Twice a year Rowdy
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Twice a year Rowdy (40% shareholder) and Q (40& shaeholder) travel to various locations across the United States to host ticketed lice recording of Who Up To What? The corporation has a acoountable plan in place to reimbuse them for their travel expenses
In 2022 Rowdy and Q were reimbused a combined total of the following amount
$3000 Transportation
$239 Meals purchased from restaurants
$200 Meals not purchased from restaurants
How much of this reimbursement is taxable compensation to Rowdy and Q?
a $439
b 0
c $3439
d $3220
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- During the last five months of the year, Dwana opens a new Internet telecommunications business called Dwan-Com. Dwan-Com bills 50,000 of revenues, but receives only 40,000 cash. Dwan-Com incurs 3,000 of supply expenses, and 41,000 of labor costs. Dwan-Com pays for 2,200 of the supplies and 38,000 of the labor costs in the current year. a. What is Dwan-Coms taxable income if it elects the cash method of accounting? b. What is Dwan-Coms taxable income if it elects the accrual method of accounting? c. What method of accounting do you recommend that Dwan-Com elect?During 2020 you purchased the following assets at the following prices: January 2nd: 100 shares of Apple, Inc., $12,000 February 1st: 500 shares of Startup, Inc., $250,000 August 1st: 4% partnership interest in Smart & Smarter, CPAs, $400,000 August 1st: Trademark (registration) for “Best Tax Service,” your Schedule C tax advisory business for clients that Smart & Smarter wants no part of, $175,000 (including attorney’s fees) September 1st: Noncompete / Nondisclosure Agreement with former employee of your Schedule C business, $100,000 Calculate, state, and explain your total 2020 amortization deduction.Check my work Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 40% Zebra shareholder throughout the year. Sales 100000 COGS -40000 Depr Expense MACRS -10000 Admin expenses -5000 Sec 1231 gain 21000 Depr recapture income 25000 Short-term cap loss from stock sale -6000 Long-term cap loss from stock sale -4000 Long-term cap gain from stock sale 15000 Charitable contributions -4500 Calculate Sammy's share of Zebra's long-term captial gain Long-term capital gain from sale of stock is 15,000 Long-term capital loss from sale of stock is 4,000 Sammy's share is 15,000*40%=6,000 percent of gain is not netted