Income Tax Case Summary

In order to deduct her moving expenses, she must meet certain conditions outlined in Reg. 1.217-2 (c). Helen meets the first two requirements (relevance to work test and distance test) without any issue. The third requirement has not yet been met yet though. This requirement is a minimum period of employment. Since she is a full-time employee, she must work full-time in this general location for at least 39 weeks during the 12 month period after the move. This does not mean she is not required to remain employed at her current place of work to meet this test. Even though she does not meet this requirement yet, she can deduct these expenses on the current years return or the year the reimbursement is paid to her by her employer. If she recognizes the expenses on this year’s return and does not end up meeting the requirement, she will have to include the deductions she took on this year’s return in next year’s gross income.

I appreciate the opportunity to advise you regarding the tax treatment for your loss of $25,406 in 2015 from your dog breeding activities. I understand that you decided to start breeding purebred terriers to keep yourself busy after your divorce with your husband in January. There are two possible ways to treat the loss under rulings in the Internal Revenue Code. One option is to treat your dog breeding activity as a business and deduct the losses on Schedule C, Profit or Loss from Business, of your individual income tax return. The second option is to treat your dog breeding as an activity not engaged in for profit, which does not allow you to deduct the

Based on the Excel Problem of chapter one, if the total capacity for this business is 725 will you stay in it? If you want to stay in it what price you need to obtain a break even point of 725?

I have prepared the amended sales tax return to claim the tax paid on purchase of boxes in the past there years. The total taxes paid on the purchase of boxes from November 2013 through June 2016 were $42,178.84. The expected tax refund from amended sales tax return for the period is $6,896.00.

Even when everything seems to be in favor for you to consider that your filing status is head of household since you had the custody and you fully support your son. The fact that nonresidents alien for tax purposes don’t qualify as a head of household at any time of the tax year. In your case, the filing status for the 2015 tax return is contemplated as single.

The purpose of this memo is to summarize the tax return and explain the reasons why somethings were not omitted as well as changes to the return. Below are some detail about it:

With a tax refund of $800 Shelby should not use her refund for impulse purchases but rather use the refund towards her credit card debt, doing so would reduce the high-interest rate considering her credit card balance would be less. She should not leave the refund in her checking account, but rather make a contribution and sign up for a retirement plan such as a tax-deferred retirement plan. She could also put the funds into a savings account to draw

We disagree with Mr.Butler’s estimate of $247,000 loan requirement as it is not sufficient to support the growth of the business. In case that an increase in sales reach $3.6 million, the required net working capital will also increase. So, we would like to refinance and get additional debt financing by borrowing from the Northrop National Bank where allows more amount of loan and does not require collateral.

The first recommendation would be to hire more people to supervise payroll. If Jack is the only supervisor then that is an insufficient amount based of the number of employees.

Tax implications on a sale of land and an intended gift of the sale of proceeds

Virtue ethics can be applied to the CPA case and can be efficiently analysed by considering the key aspects of Aristotles approach to virtue ethics; Function, goals and the good, Flourishing, the Virtues (or excellences), and Developing the virtues. This case presents Malley, the CEO of CPA as a man that worked his way up through his social skills and when reached his desired position prioritising a higher income for himself. This became an ethical issue when extra efforts to obscure Malley’s income were undertaken. When disclosed multiple issues arose resulting in Malley’s forced resignation. Through the case it focuses on Malley’s promotion however doesn’t mention his skill base, thus leading to assume that Malley’s position was acquired

In Crown Insurance Services Ltd v Commissioner of Taxation (Crown), the issues raised are pertinent to the residence and source of the company under s6(1) of the Income Tax Assessment Act 1936. As cases are determined on the basis of all relevant facts and circumstances of each case, this analysis will focus on how the court’s decision process determined whether Crown had carried on business in the years 2004-2007 inclusive and the existence of central management and control (CM&C) in Australia. The purpose of this is to assess the valuation of Crown’s taxable income, which ultimately resulted in the objective decision to be set aside in favour of the applicant. Evaluation will be made in regards

2. Given her current situation, list some suggestion on what Shelby should do with a tax refund of $800.

Price Ceiling is the maximum price of a good or service which is determined by the government (e.g. Old Age Pension).

Therefore the break even sales value shall be = Total break even units * Selling price of a 300 ml unit