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Expert help when you need it- Q1:1) Peter Inc. acquired 100% of the outstanding Common Stock of Simran Inc. for $ _____ cash and ______,shares of its own common stock ($1 par value), which was trading at $ ________ per share at the acquisition date. (a) Determine the Acquisition Cost. (b) Pass Journal Entry in the Book of Parent Company.See Answer
- Q2:3) There are different approaches or theories that might serve as a basis for preparing consolidated financial statements. Explain these approaches by giving at least two points of each. See Answer
- Q3:Instructions: • Prepare the 2022 Individual Income Tax Return, including all schedules and additional forms, if any, using the IRS fillable forms listed below or manually written on the tax forms/schedules. Ignore the directions to use tax software noted in the file. However, students may use tax software if one is available. • Scan your completed tax return as a PDF file OR print it as a PDF if using tax software. No other file format is permitted. • Submit the tax return file here by clicking the submit button. You can upload individual forms or a zip file with all the tax forms and schedules. I do not accept tax returns via email. • You have unlimited submissions. However, only the last submission will be graded unless the student notifies me which upload to graded by the due date.See Answer
- Q4:2. What are the factors that contribute to Productivity growth?See Answer
- Q5:Analyze and explain the simple aggregate expenditure model? Write 3 paragraphs using the APA format. Do not forget to indicate at least 3 sources.See Answer
- Q6:YOU MUST COMPLETE THIS ENTIRE CASE (ALL PARTS) AND CASE #2 (BOTH PARTS) IN ORDER TO RECEIVE CREDIT FOR THIS COURSE. NO POINTS WILL BE AWARDED FOR A LATE SUBMISION. REQUIRED TO SUBMIT (18 points): Schedule A Form 8863 (both pages) • Form 8995 Schedule 3 • Form 1040 (both pages) • Note: Forms are provided in the Blackboard folder where you found these instructions. If draft/final form 8995 is not available for 2023, you MUST use the 2022 form, no other year.See Answer
- Q7:TAXATION I CASE #2 - Instructions Using Tax Software Fall 2023 Welcome to Case #2! Great job on your first tax case. I know it was a lot of work. If you haven't reviewed my markups, please do so now. This case builds off your first tax case and you will be using tax software to complete this case. Tax software is used in the real world to complete tax returns, and I want to make sure you get some experience. You will be able to mention this on your resume. This will also be similar to VITA if you choose to volunteer to help individuals complete their tax returns. In VITA, you use tax software, so you do not have to fill out anything manually. This will require some critical thinking and some patience. If you have never used tax software, it will look overwhelming. I am here to help and make sure you watch my video overview. Objective Use Tax Software (Intuit ProConnect) to replicate Tax Case #1 using only the tax forms and information attached. How to Complete • Step 1: You will have received an email with a link to sign up for Intuit. This will come from Quickbooks, but it is just to create your company/login for Intuit ProConnect. Follow the instructions in the email to set-up your account. REMEMBER: YOU HAVE TO LET ME KNOW WHEN YOU SIGNED UP SO I CAN GRANT YOU ACCESS TO YOUR CLIENT IN PROCONNECT. Login to Intuit ProConnect (https://proconnect.intuit.com/) • Step 2: Watch my video on general software overview and entering information if you have not already. It's posted in the Tax Case Folder where you found these instructions. • Step 3: Enter the information from the attached Client Information Packet and review your information. You already have the answer from Case #1. If you are completing this in Fall 2023, you will have to use 2022 Forms in the software, so your tax amount and refund will be different, but everything else should be the same. Step 4: Print and Submit by the deadline communicated. When submitting, make sure to include in the BlackBoard submission textbox what, if anything, is different from Case #1 to this case. This could be checkboxes, amounts, forms, etc. Reach out with any questions. Grading This assignment is worth 20 points. It is part of the mandatory assignments to receive any grade for the class. In your next case, you will be completing a similar assignment, but will not have the answer. If you submit late, you will forfeit the points for the case. If you do not submit at all, you fail this course regardless of any other grades earned.See Answer
- Q8:Working from the worksheet below for Mayforth Art Gallery: Journalize and post the 4 closing entries. Prepare the Post Closing Trial Balance. 1. 2.See Answer
- Q9:Case 21-9-Toolkit Section IV Toolkit Section IV Exercise Handout Background You have just been assigned to the Big Box Retail Store (the "Company") audit engagement. Big Box Retail is a private company that owns and operates large retail stores across the United States and the territory of Puerto Rico. Jodi Smith, the engagement senior, has assigned you the task of scoping the Company's store locations to determine which will be selected for the physical inventory count observation. Performance Materiality has been calculated at $15 million. To assist you, she has provided you a Microsoft Excel file that contains the inventory detail which shows the inventory balances by retail location and brand, as well as some visualizations that she created to analyze the population. If you need help, ask your professor for additional assistance.See Answer
- Q10:This assignment should include the following sections: 1. Company Background (revised as needed from the Marketing Audit Topic Approval Assignment). 2. Situational Analysis (see the Marketing Audit Worksheet, the Sample Marketing Audit and attached video). 3. SWOT Analysis (see the Marketing Audit Worksheet, the Sample Marketing Audit and attached video).See Answer
