In 2013 the couple sold their house for $500,000 and bought a new house for $700,000 in cash. When they sold their house they paid 6% to the real estate agent which in total was $30,000 in fees. They file jointly and had joint ownership of the sold property. Research Issue Is the sale of the home in 2013 made by Mr. Junkiewicz and his wife a taxable transaction? Law and Analysis The taxpayer relief act of 1997 exempted from taxation the profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles.
Acct Unit 1 Homework Assignment 06/12/15 Question 1: Brady Brothers, a partnership, has total assets of $350,000 and $100,000 of owners’ equity. What are the partnership’s total liabilities? $350,000 – Liabilities = $100,000 $350,000 - $100,000 = $100,000 - $100,000 Answer: $250,000 = Liabilities Question 2: During the first month of operation, Brady Brothers made sales to customers totaling $12,000 but received only $6,000 from customers in cash. Brady Brothers incurred $8,000 for operating expense but only paid $5,000 in cash for those expenses. What was Brady Brothers cash basis income?
The owner is held personally liable for any debts or obligations of the business and liabilities of any of its employees. Stock cannot be sold in the business and banks are hesitant to lend because of lack of credibility when it comes to repaying if the business fails, so raising money can be tough. * Income Taxes: The owner and the business are one in the same so the business is taxed collectively with the owner’s income. It is the responsibility of the owner to report income, losses and expenses in their personal tax form. * Longevity or continuity of the organization: The life of the business is limited to the life of the owner.
Their current FMV at the date of the theft was $12,000. The antiques were not insured. Neil’s AGI for the current year is $60,000. What is the amount of Neil’s deductible casualty loss in the current year? 4) In 2013, Sarah loans Seymour $5,000 for his use in establishing his business.
Wells Fargo Bank Minnesota v. BrooksAmerica Mortgage Corporation 419 F.3d 107 Second Circuit Court Of Appeals, 2005 FACTS: Michael Brooks needed funding for his company, BrooksAmerica (defendant). Brooks made a contract with Terminal Marketing Company, which agreed on a sale lease-back. Terminal was to pay Brooks $250,000 in order to obtain title to BrooksAmericas computers and office equipment. Brooks signed a “delivery and Acceptance certificate” which stated Brooks received $250,000, even though no exchange had happened. Terminal assigned its rights to Wells Fargo (plaintiff).
Labor Union strikes were the most prominent form of worker insurrection against employers. During the period of 1875-1900, many labor unions participated in strikes, however many of them failed to achieve their goals. The biggest reason that farmers and workers went on strike was clearly stated by a machinist before the Senate Committee on Labor and Capital. Because machines were taking jobs away, workers would lose their livelihood, and most likely their only source of income. In the year of 1877, employees working for the four largest railroads went on strike due to the fact that their employers cut their wages by 10 percent; this was known as the Great Rail Road Strike.
The lead-time required to complete the renovation was by October 15. Goodman subcontracted the work, but even the renovation was not completed on time. Besides DDS found that the work was completed was of poor quality. Goodman did not file the articles of incorporation for his new corporation until November1. The partners of DDS sued Goodman to hold him liable for the renovation contracts.
While Andrea was collecting data for the partnership return she came across data that “bothered her greatly.” She discovered the partnership's 'Miscellaneous Revenue' account actually consisted primarily of expense reductions. She also noticed that expenses had been blatantly lumped into the previous year which resulted in a significant increase in net income for the current year. Andrea did not feel comfortable with this information and confronted Ed to reconcile these differences. At this point Ed lost his temper and became confrontational spewing banter that she was not hired to audit numbers, his previous tax preparer had inquired about this, and had been fired as a result. Andrea decided to resign as tax preparer for Skyline Views, LLP.
John majors government came into office after the downfall of Margret Thatcher, which ultimately created divisions within the party. Not only did the party suffer from the internal conflict but also faced the problems of the recession after the ‘Lawson boom’. In order to stabilise the economy he joined the ERM getting a good deal but ultimately resulting in ‘black Wednesday’ causing Major to raise interest rates to 15%. This was political suicide and he soon lost the support of the press we had once relied so much on to get re-elected in 1992. The housing market also plummeted leading to negative equity, which the majority of the working class could not afford resulting in the repossession of their houses combined with the drastic increase in unemployment Britain was in a mess.
I was managing their helpdesk in the retail department. I was working at New Century Mortgage Corporation. Well in early 2007 around March, all the employees including myself had heard that we were not well. The CEO of New Century Corporation Brad Morice was trying sell off the company. But he was not able to in time.