It would be my advice for Mr. Jones to not buy the stock because of the liability of current and future tax obligations which Mr. Jones would incur from the purchase of the stock. Since the tax identity of Smithon corporation would have not ceased, it is not a favorable purchase for Mr. Jones. Ina a case where the tax identity of a firm does not cease not to exist, the tax aspects will remain the same and so will the existing tax schedule. So in this case it would mean that Mr. Jones would not be allowed to change the financial year to end on December 31. The buyer in cases where he can’t change the legal entity is in a non -benefice situation, the buyer is limited to follow the current tax basis on the company’s assets even if the buyer paid more for the
Green’s gambling activities do not qualify as a trade or business, can he deduct his gambling-related travel and lodging expenses against his gambling winnings? Applicable Case Law, Code & Regulations Per Section 165(d) of the Internal Revenue Code (IRC), a taxpayer may deduct their gambling losses to the extent of their gambling winnings. However, Section 262 of the IRC indicates, “…no deduction shall be allowed for personal, living, or family expenses.” In ruling on Stanley B. and Rose M. Whitten v. Commission of Internal Revenue, the US Tax Court has stipulated that travel and lodging expenses are not considered losses and therefore cannot be used as a deduction. Conclusion Given the current tax regulations and case law, travel and lodging expenses associated to Dr. Green’s gambling activities cannot be categorized as a loss. The Tax Court clearly established in Stanley B. and Rose M. Whitten v. Commission of Internal Revenue the difference between gambling losses and travel and lodging expenses in the closing of the judgment wherein they stated there is no need, “…to eliminate the distinction between wagering losses, i.e., the amount of wagers or bets lost on wagering transactions, and expenses related thereto, e.g., expenses for transportation, meals, and lodging incurred to engage in wagering transactions… Unlike a wager or bet, petitioner incurred the expenses in question in exchange for specific goods and services, such as transportation,
The case scenario introduced in the above paragraph concerns two parties, Big Time Toymaker (BTT), a toy manufacturer, developer and distributer, and Chou, an inventor of a new game called STRAT. BTT wanted to distribute STRAT and entered into a 90 day negotiation agreement with Chou. Three days before the 90 day deadline, BTT and Chou met and reached an oral agreement; one stipulation of the negotiation agreement was that the distribution contract had to be in writing or it did not exist. Chou agreed to draw up the written contract but received an e-mail from a BTT manager labeled “Strat Deal” detailing the key terms of the agreement including price and obligations of both parties. 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.
Since one of the goals of this project is to obtain the highest value for the R2 or adjusted R2 statistics to estimate fair market value price for local housing; the adjusted R2 statistics value obtained from the five-variable model will not be used due to having lower value than the one obtained from a three variable model. This is an indication that adding information on X2 (number of car garage) and X4 ( number of bathrooms) do not appear to help to explain selling prices in any significant way when X1, X3 and X5 are already in the model. | The Best Model: | The best model is the model whose regression analysis resulted in the highest value for the R2 or adjusted R2 statistics. And this model is the regression model with three variables represented by: X1 – Total Floor Area X3 – Total Number of Bedrooms X5 – Either being sold directly by the owner or through a realtor agentThe regression functions for this model is: Ŷi = 134.929 + 0.108X1 – 25.696X3 + 51.79X5 [±2(51.482)]
[3] http://www.irs.gov/businesses/small/article/0,,id=146335,00.html It is important to determine if the taxpayer martially participates because this classifies the income as active or passive. Passive activity losses are non-deductable from active and portfolio income. This is why it is important to determine if the taxpayer martially participates in the business activity. PROBLEMS: 7-46) The $30,000 loss is considered a passive loss and can only be deducted against passive income, it is therefore suspended and carried forward to future years to offset potential passive income in those years. Mary has no martially participation in the rental activity, therefore the loss is considered
If you have or will receive equity in or title to the property, the rent is not deductible. (IRS.gov,
When is it appropriate to administer a personal interview, telephone survey, or self-administered questionnaire? What are some techniques for increasing the response rate to a mail questionnaire? RES 320 Week 3 Individual Experimentation Critique Resource: University Library Find a research report that uses experimentation. Write a 1,050- to 1,400-word critique on that experiment. Describe the independent and dependent variables used in the study.
(Refer to Appendix C). The data used to develop the grid is based on information gather from what the competition has to offer and the needs of the potential tenants. (Refer to Appendix D). Target Market Based on the market-product grid as well as other obvious factors, the target market of Gold Land Apartments are blue collar working individuals, with families that will benefit from the community’s amenities. Also families with no family are targeted by Gold Land Apartments as we do have the option of a 1 year lease term contract or a month to month basis contract, that will required less responsibility for individuals that might consider a place to live for a short period of time.
Kartic 1 Jehrame Kartic John Reimringer EngC1101-94 Feb 15, 2013 The Right Decision "Even for Cashiers, College Pays Off", published in 2011 in the New York Times, David Leonhardt, Pulitzer Prize winner for Commentary, argues against the case that college is not for the masses. Aside from his passionate belief that the need for college is crucial, he explains the misleading claims about the prices of tuition and follows with showing that the benefits of a degree are substantial even when a degree is not essential within that field because, aside from all else, colleges teach general skills. As he examines the anti-college argument bit by bit, Leonhardt rapidly lays out all the facts and supports them with astonishing statistics. "Three decades ago, full-time workers with a bachelor's degree made 40 percent more than those with only a high school diploma. Last year, the gap reached 83
COMM 291 – Application of Statistics in Business (Jan–Apr 2012) ASSIGNMENT 1 – Hard Copy Solutions to be Handed in Due 1:00 pm, Friday, January 20, 2012 Instructions and Advice: This assignment comprises five questions: Question 1 refers to a document entitled C291 Student Survey; Questions 3 and 5 use data from the accompanying Excel spreadsheet Asst1_2012_Data.xls. Use the posted cover page. This is mandatory. Assignments without properly completed cover pages will be docked one mark. Present the parts of each question in order.