What was Evander’s principal at the beginning of July
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Evander Holyfield (the champion boxer who had part of his ear bitten off by Mike Tyson) made $300 million during his boxing career but declared bankruptcy because of poor financial choices. His July interest at 18% was $155. What was Evander’s principal at the beginning of July
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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?Heather owns all of the shares of Thompson Consulting Ltd (TCL), an IT consulting firm with 10 employees. TCL has a December 31 st year-end. Heather delegates all of her oversight tasks to various managers because she is busy at home raising her family. On July 25, 2011, Heather borrowed $100,000 from TCL for the purchase of a new home on a non-interest bearing basis. A loan agreement is in place that requires her to repay the full amount in five years. She has never reported anything on her personal income tax return from the loan. Assuming that you are preparing Heather's personal tax return for the first time, which of the following statements is correct? A). There are no income tax consequences because the funds were borrowed for the purchase of a home and there is a bona fide arrangement to repay the loan. B). Heather will have a deemed interest benefit in 2011,2012 and 2013. C). Heather will have an income inclusion of $100,000 in 2013 and a deemed interest benefit in 2011, 2012…George lost his $155,000 sales job. It took him a year to find a new job and, during that time, his utilities were shut off, he foreclosedon his home, and he declared bankruptcy. Ten years from now, what information from this time will remain on his credit report?
- Dr. Roger Jones is a successful dentist but is experiencing recurring financial difficulties. Forexample, Dr. Jones owns his office building, which he leased to the professional corporation thathoused his dental practice. (He owns all shares in the corporation.) After the corporation’s failure to pay payroll taxes for the past 6 months, however, the Internal Revenue Service is threatening to impound the business and sell its assets. Also, the corporation has had difficulty payingits suppliers, owing one of them over $200,000 plus interest. In the past, Dr. Jones had borrowedmoney on the equity in either his personal residence or his office building, but he has grownweary of these recurring problems and has hired a local consultant for advice.According to the consultant, the financial difficulties facing Dr. Jones have been caused bythe absence of proper planning and control. Budgetary control is sorely needed. The followingfinancial information is available for a typical month:…Stan, a computer lab manager, earns a salary of $80,000 and receives $25,000 in dividends and interest during the year. In addition, he incurs a loss of $40,000 from an investment in a passive activity. His at-risk amount in the activity at the beginning of the year is $55,000. What is Stan’s adjusted gross income for this year?In the past several years, Shakira had loaned money to Shakira Incorporated (an S corporation) to help the corporation keep afloat in a downturn. Her stock basis in the S corporation is now $0, and she has deducted $42,750 in losses, reducing her debt basis from $142,500 to $99,750. Things appear to be turning around this year, and Shakira Incorporated repaid Shakira $28,500 of the $142,500 outstanding loan. What is Shakira's income, if any, on the partial loan repayment?
- Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $96,000 in salary.She received $11,500 of dividend income.She received $9,000 of interest income on Home Depot bonds.She received $23,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $9,700.She received $9,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,700.Mary only has allowable itemized deductions of $6,700, so she will take the standard deduction of $12,400. The standard deduction is subtracted from her gross income to determine her taxable income.Assume that her tax rates are based on Table 3.5. Taxable income = 130,400 Tax Bracket: $85,525-163,300 Pay amount on base of bracket: $14,605.50 Plus this percentage on excess: %24 Average tax rate at top of bracket: %20.4 What is Mary's federal tax liability? Enter your answer as a…The Client: Darius Williams, 44 is a single father with three-year-old twin boys, who just lost his job as a Finance Analyst. He was employed for nine (9) years with Vroom Finance, a vehicle financing company. Management decided to restructure the company to cut costs and stay competitive. As a result, Darius, along with seven (7) other employees was made redundant. USD$45,496 in cash by the severance laws in the country. Proceeds of USD$19,775 from the company pension plan. If he decides to take cash, he will be taxed 25% by the government. The other alternative is to roll the funds into a new pension plan without penalties or taxes. He now has one month to decide. Three (3) months of health insurance. There are two weeks of coverage left. Three months of life insurance, with the option to continue the plan as an individual. He now has one (1) month to decide. Although losing his job was a huge shock, Darius immediately started looking for new employment. The job market was…
