles over the course of three days and paid $156 for parking at the conference hotel. In addition, she spent $560 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel and she bought dinner on her way home each night from the conference. What amount of the travel costs can Melissa deduct as business expenses? (Round your intermediate calculations and final answer to one decimal place. Use standard mileage rate.)




  Deductible amount


$ [removed]


check my workreferencesebook & resources






3


value:

15.00 points




Renee manufactured and sold a “gadget,” a specialized asset used by auto manufacturers that qualifies for the domestic production activities deduction. Renee incurred $17,200 in direct expenses in the project, which includes $4,200 of wages Renee paid to employees in the manufacturing of the gadget.




What is Renee's domestic production activities deduction for the gadget in each of the following alternative scenarios? (Omit the "$" sign in your response.)




a.


Renee sold the gadget for $32,200 and she reported AGI of $76,700 before considering the manufacturing deduction.




  Domestic production activities deduction


$ [removed]




b.


Renee sold the gadget for $30,200 and she reported AGI of $9,100 before considering the manufacturing deduction.




  Domestic production activities deduction


$ [removed]




c.


Renee sold the gadget for $48,700 and she reported AGI of $57,200 before considering the manufacturing deduction.




  Domestic production activities deduction


$ [removed]


check my workreferencesebook & resources




 4.


value:

15.00 points




Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year. Indicate the extent to which these payments are taxable income to Jeremy this year if Jeremy is (1) a cash-method taxpayer and (2) he is an accrual-method taxpayer. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)






a.


$2,500 deposit from the Ladies’ Club, which wants to lease a trailer. The club will receive the entire deposit back when the trailer is returned undamaged.








  Income under cash method


$ [removed]


  Income under accrual method


$ [removed]




b.


$1,020 from the Ladies’ Club for leasing the trailer from December of this year through March of next year ($255 per month).








  Income under cash method


$ [removed]


  Income under accrual method


$ [removed]




c.


$495 lease payment received from the Men’s Club this year for renting Jeremy’s trailer last year. Jeremy billed the club last year but recently he determined that the Men’s Club would never pay him, so he was surprised when he received the check.








  Income under cash method


$ [removed]


  Income under accrual method


$ [removed]


check my workreferencesebook & resources




5.


value:

15.00 points




Rebecca is a calendar-year taxpayer who operates a business. She made the following business-related expenditures in December of year 0. (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)




Indicate the amount of these payments that she may deduct in year 0 under both the cash method of accounting and the accrual method of accounting.




a.


$1,500 for an accountant to evaluate the accounting system of Rebecca’s business. The accountant spent three weeks in January of year 1 working on the evaluation.



Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Helping Hand
University Coursework Help
Top Essay Tutor
Writer Writer Name Offer Chat
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$65 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Connect 4 3 player - In n out burger stock symbol - Balanced scorecard coca cola - Fire door hole filler - Urban and regional planning curtin handbook - The rime of the ancient mariner questions and answers pdf - Advertising copywriting and layout - At penn foster expanded academic asap is - Does achilles die in ransom - Quick answer - Musical Critique - Total the capacity of each product in that segment - Nursing Care Plan - Case study - Ceres gardening company case - Billets the wiggles city national grove of anaheim august 2 - Emergency procedures in the workplace - Imaging and hashing digital evidence - Journal article - Ruled vs holographic grating - Woolworths employee assistance program - Health indicators graphical representation - West mercia police federation - Call of the wild study questions - Examples of project plan - How to calculate yed - Web server administration course - Cobra cb radio modifications - Kathryn barnard theory - Actual mechanical advantage equation - Option #1: Analyzing Leadership Decisions - Mlc masterkey super fundamentals - The boy in the striped pajamas book setting - Inca survey - Property Essay - Chapter 9 geometry test - Renaissance art literature and science - After dinner speeches have the primary general purpose to - Lord bernstein v skyviews and general ltd [1978] q.b. 479 - Kahlia chamberlain wedding photos - Maybe there is a beast maybe its only us - Bgp route reflector redundancy - What component of fitness is jogging - Business Intelligence 14 - Waiting line management ppt - Junior achievement org web ja usa courseware - Barton private hospital admission form - Mirror and lens ray diagram worksheet - Salts confidence be convex - Lamar swimwear comprehensive problem - Dead white males play - Dr sajida shahnawaz clinic in lahore address - NEED IN 15 HOURS or LESS - Gale force surfing case study answers - Homework questions for the big sleep - In business presentations the backchannel is - Havant gov uk garden waste - 2 spinners probability problem - 2044 kj to calories - Vibration sensor arduino instructables - Part B: Your Marketing Plan - Energy skate park basics - Woolworths core business - Nursing management of pregnancy induced hypertension - Frost fighter defroster kit - Business Intelligence - Health Assessment Topic Reflection 3( Pulmonary, Cardiac, Peripheral Vascular, and Lymphatic Systems) - Case study series on work life balance in large organizations - Caboolture rubbish tip hours - Nivea junior marketeer challenge - Mali to memphis an african american odyssey - Persuasive Speech Materials - Box hill high school newsletter - Psychology study design 2016 - Best screws for villaboard - Victimology four questions - Majoring in psychology helms pdf - Volunteer work canberra hospital - Zappos case study questions and answers - Creac legal writing example - Coco republic warehouse archerfield - Boardworks science chemistry ionic bonding worksheet answers - Mysql & database - Shell helix ultra extra 5w30 - Icandy peach lower seat unit - Star wars the old republic error code c11 - Noise restrictions nsw lawn mowers - Pom qm for windows version 4 - Globalization and public administration ppt - Continuing cookie chronicle answers chapter 6 - Terrorism and bitcoin - History exam - Why are cells so small - Bristol and west building society v mothew 1998 - A nonequity strategic alliance exists when - Functional requirements for online cab booking - Weather song dream english - Acme testing in telecom - Melissa mccarthy snl honey baked ham - The case of the pricing predicament