Rent collected in advance shall be taxable when earned.

Q: Find the gross income, the adjusted gross income, and the taxable income.

A: Answer: Gross income is the total earned income. When any exempt income is adjusted in gross income,…

Q: Sometimes a temporary difference will produce future deductible amounts. Explain what is meant by…

A: The future deductible amount caused by temporary difference means that the taxable income can be…

Q: How much shall form part of the ordinary allowable itemized deductions from gross income?

A: Deductions are the amount of money which has been allowed by the tax authority through which the…

Q: Which of the following may not form part of the regular itemized deductions from the gross income? *…

A: Itemized deductions: These are the Expenses which are deductible from the gross total income.  The…

Q: Gains and losses derived from sale or exchange of ordinary assets are included in the computation of…

A: Ordinary assets are those assets or the properties used in the trade or business which is primarily…

Q: What are the different kinds of payments that are taxable or non taxable under the FU

A: Payments that are non taxable / exempt under the FUTA are as follows dismissal payments wages…

Q: Net rental income-IRS Method Net Rental Income- Tax court Method Itemized deduction for Real Estate…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Question 4 Rent collected in advance results in deferred tax assets. O True O False

A: Deferred tax assets are those taxes that are already paid but are yet to be recognized in the near…

Q: How do I calculate the taxable income?

A: The IRS allows businesses to carry forward their net operating losses for a time period of 20 years…

Q: Explain and what is the calculation of the following. Total Assessable income Deductions Total…

A: Tax has to be paid by all people and entities whose income or earnings crosses that minimum tax…

Q: Which of the following can be deducted as interest expense? Interest on personal debt Interest on…

A: Interest on personal debt  imputed interest on capital interest on assessed tax delibquency…

Q: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: Rent payments that are processed through a third-party net work after March 11, 2021, should be…

A: GIVEN   Rent payment that are proceed through a 3rd party network after March 11,2021 should be…

Q: How are payments of alimony and separate maintenance under agreements and modifications finalized…

A: Alimony Payment -  It is a payment between current or former spouses as the result of a marriage…

Q: When the temporary differences result to financial income higher than taxable income, they are known…

A: As per IAS 12 Taxable temporary differences Temporary differences that will result in taxable…

Q: Interest expense

A: Interest expense paid on a loan which has prescribed is deductible from gross income of the payor…

Q: Should non-qualified education expenses be taxable in full?

A: Qualified education expenses includes amounts paid for tuition, fees, and other related expenses…

Q: In a case of low value asset exemption, rent paid in advance by the lessee should be treated as O…

A: Rent paid in Advance by the lessee shall be classified as Prepaid Rent.. Option Prepaid Rent is…

Q: In an operating lease, rent collected in advance by the lessor should be treated O prepaid expense…

A: Solution: In an operating lease, rent collected in advance by the lessor should be treated…

Q: Distinguish between exemptions and deductions in determining taxable income

A: The determination of taxable income has a structured and tax laws guided process, this…

Q: The discount allowed to a debtor for early payment is

A: Debtors :- Debtors are the person to whom goods and services are sold on credit.

Q: If a tenant fixes an item in a rental and takes a deduction from the rent to reimburse themselves,…

A: Repair of the Rented Unit: Repair and deduct is the general term for when a tenant has the right to…

Q: ayment made by the lessee to the lessor? A. None of the above B. If the advance payment representing…

A: A lessee is someone who rents property or land from a lessor. The lessee, sometimes known as the…

Q: Blank income is subject to federal taxes?

A: What is Federal Taxes?    Federal revenue enhancement is that the tax levied by the inner Revenue…

Q: Taxpayers report taxable rental income and all deductible rental expenses on schedule c (form 1040)…

A: Form 1040 consider being a man tax return form for business like sole proprietorship where they…

Q: Please discuss the deductibility of real property taxes.

A: Local governments and municipal corporations collect property taxes annually from landowners.

Q: Which of the following creates a taxable temporary- difference?

A: Introduction: A transitory difference is the difference between an asset's or liability's income…

Q: Which travel expenses are deductible and which ones are not? Provide reasons for both deductible and…

A: The travel expenses are costs usually related to the purpose of traveling for business-related…

Q: What is unearned income ,income recived  in advance ?

A: Unearned income or Income received  in advance: Earned revenue that represents to a future…

Q: types of payments that are taxable/not taxable for FUTA?

A: Federal unemployment tax is a tax paid by the employers to the employees who have left the company…

Q: If during the current year, taxable profit is greater than accounting profit and the difference is a…

A: In many countries, as per their laws companies are required to maintain two sets of books (Financial…

Q: unts that are made available to a taxpayer without substantial restrictions are included in gross…

A: In income tax there are different types of doctrine for different types of recognition of income and…

Q: TRUE OR FALSE:The average annual rental payments shall be recognized as rent receivable. If false,…

A: Expenses means the amount spent on running the business where as income means the amount earned…

Q: Annuity payments received by a taxpayer represent a part which is taxable and non taxable. Which of…

A: Annuity means a series of payments being paid or received in particular period of time and a fixed…

Q: b. The rent is treated as a liability because it is unearned. The rental agency owes the tenant the…

A: for an asset that is given on lease, the lease rentals which is received from the customer in…

Q: Compute for the taxable income

A: Tax is paid by the company on the taxable income earned during the relevant period by the taxpayer.…

Q: Should liability for rent deposit be amortized? Why or why not?

A: The assets are amortized as they provide benefits for the long period.

Q: What is generally not a deductible business expense on Schedule C?

A: The sole proprietor type businesses are not allowed to get deduction under Schedule C.

Q: TRUE OR FALSE The burden of proof to establish the deductibility of a particular expense item is on…

A: The burden of evidence refers to your obligation to prove the accuracy of your tax returns’ entries,…