Kofi is a wealthy man based in Accra. In November 2021 Kofi bought a brand-new Toyota Prado from Mr. 419 and made the full payment towards the purchase. After paying for the car Kofi who had decided to travel to the United Kingdom (UK) for one week pleaded with Mr. 419 to keep the car in his (Mr. 419) garage for the period of his absence from Ghana. Immediately Kofi traveled out of Ghana, Mr. 419 sold the car to Madam Y, who did not know that Kofi had already bought the car. Kofi returned to Ghana after a week away in the UK and went to Mr. 419’s garage for his car only to realize that Mr. 419 had sold the car to Madam Y. Kofi is livid about the situation and has sworn to recover the car from Madam Y, after which he will mercilessly deal with Mr. 419. Advise Kofi as to legal rights, if any to recover the car from Madam Y, as well as his cause of action against Mr. 419 if any. Your solution should follow the IRAC Principle is an acronym which depicts, “I” Identification of area of law “R” Rule(s) of law “A” apply the principle to the case “C” Draw your Conclusion by advising

Kofi is a wealthy man based in Accra. In November 2021 Kofi bought a brand-new Toyota Prado from Mr. 419 and made the full payment towards the purchase. After paying for the car Kofi who had decided to travel to the United Kingdom (UK) for one week pleaded with Mr. 419 to keep the car in his (Mr. 419) garage for the period of his absence from Ghana. Immediately Kofi traveled out of Ghana, Mr. 419 sold the car to Madam Y, who did not know that Kofi had already bought the car. Kofi returned to Ghana after a week away in the UK and went to Mr. 419’s garage for his car only to realize that Mr. 419 had sold the car to Madam Y. Kofi is livid about the situation and has sworn to recover the car from Madam Y, after which he will mercilessly deal with Mr. 419. Advise Kofi as to legal rights, if any to recover the car from Madam Y, as well as his cause of action against Mr. 419 if any. Your solution should follow the IRAC Principle is an acronym which depicts, “I” Identification of area of law “R” Rule(s) of law “A” apply the principle to the case “C” Draw your Conclusion by advising