- Q11:REQUIRED: Write an opinion letter to Ron Sneaky, Revenue Agent, presenting your opinion as to why Red is entitled to take the car racing expenses as a deduction. Ron Sneaky has served Red Neck (and his wife, because they file joint returns) with a final determination letter, denying all of the expenses related to Red's car racing activities for taxable years 2021 and 2022. Red's year 2023 tax return will probably be selected by the IRS for review after it is filed. Red's CPA has requested a hearing before an IRS Appeals Officer for resolution of this matter (1st step in determination as to who will prevail, the next step would be to file a petition in Tax Court). Your letter is your argument as to why Red should prevail and be allowed the deductions for his car racing activities. You want the Appeals Officer to rule in Red's favor. In addition, you need to write a letter to Red, to inform Red as to the proper tax treatment of the 2024 or 2025 purchase of the new engine and transmission. The addresses of the parties are as follows: Red Neck Ron Sneaky 761 Lucky Drive Internal Revenue Service Moscow, Idaho 83843 Audit Division - Unit 13 Boise, ID 83724 Tim Nervous, IRS Appeals Officer Internal Revenue Service Citizens Building, 82nd Floor Boise, Idaho 83724/n RESEARCH PAPER ACCOUNTING 483 - FUNDAMENTALS OF FEDERAL INCOME TAXATION 1st Research Paper Spring 2024 FACTS: Red Neck is the used car sales manager of Ernie's Car Sales, a local new and used car dealership in Moscow, Idaho. Red Neck's income is about $145,000 a year from his salary and bonus (his bonus is a percentage of the net income of the dealership). In addition to his income from Ernie's, Red also has income from rentals of about $35,000 a year. Red's wife, Holiday, is employed, earning about $85,000 a year. Several years ago, Red became interested in auto car racing. In 2018, Red purchased a used car, which he converted into a racing stock car. The cost of the car, and the modifications made to it, cost Red about $75,000, which is being depreciated over a five-year life (using I.R.C. § 168). Red incurred additional expenses for the purchase of small tools, racing supplies, travel costs, etc. In 2019, Red started entering the Spokane auto races (actually Stateline Speedway at Stateline, Idaho). Because his job at Ernie's required him to work at least one Saturday every month, Red was not able to enter all of the races held in Spokane, but did enter as many as possible. Spokane holds races every weekend from the first part of April through the end of September. Red had some success in winning races, but because of the limited number of races Red could enter and the limited purse, his gross income was only about $500 the first year, $825 the second year, and $1,200 the third year. This 5th year (2024) Red expects to earn about $3,500 (gross income) and has hopes of being able to make some profit within the next year or two. His expenses (not including depreciation) were the greatest the first year, being about $84,000. Since the first year, the expenses have gone down because the car has been kept in good repair and Red has received free parts and services from sponsors. His total out- of-pocket costs for this year (2024) are anticipated to be about $25,000. Red has obtained several sponsors, which provide him with free parts, tires, gasoline, oil, and services or provide him with discounts on these items. The value of these discounts, or free items, will be about $50,000 this (2024) year. One of his sponsors is Ernie's, which provides all parts at one-half dealer's cost. The value of these parts, are expected to be about $25,000 this year (2024), which are not included in the $50,000 from other sponsors. If Red could win a few more races, the sponsor benefits should substantially increase. Red has kept good records of all of his income and expenses, recording them in a small cash journal. Red uses a separate checking account for the racing activities. Red has not recorded in his books and records the items his sponsors provided, but he does have a record of them. Red became involved in auto racing because he enjoyed it and because he thought he could someday make some money at it. Also, Red feels that the car racing helps promote the RESEARCH PAPER Acct. 483 - Spring 2024 Page 1 of 5 sales of the car dealership. The dealership sponsors him and has its name on the car, as do other sponsors. Red has taken the losses generated so far on his personal income tax returns. As a result of these losses, Red's income tax returns for the years 2021 and 2022 are being examined (audited) by the IRS. The revenue agent, Ron Sneaky, has proposed tax adjustments increasing Red's gross income by the amount of the deductions Red incurred in his racing activities because Ron is taking the position that the car racing activity is not a business. In addition to Red's problem with the IRS, he will need to buy a new engine and transmission for the racecar in 2024 or 2025. The cost of the engine would be about $60,000 and the cost of the transmission would be about $18,000. Red would like to expense both the engine and the transmission in the year that the costs are incurred. REQUIRED: Write an opinion letter to Ron Sneaky, Revenue Agent, presenting your opinion as to why Red is entitled to take the car racing expenses as a deduction. Ron Sneaky has served Red Neck (and his wife, because they file joint returns) with a final determination letter, denying all of the expenses related to Red's car racing activities for taxable years 2021 and 2022. Red's year 2023 tax return will probably be selected by the IRS for review after it is filed. Red's CPA has requested a hearing before an IRS Appeals Officer for resolution of this matter (1st step in determination as to who will prevail, the next step would be to file a petition in Tax Court). Your letter is your argument as to why Red should prevail and be allowed the deductions for his car racing activities. You want the Appeals Officer to rule in Red's favor. In addition, you need to write a letter to Red, to inform Red as to the proper tax treatment of the 2024 or 2025 purchase of the new engine and transmission. The addresses of the parties are as follows: Red Neck Ron Sneaky 761 Lucky Drive Moscow, Idaho 83843 Internal Revenue Service Audit Division - Unit 13 Boise, ID 83724 Tim Nervous, IRS Appeals Officer Internal Revenue Service Citizens Building, 82nd Floor Boise, Idaho 83724 RESEARCH PAPER Acct. 483 - Spring 2024 Page 2 of 5 COMMENTS ON WRITING YOUR PAPER (not part of the office memo) 1. Your letter should follow a proper recognized and acceptable business-letter form. There are several acceptable business letter forms, any one of which you can use, but you must follow the requirements of the acceptable business letter form you choose. Such acceptable business letter forms should have been covered in your business writing class (Eng. 317 at the University of Idaho). Also, such business letter forms generally can be found in any good secretarial book. 2. The required letter is your opinion as to the proper treatment of a particular factual situation. The purpose of your opinion is very similar to the purpose of an opinion written by a judge in a court proceeding. Therefore, you can use court opinions as a guide in writing your paper in both style and content. The principal difference, of course, is that the form of your opinion is a business letter and the principal form that courts use is a report form. Your opinion letter is not an essay, nor is it merely a review of the court opinions you have read. It must be an argument you set forth, supported by primary authority, which leads to your conclusion. Do not tell me what you have read it is not useful to the reader. You are required to convince the reader of your letter, and me, to agree with your position, argument, and/or point-of view. 3. You will need to research the law, regulations, revenue rulings, cases, and other relevant materials to prepare your opinion letter. You should use only primary authority, which consists of the Internal Revenue Code, Treasury Regulations Revenue Rulings, other publications of Treasury (i.e., pronouncements of the national office of the Internal Revenue Service), and Court cases. Use the Richmond book (Federal Tax Research - Richmond) to guide you through the research tools (sources) available and the proper procedure to apply the law to your assigned problem. Do not rely on Google sources to give you the "answer." It will not work. In fact, on Google there probably are no “answers", only conclusions. Your paper should provide your opinion - not your answer. Your client is not interested in the statements provided by others, but only interested in your opinion and your reasons for arriving at your opinion. 