FOCUS ON PERSONAL FINANCE LL/ACCESS >BI
6th Edition
ISBN: 9781260529326
Author: Kapoor
Publisher: McGraw-Hill Publishing Co.
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Chapter 3, Problem 5P
Summary Introduction
To determine: The amount that may owe an additional amount or receive a refund.
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On November 1 of this year, Jaxon borrowed $42,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $3,780 relating to the 12-month period from November of this year through October of next year.
How much interest, if any, can Jaxon deduct this year if his business uses the cash method of accounting for tax purposes?
1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this be a refund or an additional amount due? For what amount?
The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: 1st quarter expenses paid in 2nd quarter is 15,000; 2nd quarter expenses paid in 2nd quarter is 20,000; 3rd quarter expenses paid in 2nd quarter is 5,000; 1st quarter incurred but unpaid is 8,000; and 2nd quarter incurred but unpaid is 11,000. How much is the total expenses in the 2nd quarter using cash basis?
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FOCUS ON PERSONAL FINANCE LL/ACCESS >BI
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