Adam Cook formed Great Cookies, LLC as a single-member LLC in 2019. The company uses the calendar year as deadline for Adam to File Form 2553 to make this election? December 31, 2022. March 15, 2023 April 15, 2023. October 15, 2023. M
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- Ted Coverdale and Jim Kulak set up a new limited liability company on May 16, 2020. Ted contributes a warehouse and land worth a combined $1,098,000. Market value of the warehouse is $264,000. Jim contributes $893,000 in cash. Write the journal entry to record the contributions to the LLC.Required information [The following information applies to the questions displayed below] In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. Note: Leave no answer blank. Enter zero if applicable. Check my work c. Their AGI is $30,000, consisting of $23,000 of wages and $7,000 of lottery winnings (unearned income) Note: Round your intermediate calculations to the nearest whole dollar amount. Earned income creditcontinued. 7. John contributed stock to his church in 2019. The stock was acquired in 1993 for $22,600 and had a FMV of $30,000. John has a contribution base of $50,000. An election is properly made under IRC § 170(b)(1)(C)(i). Compute John's 2019 contribution deduction. 7. o a. $15,000 o b. $22,600 O. $25,000 o d. $30,000 Objective F-2-1 continued..
- On July 1, 2019, Brent purchases a new automobile for $35,500. He uses the car 84% for business and drives the car for business purposes as follows: 8,000 miles in 2019, 20,000 miles in 2020, 22,400 miles in 2021, and 16,000 miles in 2022. Determine Brent's basis in the business portion of the auto as of January 1, 2023, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2019: $ 2020: $ 2021: $ 2022: $ Brent's adjusted basis in the auto on January 1, 2023, is $ b. Brent uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2019 is as follows: $10,100 (first year), $16,100 (second year), $9,700 (third year), and $5,760 (fourth year).]…In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs.What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10(https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/accounting/spilker_12e/exhibit_8_10_new.htm). a. Their AGI is $15,000, consisting of $5,000 of capital gains and $10,000 of wages. Q: what is earned income credit?Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2019 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2020 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. or in Blackboard under course materials Scholarship used to pay Tuition $ 5,650 Scholarship used to pay room, and board 1,750 Salary 47,000 Interest income 285 Itemized Deductions 4,000 Income taxes withheld 2,800 a. Prepare Liam’s 2020 tax return, using the 2020 standard deduction and the tax schedule.
- On July 1, 2019, Brent purchases a new automobile for $41,500. He uses the car 80% for business and drives the car for business purposes as follows: 9,000 miles in 2019, 22,500 miles in 2020, 25,200 miles in 2021, and 18,000 miles in 2022. Determine Brent's basis in the business portion of the auto as of January 1, 2023, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2019: $ x 2020: $ 2021: $ 2022: $ x Brent's adjusted basis in the auto on January 1, 2023, is $Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2018 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2018 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. Scholarship used to pay Tuition $ 5,750 Scholarship used to pay room, and board 1,850 Salary 55,000 Interest income 185 Itemized Deductions 3,000 Income taxes withheld 2,600 Prepare Liam’s 2018 tax return, using a $12,000 standard deduction and the tax rates given in Exhibit 3.3.Assume this is the year of 2019 (same year as used in Text Chp3 tax forms on p96). Mitchell, 23-yr old, is single and lives in his parents' house cost-free (i. e. no rent or utilities) in Toronto, Ontario. He has recently graduated from university and is currently employed as an insurance agent. He has the following info: Employment Income (T4) 26,500 Interest Income (T 5) 40 RRSP deduction 950 Professional dues (T4) 165 CPP contributions (T4) 1, 138 Employment insurance premiums (T4) 498 Charitable donations (T4) 75 Tuition 3,733 Interest payment on student loans 245 Income tax deducted at source (T4) 2,085 What would the 'INCOME TAX AND BENEFIT RETURN 2019' FORM: STEP 3, Line 22215 be? Pick the closest answer: a ) 33.47 b) 0.00 c) 165 d) 1140.47
- 19. Miss Barakah is the owner of Mini Market Barakah. She has prepared financial statements for the year ending 31 December 2022. Why does she need to prepare financial statements? A Ensure that the investment was used optimally B Attracting new investors to invest C Determine the amount of taxable income. D Allow bonus claims and salary increments to be made 20. Information below relates to Mr. Azrex who needs a financial statement. I need a financial statement to make an assessment of whether to grant or renew a credit facility. Who is Mr. Azrex? A Competitor B Investor C Owner D Supplier 21. Adrian Sdn. Bhd. supplies shirts to boutiques across the country. This company incurs fixed costs amounting to RM300,000. The selling price of a shirt is RM180 and the variable cost of a shirt is RM95. How many shirts should be sold to ensure that the company does not incur losses? A 1,091 B 1,667 C 3,158 D 3,530Jacob has $180,000 of self-employment earnings from a sole proprietorship. Jacob's self-employment tax for 2022 is (Round your intermediary and final answers to the nearest dollar.) a. $23,049. b. $25,433. c. $27,540. d. $23,448.Seun started his self-employment on 1 July 2020, he prepared the first period of accounts to 31 December 2021. What tax year will be his first tax year? 2020/2021 2021/2022 2019/2020 2022/2023