4 Always think about to whom you are writing your letter. It may not be, and probably is not, the addressee of your letter. To whom, you are writing your opinion letter is very important. You should write your letter to the person or persons who will probably read your letter, as these are the persons you want to convince, which may not be the addressee of your letter. 5. Always consider who will read your opinion letter. It may, and in fact probably will be, a person who's time is very valuable. Many professionals today charge their time at $2,500 per hour or more. The reader may not be pleased to read a document which takes a lot of time to read. In fact, they just not read the document. Get to the point of your letter and do not use any word which is not absolute necessary. 6. Clients, employers, judges, and others are not interested in what action (decision) you are telling them to follow or take. These people view their function, duty, and role as being decision makers - not you. If you attempt to make a decision or direct the action they should make, you may find yourself without a client, your employment terminated, the judge upset with your actions, or others no longer willing engage with you. I doubt that, as a professional, these are results that you want. Conclusions are generally nothing more than a decision 7. You must support your argument with controlling and current law. If you 7se a court opinion as support for your argument, you must insure that the opinion used is still the current law. You should avoid using conclusions in your paper, as conclusions do not help a reader to understand how and why you arrived at your opinion. If the reader of your letter or report does not understand how and why you arrived at your opinion, it is unlikely that the reader will agree with you and/or follow your advice. It is also possible that the client may misinterpret your recommendation and take some action which is inappropriate resulting in dire consequences to you. Great care must be taken in writing your paper so that your purpose of writing the letter conveyed to the reader, who may not be the person you addressed your letter, report, or other document to. DO NOT JUST TELL ME WHAT YOU READ - it is of no value 8. It is the Court's reasoning that will support your argument and not the holding in the case. Therefore, you need to explain how the court's reasoning applies to your facts and your argument. The Court's opinion or determination may not be important or helpful to you, your client, or reader of the letter. Reading a court opinion and then telling the reader of your letter RESEARCH PAPER Acct. 483 - Spring 2024 Page 3 of 5 what you read is not helpful to the reader. You must first have expressed an argument, then use the court's argument to support your position (argument). 9. If you immediately start this research project, you should have sufficient time to properly complete the assignment. If you wait until the last week or two to begin the assignment, you will not have sufficient time to write an acceptable opinion letter. If your letter is deemed to be unacceptable, you will not receive a grade for this assignment and this assignment is required to receive a passing grade in the course. 10. The College has a former English professor, Dr. D'Wayne Hodgin, on staff to assist you in writing your letter. As soon as you have a draft of your paper, you should make an appointment with Dr. Hodgin's to review your paper with you. You must have your draft of the paper reviewed by Dr. Hodgin on or before February 12th. He will maintain a list of all student's papers reviewed, which will be provided to me for grading. Make use of Dr. Hodgin early and often. 11. I am also willing to review a draft of your letter. If you wait until the last couple of weeks, I may not have sufficient time to review your paper. If you want me to review your draft, it should be done as soon as possible after seeking Dr. Hodgin's assistance. You may make an appointment with me or take a chance with first-come-first reviewed. 12. The key to any good writing is to rewrite, rewrite, rewrite, rewrite, rewrite and then rewrite. Every time you rewrite, you should be making changes to your manner of presenting your argument, making better use of your authority, emphasizing the point you are making, etc. 13. Good guides to writing an opinion letter are Judges' Court opinions. After all, what is expected of you is the same as what the judges are doing in their opinions. The form and manner of presenting your argument is the same as that used by Judges. 14. All citations must follow The Bluebook, A Uniform System of Citation, published by the Harvard Law Review Association. This is the same citation form required by most Courts and the citation form used by judges in writing their opinions. 15. You must also follow all of the requirements and provisions of IRS Circular 230 (§§ 10.34 through 10.37) and Treas. Reg. § 1.6662-4(d). The Treasury regulations and IRS Circular 230 require that you use only primary authority to support your argument. Primary authority is set forth in each of the publications. Read these assigned documents. 16. Again, make sure that your opinion letter is in proper business letter form. Improper grammar, sentence and/or paragraph construction, improper use of a word or misspelling will most likely result in a non-acceptable paper. A non-acceptable paper is treated as if no paper has been submitted. 