ACCT 323 Week 4 Homework Solutions https://hwguiders.com/downloads/acct-323-week-4-homework-solutions/ ACCT 323 Week 4 Homework Solutions 1) In the current tax year, Gunther earned $125,000 from his job as a civil engineer. In addition, he received $30,000 of income from Activity A, and lost $40,000, and 20,000 from Activities B and C respectively. Activities A, B, and C are passive activities that Gunther acquired in the current year. What amount of loss may Gunther deduct on his current year taxes with respect to each activity? What amount of loss, if any, must be carried over to the subsequent year for each activity?
Evidence showed that she had several promotions while being employed and that her job performance were averages. The court did not hold the Paper Magic Group liable because the plaintiff could not provide adequate evidence of age discrimination. A case similar to ours, Goldmeier v. Allstate refers to constructive discharge regarding religious beliefs. The plaintiffs claim that Allstate violated their religious beliefs after the company announced that offices would remain open Friday evening and Saturday mornings (Goldmeier, 2003). Evidence showed that Allstate offered the plaintiff’s time to observe their holy day but they would have to work another day.
Chou believed this sufficed for a contract, but apparently BTT did not because they sent a request for a draft copy of the distribution contract a month after Chou received the e-mail. Chou complied and found out months later that BTT changed management and were no longer interested in distributing STRAT (Melvin, 2011). The first question one might ask after reading the above scenario is at what point, if ever, did the parties have a contract? To answer this question one must examine the elements of
Facts of the Case Navy welder Charles Richmond was receiving disability annuity based on his prior civilian service in the Navy. Charles made more than the allotted monies he was supposed to during the months he was receiving the benefits. Charles asked an employee relations specialist at the Navy Public Works Center's Civilian Personnel Department for information about how much he could earn without exceeding the 80% eligibility limit. The specialist gave Charles the wrong information about the OPM 2 year eligibility rule that dated before in 1982. The Office of Personnel Management (OPM) denied him six months of benefits after the year he had made the additional money that disqualified him for the benefits.
Name:_______________ Part I Open-ended question (10 points; 20% of exam) ID:____________ For Quick Start the first month in business has ended. In the last days of December 2005, they already received contributed capital of € 6,000 and they obtained a five-year bank loan of € 24,000 at an annual rate of interest of 10 percent. Interest has to be paid each year on October 31. On December 31, 2005 various store equipment was purchased at a total cost of € 12,000, paid in cash. It is expected that the equipment has to be replaced after five years.
ACCT 323 Week 4 Homework Solutions https://hwguiders.com/downloads/acct-323-week-4-homework-solutions/ ACCT 323 Week 4 Homework Solutions 1) In the current tax year, Gunther earned $125,000 from his job as a civil engineer. In addition, he received $30,000 of income from Activity A, and lost $40,000, and 20,000 from Activities B and C respectively. Activities A, B, and C are passive activities that Gunther acquired in the current year. What amount of loss may Gunther deduct on his current year taxes with respect to each activity? What amount of loss, if any, must be carried over to the subsequent year for each activity?
September 22 2013 TAX FILE MEMORANDUM To: Tax Memorandum – Junk File Subject: TaxQuestions@homesale Summary of Facts: Mr. Junkiewicz and his wife bought their current home in year 2000 with $300,000 cash. There was no mortgage. Improvements made to the house was a $25,000 sun room paid in cash. They are in the 30% percent tax bracket. In 2013 the couple sold their house for $500,000 and bought a new house for $700,000 in cash.
3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. 4 Paid $1,200 for a one-year accident insurance policy. 10 Received a bill from the Daily News for advertising the opening of the Laundromat $200. 20 Bob withdrew $700 cash for personal use. 30 The company determined that cash receipts for laundry services for the month
(TCOs 3, 4, 5, & 7) During the past two years, through extensive advertising and improved customer relations, Beech Corporation estimated that it had developed customer goodwill worth $100,000. For the current year, determine the amount of goodwill Beech Corporation may amortize. Question 6. (TCOs 3, 4, 5, & 7) Damien, not a dealer in real estate, sold real estate with a basis of $250,000 for $500,000 cash, a note for $250,000, and the buyer assumed Damien’s mortgage on the property of $125,000. During the year, the purchaser paid Damien $30,000 principal and $72,000 interest on the note and paid $6,000 principal and $18,000 interest on the mortgage he assumed.
Legal Encounter #1: At the time Newcorp provides Pat Grey with a 30 day notice to lay off with severance pay, the reason for such decision is not fully established. Here is my analysis: From Pat Grey's perspective: Pat Grey may feel that he is being wrongfully terminated because of two reasons: 1.He took an unpopular stance at the local school board meeting. 2.Newcorp has not provided Pat with a Performance Review to determine whether or not Pat has done his job. If he failed to do so, he felt that there should have been a Plan, as well as a warning before a termination takes place. If these two components can be proven, then there is a wrongful termination case because Newcorp breaches the contract.