Cinthia Gutierrez
Acc 307
Homework Chapter 4
3. Allen visits Reno, Nevada, once a year to gamble. This year his gambling loss was $25,000. He commented to you, “At least I didn’t have to pay for my airfare and hotel room. The casino paid that because I am such a good customer. That was worth at least $3,000. “What are the relevant tax issues for Allen? Allen received something of value from the casino. Under the broad concept of income, the airfare and hotel accommodations would be considered income. However, Allen could argue that the income should be matched with his $25,000 in gambling losses on the trip, and when the income and losses are combined, the net effect is an economic loss
7. Why does the constructive receipt
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* $1,000 rent for the final two months of the lease and no damage deposit.
b. Which option do you recommend?
The $1,000 prepaid rent is taxed in the year of receipt. The Bluejay Apartments should use the first option. By doing so, it maximizes deferrals without affecting the cash flows
44. Liz and Doug were divorced on July 1 of the current year after 10 years of marriage. Their current year’s income received before the divorce was as follows:
Doug’s salary $41,000
Liz’s salary 55,000
Rent on apartments purchased by Liz 15 years ago 8,000
Dividends on stock Doug inherited from his mother 4 years ago 1,900
Interest on a savings account in Liz’s name funded with her salary 2,400
Allocate the income to Liz and Doug assuming that they live in:
Salary Rent Dividends Interest Doug $41,000 4,000 1,200= $46,200 a. California.
Liz $55,000 8,000 1,200= $64,200
Doug $41,000 4,000 950 1,200= $47,150 b. Texas.
Texas Liz $55,000 4,000 950 1,200= $61,150
Under Texas law, the rents and dividends belong to the community even though this income is derived from separate property. Under California law, the income is community or separate depending on the state law classification of the underlying assets. In this case, the interest is community income because the savings account was funded with community property.
51. Vito is the sole shareholder of Vito, Inc. He is also employed by the
The United Nations is an organization established 24 October 1945. It was a replacement for the League of Nations. The UN was created following the Second World War to prevent another such conflict. The organization is financed by giving its member states a substantial fee. Its objectives include maintaining international peace and security, promoting human rights, fostering social and economic development, protecting the environment, and providing humanitarian aid in cases of famine, natural disaster, and armed conflict.
I work for the City Health Care Partnership within the Primary Care Medical Services, I work for 4 different GP practices as the Data Quality Manager but main base been at Kingston Medical Centre in the Central appointments team, at Kingston Medical Centre we have 4 full time GP’s, 3 Nurses, 2 Health Care Assistants, 7 Receptionists, 2 Admin members based in the Central appointments
Which of the two banks or credit unions that you researched would you be most likely to choose to open an account with? Why? (2-4 sentences. 2.5 points)
“Let’s create an AIDS/HIV-free generation”, which is not only a slogan that was proposed by President Obama but also a goal that I would like to achieve on my future career path. My practicum project at the Department of Health and Human Services was to generate dataset of new AIDS/HIV cases in Houston/Harris area required by the Center for Disease Control and Prevention, and then to use ArcGIS software to make a map describing the new diagnosed in Houston area. The final products can be spatially lined to other sources to enhance understanding of social determinants of health affecting populations impacted by HIV. This practicum experience let me realize that AIDS spreads so quickly is because most people have insufficient knowledge or misconception about the disease and prevention. Becoming a pharmacist to provide prevention service and educate people to improve their health and wellbeing is how I want to reach the goal of creating an AIDS/HIV-free generation.
Bingo Corporation incurred a net operating loss in 2012. If it carries the loss back, it must first carry the loss back to offset its 2011 taxable income and then it carries any remaining loss back to offset its 2010 taxable income. False
Section 61 of the Internal Revenue Code defines income as “income from whatever source derived unless otherwise excluded” (2014, IRC Code). In determining income, several key concepts have evolved from this definition. Explain the following concepts, and provide at least one example of each. Explain which concept you think is most beneficial from a taxpayer’s point of view and which concept is most beneficial from IRS’s point of view.
Read the article Diagnosis Coding and Medical Necessity: Rules and Reimbursement by Janis Cogley located on the AHIMA Body of Knowledge (BOK) at http://www.ahima.org.
The company is in direct violation of the ADEA of 1967 which states (2)“certain applicant and employees who are 40 years of age and older are protected from discrimination on the basis of age in hiring, promotion, discharge, compensation, or terms, conditions or privileges of employment.” In this case the 68 year old employee could sue the company based on Age Discrimination and win.
Traditionally, nutrition programs were targeted to the indigent and poor populations in developing countries. Many of today's Americans are malnourished also, but they are inundated with unhealthy foods and require a multidisciplinary approach to nutrition education. What would be the three most important points to include in a public nutrition program? Provide current literature to support your answer and include two nutritional education community resources.
| 19 |LO 4 |Dependency exemption: exceptions to the citizenship or | |New | |
(1) The payment is equal to 5% of gross rental income earned by the partnership, which is earned regardless of the overall net income of the partnership for the year.
3. Any travel/accommodation for interstate attendees would need to be arranged. Also the same for the guest speaker (if needed). Transfers to and from the airport would be advisable.
The bond in the amount of $50,000.00 previously secured in this matter has been renewed and remains in force.
Another example of the problem is presented the case of Taiyo Hawaii Co., Ltd. v. Comr., 108 TC 590 (1997). In Taiyo Hawaii Co., Ltd. v. Comr., the Tax Court ruled against the taxpayer’s position that the deductibility of interest is a prerequisite for inclusion for the calculation
John received, in addition to the $300,000, $25,000 for expenses he incurred during the trial. I would assume that the incurred expenses were deducted and when he was paid the $25,000 it would be considered a reimbursement and it would not be considered income. John paid these expenses out of his pocket and was merely reimbursed for what he spent on the case.