17. Your letter must be printed on 8-1/2" x 11" white paper with 1" margins on top, bottom, and both sides. You need to use an Arial or Times New Roman font with either an 11 or 12 point print. All papers must be single-sided and single spaced. The back of any page will not be read. 18 All papers must be submitted on, or before, the beginning of the class due date, as set forth hereinabove. The papers will be collected at the beginning of the class. Those papers not collected at the beginning of class will not be read nor graded. Do not send papers by email, or RESEARCH PAPER Acct. 483 - Spring 2024 Page 4 of 5 any other electronic means, as such papers will not be printed-out and will not be read. Do not submit your paper by any other methods or means without prior approval from me, which I may grant only for very exceptional reasons. You can always submit your paper before the due date. 19. Do not put your name on the final paper which you turn in to me. Instead, use the assigned number for identifying your paper. You can obtain an assigned number, which you will use to identify you on all papers and exams required in this course, from the Department of Accounting office on the first floor of ALB. Failure to follow this requirement will result in your paper not being read nor graded. If you wait until the last minute, the office may be closed and you will be unable to get a number. In such case your paper will not be accepted for grading. 20. Late papers will not be accepted nor graded. You do not have to wait until the due date to turn-in your final paper. 21. If you immediately start preparing and writing your paper, you should have time to complete the assignment and meet any, and all, due dates. There should not be any need for late papers. This assignment may take a substantial amount of time - perhaps as much as 30- 40 hours. If you start this assignment when it is provided to you this means that you will have 4 to 5 hours per week to complete the assignment. I will take the role of the partner who interviewed the client. FAILURE TO FOLLOW THESE INSTRUCTIONS WILL BE TAKEN INTO CONSIDERATION IN DETERMINING YOUR GRADE IN THIS COURSE. 22. 23. (NOTE: This assignment may take a substantial amount of time to do properly. If you wait a week or two for starting, you may not have sufficient time to submit an acceptable paper. START WORKING ON YOUR PAPER THIS WEEK.) RESEARCH PAPER Acct. 483 - Spring 2024 Page 5 of 5See Answer
- Q12:/n/n you should be looking to do with the audit report, so we put together the information below: Introduction - set the scene; what are we looking at, why is this an issue worth carrying out an audit for? Methods - Imagine you were doing this audit completely yourself, not that we gave you the data. Set out what data was collected in order to carry out the audit, and how you analysed this (note this is not the results of your analysis, but the methods of how to do the analysis). You should probably also set out here what the target is you are aiming for; if you remember we said in the introduction session that a key thing about audits is that you are assessing performance against a set standard, so what is the standard that you are aiming for? Note that we've not told you a set standard you are aiming for, we are looking for you to set a sensible standard. We've given you some clues in the questions we asked you to find answers to: What is the MEAN number of PPI issues over 12 months? • What is the MEAN number of alginate issues in the same period? What is the PERCENTAGE of patients on PPIs who are issued >2 alginate antacids in 12 months? ● Of these points, can you find any indications about how many of these medications patients should be getting prescribed? Are there limits suggested anywhere? Results - This is largely what you generated during the TBL session in answering those 3 questions we gave you. How to present that is up to you. I wouldn't include the entire dataset you were working with as that would just be a massive table which wouldn't be very informative. It may be worth summarising the data by including a table with factors such as the mean and any other points you think may be relevant. Discussion - the results section is where you state what your results are. The discussion is where you consider what your results mean. We asked you analyse the data about PPI and alginate issues over the last 12 months. Relate that to the target you set, how does this compare to the target? Are there any Discussion - the results section is where you state what your results are. The discussion is where you consider what your results mean. We asked you analyse the data about PPI and alginate issues over the last 12 months. Relate that to the target you set, how does this compare to the target? Are there any numbers in your analysis too high, or too low? If so, why might this be? Action plan and recommendations - if you identified any problems through your audit of this data, what recommendations can you make to improve the situation? Use an action plan (e.g. SMART action plan) to set out how you would implement any changes. Make sure you include something on how/why this change would help. Word count - Several people asked if the action plan would be included in the word count. If you include it in the main text, then yes, but keep in mind a SMART action plan can easily be formatted as a table and that figures and tables don't count towards the word count. For references, citations in the text usually do count towards the word count but the reference list at the end doesn't. There is a 10% tolerance on the word count, so with a 1000 word limit you'll only get penalties if you go over 1100 words. References - you probably won't need many include it in the main text, then yes, but keep in mind a SMART action plan can easily be formatted as a table and that figures and tables don't count towards the word count. For references, citations in the text usually do count towards the word count but the reference list at the end doesn't. There is a 10% tolerance on the word count, so with a 1000 word limit you'll only get penalties if you go over 1100 words. References - you probably won't need many references for this, certainly fewer than you used in the report, but you still should cite appropriately. For example, in you introduction when you set out the topic and potential problem, you might refer to some published literature on the topic, or a relevant section of the NICE Guidelines. When considering your action plans, perhaps there might be some published literature to support the actions you're taking, showing that these actions have previously worked elsewhere.See Answer
