Required informationProblem 11-54 (LO 11-5)The following information applies to the questions displayed below.]Hans runs a sole proprietorship. Hans has reported the following net S1231 gains and losses sincehe began business. Net 31231 gains shown are before the lookback rule. (Leave no answerblank. Enter zero if applicable.)Net $1231Gains/ (Losses)$ (65,000)YearYear 1Year 2Year 3Year 4Year 5Year 6Year 7 (current year)15,00010,00050,000Problem 11-54 Part-aa. What amount, if any, of the year 7 (current year) $50,000 net 81231 gain is treated as ordinary income?

a.Calculate ordinary income for year 7:After applying the §1231 five-year look back rule, the entire…

Answered: Required information Problem 11-54 (LO…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 51P

See similar textbooks

Similar questions

Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. (Leave no answers blank. Enter zero if applicable.) Net §1231 Year Gains/(Losses) Year 1 $(74,000) Year 2 19,500 Year 3 0 Year 4 0 Year 5 13,600 Year 6 0 Year 7 (current year) 54,500 b. Assume that the $54,500 net §1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6?
Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) Net §1231 Year Gains/(Losses) Year 1 $(68,000) Year 2 16,500 Year 3 0 Year 4 0 Year 5 11,200 Year 6 0 Year 7 (current year) 51,500 b. Assume that the $51,500 net §1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6? Ordinary Income_____________
Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. Note: Leave no answers blank. Enter zero if applicable. Year Net §1231 Gains/(Losses) Year 1 $ (68,000) Year 2 16,500 Year 3 0 Year 4 0 Year 5 11,200 Year 6 0 Year 7 (current year) 51,500 a. What amount, if any, of the year 7 (current year) $51,500 net §1231 gain is treated as ordinary income?
Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. Note: Leave no answers blank. Enter zero if applicable. Year Net §1231 Gains/(Losses) Year 1 $ (68,000) Year 2 16,500 Year 3 0 Year 4 0 Year 5 11,200 Year 6 0 Year 7 (current year) 51,500 b. Assume that the $51,500 net §1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6?
Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) Net §1231 Year Gains/(Losses) Year 1 $(68,000) Year 2 16,500 Year 3 0 Year 4 0 Year 5 11,200 Year 6 0 Year 7 (current year) 51,500 a. What amount, if any, of the year 7 (current year) $51,500 net §1231 gain is treated as ordinary income?
1. A VAT-registered business makes a sale of P33,600, inclusive of VAT. The amount of sale that is reported in the statement of comprehensive income can be computed as* a. P33,600 x 112%b. P33,600 / 112%c. P33,600 x 12% / 112%d. P33,600 / 12% / 112% 2. You are an employee in the private sector. For the year 20x1, you received a 13th month pay of P110,000 and a Christmas bonus (non-performance based) of P25,000. Of the benefits you have received, how much is taxable?* a. P135,000b. P90,000c. P45,000d. P0
1- Afifi sole proprietorship provides his tax report for 2012 to tax department; they suffered loss as 330,000 NIS. The following 6 years, he provides tax reports with an income as the following: {130,000 / 60,000 / 120,000 / 60,000 / 120,000 / 62,000}. Required: calculate the income tax for each year according income tax law 8/2011:
Check by work Valence Corporation’s Form 1120S shows ordinary income of $88,000 for the year. Daniel owns 40% of the Valence stock throughout the year. The following information is obtained from the corporate records. problem info Salary paid to Daniel $ (40,000.00) Tax-exempt interest income $ 5,000.00 Charitable contributions $ (6,000.00) Dividends received from a non-US Corp $ 5,000.00 Long-ter capital loss $ (6,000.00) Depreciation Recapture income $ 11,000.00 Refund of prior-year state income taxes $ 5,000.00 Cost of goods sold $ (80,000.00) Short-term capital loss $ (7,000.00) Administraive expenses $ (18,000.00) Short-term capital gain $ 14,000.00 Selling Expenses $ (11,000.00) Daniel's beginning stock basis $ 32,000.00 Daniel's additional stock purchases $ 9,000.00 Beginning AAA $…
N2. Account For the calendar year 2023, Hunter LLC, reported a $60,000 profit on its books. The items included in the profit computation were $300,000 in sales revenue, $15,000 in qualified dividends, $122,000 in cost of goods sold, $5,000 in charitable contributions, and $78,000 in employee wages and other expense. Christian, a 40 percent owner and a single individual, had no other business income and reported taxable income, including the partnership income, of $196,000. How much is Christian's qualified business income deduction? Show computations.
NOTE: These are MCQS MCQS 11In which type of a business, the owner and his business are not considered same in the eyes of law?(a) Sole proprietorship(b) Limited companies(c) Partnership(d) a and c MCQS 12Which of the following liabilities would most likely be listed last on a statement of financial position?A)Bonds payable, due in 20 years.B)Accounts payable.C)Note payable, due in 3 years.D)Income taxes payable. MCQS 13Sales Gross Profit = __A)Cost of Goods SoldB)Net SalesC)Cost of Goods Available for SaleD)Gross Sales MCQS 14Land is purchased for $456,000. Additional costs include a $30,300 fee to a broker, a survey fee of $3,400, $2,750 to construct a fence, and a legal fee of $12,500. What is the cost of the land?A. $456,000.B. $486,300.C. $502,200.D. $504,950. MCQS 15Which of the following transactions occurs on daily basis in a large business organization?(a) Purchaser of equipment(b) Payroll(c) Credit sales(d) Payment of suppliers MCQS 16Prepaid expenses are assets that…
EEE has been very successful in operating his business for the last five years. His financial statements showed total assets of P380,000 and liabilities of P50,000. He invited FFF to join him by investing an amount enough to give him a 30% interest in the firm. Profit and loss agreement provides 80:20 to EEE and FFF, respectively. Before the formation, the parties agreed to make the following adjustments in the books of EEE:· Allowance for doubtful accounts amounting to P10,000 be established.· The merchandise should be adjusted to include goods out on consignment amounting to P25,000.· Accrued utilities of P2,500 be recognized.How much is the amount to be invested by FFF?
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SEE MORE TEXTBOOKS