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 33P

See similar textbooks

Similar questions

Erica came to Australia from the United States on a working holiday on 1 December 2019 when she finished college. Her parents were separated, and she had been living between their houses over the last 3 years. All her belongings were packed in a box and stored in her father's basement when she left for Australia. Over the last 7 months Jane has worked in various jobs in Sydney staying with various friends and relatives then she went travelling down the east coast of Australia. At the end of September 2020, she left for New Zealand and intends to go back to the United States in 2022. Outline the tax residency consequences for Erica. Explain your answer with reference to the relevant legislative provisions, case law and the relevant guidance provided by the ATO.
Aisha is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2022, and will be out of the country for four years. She sells her personal residence on September 30, 2022, for $247,500 (her adjusted basis is $220,000). Upon her return to the United States in 2026, she purchases a new residence in Los Angeles for $236,000, where she will continue working for the same firm. Required: a. What are Aisha's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is Aisha's basis in the new residence? a a b Basis of new residence Amount
tim is living with his spouse in California when he finds out that his wife is having an affair. Tim packs his bags and leaves the state to move to Indiana, intending on filing separately. Tim and his spouse cohabitated until June. He earned $50,000 during the year, $30,000 of which was in California. She earned $60,000 during the year. How much wage income does Tim have on his California return and from whom? (Remember, the return is being filed separately) He has $50,000 in state wages from his pay only, since he's no longer in a community property state. He has $45,000 in state wages, with $15,000 from half of his state-sourced pay and $30,000 from her half of pay. He has $55,000 in state wages, with $25,000 from half of his total pay and $30,000 from her half of pay. He has $30,000 in state wages from his state-sourced pay.
Virginia is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2020, and will be out of the country for four years. She sells her personal residence on September 30, 2020, for $255,000 (her adjusted basis is $230,000). Upon her return to the United States in 2024, she purchases a new residence in Los Angeles for $245,000, where she will continue working for the same firm. Required: What are Virginia’s realized and recognized gain or loss? (If there is no gain or loss is recognized, select "No gain/loss".) What is Virginia’s basis in the new residence?
On September 1, 2021, Jennifer Wells moves from London to Oakville at the request of her employer. Prior to this date, she spent $875 on a house hunting trip to Oakville. However, she was not successful and, given this, she has signed a one-year lease for an apartment at her new location. The legal fees and real estate commissions associated with the sale of her London house were $8,500. The actual costs of the move, including amounts paid to a moving company, totaled $15,230. Her employer agreed to pay $8,000 of her moving costs. Ms. Well's salary for 2021 was $45,000. Determine Ms. Well's maximum moving expense deduction for 2021, as well as any carry forward that is available. Payment From Employer House Hunting Trip Balance Cost Of Selling London House Moving Costs Available Deduction Income At New Location Carry Forward
Danny owns an electronics outlet in Dallas. In 2021, he paid $620 to register for a four-day course in management in Chicago. Danny paid $780 in airfare. After the course, Danny spent the last day sightseeing. During the trip, Danny paid $184 per night for five nights' lodging, $180 per day for meals in restaurants, and $120 per day for a rental car. What amount of these travel expenditures may Danny deduct as business expenses? (Leave no answers blank. Enter zero if applicable.) Danny may deduct travel expenses of $
During the year 2021, Ms. kelley, a foreign student from a non-treaty country, attended the University of California, an American university in pursuit of a degree. While in the U.S., she worked part-time at the school cafateria and earned $3,500. During her summer vacation, Ms. kelley returned home, where she worked for a company incorporated in her country and earned the equivalent of $4,500 (US dollars). How much of her income earned will be INCLUDED in U.S. gross income? $8,000 $4,500 $3,500 $0 re
Hannah Legaleagle is an attorney. She is an Irish citizen who vacationed in the U.S. for 14 days in 2018. Because of her fondness for living in the U.S., Hannah's Irish employer law firm gave her a temporary assignment at its U.S. affiliated firm (she worked in Washington D.C.) from August 1 through December 31, 2019. She earned $120,000 of her salary while working in the U.S., and earned $220,000 for the year before transferring to the U.S. She also earned $40,000 of interest and dividends, all from Irish banks and from publicly traded Irish companies. Hannah asks you to advise her of the U.S. tax consequences of her activities in 2019.
Sam Sithole is a resident of the Republic. He is 47 years old and is married in community of property.The following information relates to the 2023 year of assessment for Sam and his wife, Meg.Income from a South African source:- A salary of R550 000 from his employer, a motor manufacturing company.- He does part-time academic work for a private higher education college and earned an income of R110 000 as part of his business income for the year of assessment.- Net rentals of R90 000 was earned from a bachelor flat in Margate.- Interest of R34 000 was earned from various short-term investments.Income from a South African source for Meg:- Rent received from an out-house on their property amounted to R60 000.Sam made contributions of R6 500 per month to a medical scheme on behalf of himself, his wife and child. He paid R48 000 qualifying medical expenses for the year. His employer contributed R40 000 to the medical scheme during the year.Required:Calculate Sam Sithole’s normal tax…
Wrett purchases a new four-wheeler with a loan from his bank. The bank requires that he use his car, which is paid off, as collateral for the loan he secured from the bank. The value of the 4-wheeler is $2500.00. The value of the car is $15,000.00. Wrett defaults on his loan for the 4-wheeler and thus is forced to sell his car to repay the loan. Which statement below is true regarding this secured transaction? Multiple Choice Since the value of the car far exceeds the value of the 4-wheeler, the bank must accept an alternate good closer to value of the 4-wheeler. Wrett must dispose of his car and apply the proceeds to the loan and if there is any surplus the money belongs to Wrett. The bank will sell the car for the value of the loan of the 4-wheeler, not the actual fair market value of the car. Wrett must hand over physical possession and title to the car. In a workout, creditors are usually paid in all of the following ways except, Multiple Choice Bankruptcy…
In 2021, Carlos drives from his home in Los Angeles to Oregon to consult with a client. He works for 1 day and spends 3 days enjoying Oregon since the consultation was right before a 3-day weekend. His expenses were $175 to drive to Oregon and back, $600 for lodging, $50 for food from a convenience store on the day that he worked, and $125 for restaurant food on the other 3 days. How much of his travel expenses are deductible? $800 b.$350 c.$0 d.$200 e.$175
Scutty Marrison lives in Frankston, Melbourne. In January 2022, he receives a job offer to work in Indonesia for the next 3 years and decides to accept it. Prior to moving, Scutty decides to dispose of the following assets: 1. His investment property for $600,000. Scutty's constructed his investment property on 1 September 2000 at cost of $60,000 on a block of land which he purchased on 1 February 1984. The land value at the time of constructing the investment property was $120,000.2. A piano. The piano was purchased on 1 September 2010 for $12,000 and sold on 31 December 2021 for $5,000.3. His bank shares. His shares were bought on 1 December 2018 for $32,000 and sold on 1 May 2022 for $16,000.4. His private townhouse. He bought his home in February 2018 for $600,000 and has been living in it since then. He sold it on 1 June 2022 for $900,000. Scutty also had capital losses from a previous year for the sale of an antique piece of artwork for $2,000. Required: Calculate Scutty…