- Q13: 19:12 < Audit Report Template PHA5015.d... PHA5015 - Integrated Pharmacy Science & Practice Dissemination Audit Report Research SUB Numbentific Disser Faculty of Life Sciences Audit Report Proforma Delete all text in GREY before submission 5G 1. Introduction Provide details on the problem, the urgency and the relevant standards for this audit. 2. Method Describe how you will collect and analyse the data. 3. Results Provide appropriate analysed data in tables, graphs or other suitable format with some description of your results. 4. Discussion Compare your results with the quality standards. Explore potential explanations for your results. 5. Action plan and recommendations Provide a bullet point list of your recommendations that must be related to your data and interpretation. 6. References Provide at least TWO references to support your proposal. These must be provided in the BRADFORD HARVARD format Dashboard Calendar To-do Notifications Inbox This page contains the key information for the Audit Report, which is component 005 of the PHA5015 module and contributes 5% to your overall module mark. You must pass this assignment (at minimum 40%) in order to pass the module. You will need to to complete a 1000 word audit report, using pre-defined datasets. You will analyse and interpret the data, and determine an action plan of what the appropriate steps should be based on your findings. Your instructions are provided in the brief below, and will be supported with an introductory lecture. You will also be expected to attend a workshop (please see your timetables) which will give you practical support in analysing your data. 19:12 PHA5015 Audit Report 2023-4_ACYR Integrated Pharmacy Science and Practice ASSIGNMENT BRIEF: 5G You must prepare a 1000 word audit report using the template provided. This is an individual assignment. Your team will be given a dataset, and you can work together on the analysis of this dataset, but the assignment you submit must be your own individual work. It will be processed through a similarity checker (TurItIn). Background The national NHS England team have asked Integrated Care Systems (ICSs) to review their drug budget for the current financial year and your ICS has announced several projects in their "Quality, Innovation, Productivity and Prevention" (QIPP) programme for the current financial year. One of the priority areas identified by NHS England has been around management of reflux. Recent data has found that many patients are being co- prescribed Proton Pump Inhibitors (PPIs) in addition to alginate antacids (e.g. Gaviscon®) when there is no clinical need. Preliminary data would suggest that on average, practices within your ICS are within the highest quintile (top 20%) of practices in England for this Dashboard Calendar To-do Notifications Inbox 19:12 PHA5015 Audit Report 2023-4_ACYR Integrated Pharmacy Science and Practice practices within your ICS are within the highest quintile (top 20%) of practices in England for this practice which may be wasteful, or suggest that patients with reflux are inadequately managed. 5G Task 1: Analyse the data All practices within the local ICS have reported on patients who are prescribed PPI and/or alginate antacids within the last 12 months. You have been provided a data set for one of the practices. Complete the following audit activity in class, working with your team to process the data. We anticipate that you will work on this during the TBL workshop (on either 24th or 25th January, depending on your team). You can do the analysis any time, but we recommend making use of these sessions for the analysis as staff will be present to help with any issues. 1. Calculate the mean number of PPI issues in 12 months. 2. Calculate the mean number of alginate antacid issues in 12 months. 3. Determine the percentage of patients who order more than TWO alginate prescriptions in 12 months. Dashboard Calendar To-do Notifications Inbox 19:14 Introduction - set the scene; what are we looking at, why is this an issue worth carrying out an audit for? Q Methods - Imagine you were doing this audit completely yourself, not that we gave you the data. Set out what data was collected in order to carry out the audit, and how you analysed this (note this is not the results of your analysis, but the methods of how to do the analysis). 5G You should probably also set out here what the target is you are aiming for; if you remember we said in the introduction session that a key thing about audits is that you are assessing performance against a set standard, so what is the standard that you are aiming for? Note that we've not told you a set standard you are aiming for, we are looking for you to set a sensible standard. We've given you some clues in the questions we asked you to find answers to: Email . What is the MEAN number of PPI issues over 12 months? ✓ Reply 6 Calendar Feed 00 AppsSee Answer
- Q14:Question 1 (18 points) Nikki is a 40 percent owner in a business that is organized as an LLC and reports as a partnership. The partnership has net business income $100,000 before Nikki's salary of $30,000. Nikki's total taxable income from all sources is substantailly higher than the income from the LLC. The partnership paid total W-2 wages of $500,000 to non-owners and the total unadjusted basis of property held by the LLC is $800,000 Nikki's combined federal and state marginal tax bracket is 40 percent. Estimate Nikki's after tax cash flow from this LLC. You may assume that Nikki's share of partnership income is distributed. Show your calculations. a. b. How would your answer differ if the company was operated as an S Corporation? Show your calculations.See Answer
- Q15:Question 2 (16 points) Tulsi and Shiori contributed cash of $600 and $400 for 60 percent and 40 percent, respectively to ES, LLC. The partnership purchased equipment for $9,000, executing a nonrecourse loan for $8,000. The equipment was expensed in Year 1 using bonus depreciation. Only interest was paid on the debt. Net income before depreciation/cost recovery was zero. This depreciation/cost recovery was allocated $6,300 to Erica and $2,700 to Shiori. Only interest was paid on the debt. There is a gain chargeback provision in the partnership agreement. Answer in Column C (preferably with your formula in the cell) and for maximum credit explain, if appropriate, in Column D. How much is the minimum gain at the end of Year 2? Only interest was paid on the loan. a. b. C. How much is each partner's share of liabilities? How much is each partner's basis in the partnership at the end of year 2?See Answer
- Q16:Question 3 (8 points) Pamela and Aaron are equal partners (each is allocated 50 percent of profits and losses, except for a special allocation of depreciation) in PA Partners. Equity account balances are as follows: Liabilities Capital, Pam Capital, Aaro b. Initial $1,000 $100 $100 After 4 years $1,000 $20 ($20) It appears that there was some sort of special allocation. a. Briefly describe how the "special allocation" affected the differing capital account balances. Assume there is no "gain chargeback" in the partnership agreement. Can this allocation have "econmic effect?" Explain.See Answer
- Q17:Question 4 (18 points). Do not allow you answers to go beyond the right side of the page. Treasury Reg. 1.752-3(a)(1) requires that nonrecourse liabilities secured by contributed property must be allocated to the contributing partner to the extent of any minimum gain. Treasury Reg. 1.752-3(a)(3) privides the the partnership agreement may provide that such lianilities may be allocated to the contributing partner to the extent of the entire pre-contribution gain. Please articulate the policy reason why the latter option is available. a. b. A nonrecourse liability is one for which no partner or certain related persons can be held personally liable. Please articulate why policy allows an nonrecourse liability to be treated as cash contributed and included in the partners' bases./nC. d. e. The qualified business income deduction applies to income passing through from pass thru entities, but not o salaries collected by the business owner. Many business owners elect to operate as an S corporation rather than a partnership. Please explain what you think is the prevailing incentive to do so. There are three requirements that must be met for an allocation under IRC 704(b) to have "economic effect." The last is that in the event of a deficit in a partner's capital account upon liquidation, the deficit must be "restored" to the partnership. Please explain the effect of the allocation and the deficit restoration requirement in economic terms. Recourse libilities of a partnership must be allocated amongst the partners under the "doomsday scenario." Please explain the economics (i.e., plocay reason) of this requirement,See Answer
- Q18: Project 1 Tax Research Memo REQUIREMENT student must individually complete a tax research project memo. Students should choose one of the three topics below. The memo should be typed and, in the format, provided in the example memo. Students should use RIA Checkpoint. It will be graded on accurately and insightfully analyzing the given facts with proper tax law and citation, as well as presentation (clarity and conciseness of the writing). See the grading rubric below for additional details. Note that only primary sources should be cited. Primary sources include the Internal Revenue Code (IRC), Revenue Rulings, and court cases, but do not include anything from the IRS. Choose one of the three topics below: Topic 1 John and Marnie, a married couple who file jointly, sold 3 stocks from their portfolio this year and used the funds as a down payment for a new car. On April 20, 2019, they purchased 23 shares for $49 each. They also recently purchased 50 shares Moody's stock on July 18th of the current year, at $365.75 per share, and at the same time they also purchased 20 shares of Microsoft for $359.49 per share. They sold their stock on October 27th of the current year and got $301.97 per share for Moody's, $168.22 per share for Apple, and $329.81 per share for Microsoft. John and Marnie want to know how much they will report as a gain or loss and which amounts, if any, will be taxed at preferential rates. Topic 2 Helena and Raul Greene finalized the adoption of their child, Gwen, a US citizen, on March 23rd, 2023. They are wondering what changes this will have on their taxes for the year as well as any changes they might need to make going forward. For this topic, make sure to come up with three potential issues or questions that you look into. Topic 3 Charlotte has decided to take her side hustle of making and selling meme t-shirts and make it her full-time gig. She has dedicated a room in her house only for the purpose of making and storing her t-shirts. Currently her mortgage is $2700 per month, she also pays $150 for electricity and $80 for business speed internet monthly as well. Charlotte is wondering if she can deduct some of these house expenses since they are part of her business. She also wants to know what other expenses she may be able to deduct. Grading Rubric 1 Clearly and concisely identifies the relevant Identify Facts and facts and issues from the facts provided. Issues Demonstrates a thorough and creative Context, Purpose, understanding of context, purpose, and audience. and Audience Identify and Use Relevant Sources of Tax Law Analysis Exceeds Expectations Propose Reasoned Solution Summarize and Conclude Information Thoroughly identifies high-quality, credible, and relevant sources of tax law that apply to the facts provided and demonstrates a skillful and thorough use of the sources to enhance the communication. Sources are correctly cited. Correctly and concisely analyzes how the relevant sections of law apply to the facts provided. Thoroughly and accurately summarizes how the relevant laws apply to the facts provided and explains the outcome as it relates to the tax treatment. Message is skillfully delivered with a clear, concise and persuasive authority. Very professional and free of grammatical and Presentation typographical errors. Manner of A central message is summarized in a high quality conclusion that provides a recommendation. The message is clearly and concisely written, and provides a logical summary based on the laws, analysis, and proposed solution. Meets Expectations Identifies most of the relevant facts and issues from the facts provided. Demonstrates adequate consideration of context, purpose, and audience. Identifies relevant sources of tax law that apply to the facts provided and demonstrates a consistent use and understanding of the sources to support the communication. Sources are generally cited correctly. Adequately analyzes how the relevant sections of law apply to the facts provided. Adequately summarizes how the relevant laws apply to the facts provided and explains the outcome as it relates to the tax treatment. Message is delivered in a clear and concise manner. Demonstrates consistent use of professional communication conventions. Generally free of grammatical and typographical errors. A central message is summarized in a quality conclusion that provides a recommendation. The message is well written, and provides a logical summary based on the laws, analysis, and proposed solution. TOTAL SCORE 2 Does Not Meet Expectations Does not Clearly identify the relevant facts and issues from the facts provided. Does not demonstrate appropriate attention to context, purpose, or the intended audience. Does not identify relevant sources of tax law that apply to the facts provided and or appropriately or effectively use them to support the communication. Sources may not be cited correctly. Does not adequately analyze how the relevant sections of law apply to the facts provided. Does not adequately analyze how the relevant laws apply to the facts provided and explains the outcome as it relates to the tax treatment. Does not present the message in a clear or appropriate manner. May contain grammatical and typographical errors. Conclusion may not provide a central message is summarized in a quality conclusion that provides a recommendation. The message may not be clear or concise, and may not provide a logical summary based on the laws, analysis, and proposed solution.See Answer
- Q19: Required information [The following information applies to the questions displayed below.] Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $674. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Income: Joe's salary Jessie's craft sales Interest from certificate of deposit Interest from Treasury bond funds Interest from municipal bond funds Expenditures: Federal income tax withheld from Joe's wages State income tax withheld from Joe's wages Social Security tax withheld from Joe's wages Real estate taxes on residence Automobile licenses (based on weight) State sales tax paid Home mortgage interest Interest on Masterdebt credit card Medical expenses (unreimbursed) Joe's employee expenses (unreimbursed) Cost of Jessie's craft supplies Postage for mailing crafts Travel and lodging for craft shows Self-employment tax on Jessie's craft income College tuition paid for Lizzie Interest on loans to pay Lizzie's tuition Lizzie's room and board at college Cash contributions to the Red Cross $ 146,100 18,600 1,850 756 960 a. Determine Joe and Jessie's AGI and taxable income for the year. Note: Round your intermediate calculations to the nearest whole dollar amount. Joe and Jessie's AGI Joe and Jessie's Taxable income $ 13,700 6,800 7,562 6,600 350 1,350 28,000 2,700 1,890 2,800 6,460 167 2,430 1,348 6,180 3,600 13,020 625 Required Information [The following information applies to the questions displayed below.] Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessle runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $674. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Income: Joe's salary Jessie's craft sales Interest from certificate of deposit Interest from Treasury bond funds Interest from municipal bond funds Expenditures: Federal income tax withheld from Joe's wages State income tax withheld from Joe's wages Social Security tax withheld from Joe's wages Real estate taxes on residence Automobile licenses (based on weight) State sales tax paid Home mortgage interest Interest on Masterdebt credit card Medical expenses (unreimbursed) Joe's employee expenses (unreimbursed) Cost of Jessie's craft supplies Postage for mailing crafts Travel and lodging for craft shows Self-employment tax on Jessie's craft income College tuition paid for Lizzie Interest on loans to pay Lizzie's tuition Lizzie's room and board at college Cash contributions to the Red Cross $ 146,100 18,600 1,850 756 960 $ 13,700 6,800 7,562 6,600 350 1,350 28,000 2,700 1,890 2,800 6,460 167 2,430 1,348 6,180 3,600 13,020 625 b. Complete page 1 of Form 1040 (through taxable income, line 15), Schedule 1, and Schedule A. (Round your Intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial Information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given Information or Problem Statement. Use 2023 tax rules regardless of year on form.) Joe and Jessie does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or Interests. 3 2 of 2 b. Complete page 1 of Form 1040 (through taxable income, line 15), Schedule 1, and Schedule A. (Round your Intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial Information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given Information or Problem Statement. Use 2023 tax rules regardless of year on form.) Joe and Jessle does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or Interests. Joe and Jessie's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Joe: 111-11-1111 Form 1040 for a Married filing jointly 1040 PG 1 Schedule 1 Form 1040 Page 1. Form 1040 Jessie: 222-22-2222 Filing Status Check only one box. Your first name and middle initial If joint return, spouse's first name and middle initial Department of the Treasury- Internal Revenue Service (99) U.S. Individual Income Tax Return Married filing jointly Single Married filing separately (MFS) Head of household (HOH) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child's name if the qualifying person is a child but not your dependent. ► Foreign country name Digital Assets Standard Deduction Schedule A Lizzie: 333-33-3333 Home address (number and street). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. Someone can claim: 2022 Age/Blindness You: Last name Last name Foreign province/state/county OMB No. 1545-0074 You as a dependent Spouse itemizes on a separate return or you were a dual-status alien Were born before January 2, 1958 State At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Are blind Your spouse as a dependent Foreign postal code IRS Use Only-Do not write or staple in this space. Apt. no. Spouse: ZIP code Qualifying surviving spouse (QSS) Your social security number Spouse's social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You Yes Was born before January 2, 1958 Spouse No Is blind 3 Part 2 of 2 Required information Age/Blindness You: Dependents If more than four dependents. see instructions and check here Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a Form W-2, see instructions. Attach Sch. B if required. Standard Deduction for- - Single or Married filing separately. $12.950 - Married filing jointly or Qualifying surviving spouse. $25,900 • Head of household, $19,400 • If you checked any box under Standard Deduction, see instructions. (see instructions): (1) First name Were born before January 2, 1958 Last name (2) Social security number 1 a Total amount from Form(s) W-2, box 1 (see instructions) b Household employee wages not reported on Form(s) W-2 c Tip income not reported on line 1a (see instructions) d Medicaid waiver payments not reported on Form(s) W-2 (see instructions) e Taxable dependent care benefits from Form 2441, line 26 f Employer-provided adoption benefits from Form 8839, line 29 g Wages from Form 8919, line 6 h Other earned income (see instructions) i Nontaxable combat pay election (see instructions) z Add lines 1a through 1h 2a 3a Are blind 2a Tax-exempt interest 3a Qualified dividends 4a IRA distributions 5a Pensions and annuities 6a Social security benefits c If you elect to use the lump-sum election method, check here (see instructions) 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here 8 Other income from Schedule 1, line 10 9 Add lines 12, 2b, 3b, 4b, 5b. 6b. 7, and 8. This is your total income 10 Adjustments to income from Schedule 1. line 26 11 Subtract line 10 from line 9. This is your adjusted gross income 4a 5a 6a Spouse: 12 Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction from Form 8995 or Form 8995-A 14 Add lines 12 and 13 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income 1040 PG 1 b Taxable interest b Ordinary dividends b Taxable amount b Taxable amount b Taxable amount (3) Relationship to you 11 Was born before January 2, 1958 A Schedule 1 > (4) Check the box if qualifies for (see instructions): Child tax credit 1a 1b 1c 1d 1e 1f 1g 1h 12 2b 3b 4b 5b 6b 7 8 9 10 11 12 13 14 Is blind 15 Credit for other dependents 0 0 0 Cat. No. 11320B Form 1040 (2022) For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. © 2023 McGraw-Hill Education. 0 0 3 Part 2 of 2 ! Full 104U IVI a Maneu minu IVIILIV Required information 1040 PG 1 Form 1040 Schedule A. SCHEDULE 1 (Form 1040) Part I 1 2a b 3 4 Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040, 1040-SR, or 1040-NR 5 6 7 8 a b с d e f 9 h i j k I m COPUL n Schedule 1 Р q Schedule A Additional Income and Adjustments to Income Attach to Form 1040, 1040-SR, or 1040-NR. ►Go to www.irs.gov/Form1040 for instructions and the latest information. Additional Income Taxable refunds, credits, or offsets of state and local income taxes Alimony received Date of original divorce or separation agreement (see instructions) ► Business income or (loss). Attach Schedule C Other gains or (losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation Other income: Net operating loss Gambling Cancellation of debt Foreign earned income exclusion from Form 2555 Income from Form 8853 Income from Form 8889 Alaska Permanent Fund dividends Jury duty pay Prizes and awards Activity not engaged in for profit income Stock options Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property Olympic and Paralympic medals and USOC prize money (see instructions) Section 951(a) inclusion (see instructions) Section 951A(a) inclusion (see instructions) Section 461(1) excess business loss adjustment Taxable distributions from an ABLE account (see instructions) Scholarship and fellowship grants not reported on Form W-2 8a 8b 8c 8d 8e 8f 8g 8h 8i 8j 8k 81 8m 8n 80 8p 8q 8r OMB No. 1545-0074 2022 Attachment Sequence No. 01 Your social security number 1 2a 3 4 5 6 7See Answer
- Q20: INSTRUCTIONS Need to do in excel Career paths - Purchasing Managers, Buyers, and Purchasing Agents in texas Project 1 Instructions For this project, you will set up a budget that will allow you to live the type of life you would like based on the career path you have chosen. Using the U. S. Government's Occupational Outlook Handbook, you will find a career the interested in related to your major. Use the website to find the median yearly income for your career. After you have found the median income for your career, you will build a worksheet to house your budget. Your workbook should have the following worksheets: Tax Information Sheet Budget Sheet Your worksheet should be well organized and easy to read. Part 1 - Tax Information Sheet Based on your income, you will need to calculate your net income after taxes. The following chart will help you figure out what your income will be after taxes. You should look at the dollar amounts as starting points for the bracket. Anything from that number up to the next bracket will fall under that percentage. For instance, someone making $54,500 would fall under the 22% take bracket because that number falls below the starting point of the next bracket. Federal Tax Brackets and Rates, 2021 Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable Income Over For Heads of Households, Taxable Income Over 10% Up to $9,950 Up to $19,900 Up to $14,200 12% $9,951 $19,901 $14,201 to $54,200 22% $40,526 $81,051 $54,201 to $86,350 24% $86,376 $172,751 $86,351 to $164.900 32% $164,926 $329,851 $164,901 to $209,400 35% $209,426 $418,851 $209,401 to $526,600 37% $523,601 or more $628,301 or more $523,601 or more After you have figured out what your tax percentage is you will need to calculate the Federal and State Tax withholdings to deduct from your Gross Income. Please keep in mind this is an estimate of what you would pay. In reality, taxes are computed a little differently but in the interest of simplifying this process, we are going to use the percentage you found above. The Federal withholdings should be calculated based on the tax brackets displayed above. To find the amount of state taxes that you will need to pay, please go to State Tax Brackets and look up the state you plan on residing in. These numbers should be entered in a column as a percentage. You will use this column and the cell you placed your median income in to create a formula to calculate the taxes. The guidelines for calculating Social Security Tax and Medicare Tax are below. There is a cap on the maximum amount of social security you have to pay. Medicare is a little more complex because you pay an additional percentage if you reach the $200,000 mark. Anything over that point, you pay an additional percentage on the amount over. Guidelines for figuring out your Social Security and Medicare taxes are as follows: For 2018, an employee will pay: a. 6.2% Social Security tax on the first $137,700 of wages (maximum tax is $7,960.80 [6.2% of $128,400]), plus b. 1.45% Medicare tax on the first $200,000 of wages ($250,000 for joint returns; $125,000 for married taxpayers filing a separate return), plus c. 0.9% additional Medicare tax) on all wages in excess of $200,000 ($250,000 for joint returns; $125,000 for married taxpayers filing a separate return) On a salary of $142,800 (or more), an employee and his employer each will pay $8, 853.60 in Social Security tax in 2021. Part 2 - Budget Sheet Once you have deducted all taxes, you will have the figure you need to begin planning your budget. Your budget should be broken down by month. You will just use one sample month. The budget should include Housing, Utilities, Food, Transportation, Clothing/Personal items, Medical Care, Entertainment, Credit Card Expenses, Savings, and Miscellaneous Expenses. You must use percentages to calculate your budget. So you will be taking the net income you found after taxes from your Tax sheet and multiplying that number by the percentages you assign to the different categories in your budget. The following categories must be included in your budget: Housing (Housing expenses will be the largest portion of your budget. Experts recommend spending no more than 25 to 30 percent of your budget on housing expenses.) Transportation (Most experts say your transportation costs should be 10 to 15 percent of your monthly budget.) Food (Food costs should be about 10-15% of your net monthly income.) Personal/Clothing (In addition to clothing, personal items include things like toiletries, laundry, haircuts, etc. Personal/clothing items will run about 2-10% of your monthly income.) Utilities (Utilities include things like gas, electricity, telephone, cell phone, cable or satellite television, water, etc. Gas and electricity may already be included in your rent if you choose to rent an apartment or house but you still need to research this information. Experts say you should budget 5 to 10 percent of your net income for utilities each month.) Entertainment (Entertainment must be included in your budget because realistically, you are not going to sit at home, you will go out and spend money on yourself and possibly your friends.) Miscellaneous (The miscellaneous category will include out-of-pocket expenses, convenience items, incidental home expenses, vacations, etc.) Health Insurance (Health insurance premiums will vary depending on your circumstances. For this assignment, you will assume that premiums for individual coverage averaged $321 per month while premiums for family plans averaged $833 per month and include that in your budget.)See Answer
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