LIT_outContract

Your client’s mother had always told her to avoid slacker guys. But she hooked up with one anyway because he was such a charmer. In fact, pretty soon he had charmed her into loaning him $200,000 for a “business venture” that he was con-vinced would make them both rich…   When your client finally figured out that Mr. Charmer was not as advertised, she broke up with him. Naturally, he paid her back for the breakup by never paying her back. Can your client deduct the $200,000 that she’ll never see again? If so, as an ordinary loss or a capital loss, and why?

Dr. Nicely, self-employed, began her career in general practice. After a couple of years, however, she came to realize that she would be a lot happier – and make a lot more money – if she specialized in cosmetic surgery. So she went back to school in the evenings, took enough courses, then transitioned her practice into “making people beautiful.” She certainly is earning more now. In fact she’s all-around thrilled . . . but also tax-confused. So she calls you, her CPA, to ask whether she can deduct all of the cost(s) she’d reasonably incurred toward her goal of moving from general practice into cosmetic surgery. Your response, and why?

Please given in detail answer.

Adam is confused.  He does not understand why rent on his apartment is a fixed cost and rent on a Hertz rental truck is a mixed cost. Explain the difference to Adam.

After graduating from college, Shelley Williams held several different jobs but found that she did not enjoy working for other people. Finally, she and Yvonne Hargrove, her college roommate, decided to start a business of their own. They rented a small building and opened a florist shop selling cut flowers such as roses and chrysanthemums that they bought from a local greenhouse. Williams and Hargrove agreed orally to share profits and losses equally, although they also decided to take no money from the operation for at least four months. No other arrangements were made, but the business did reasonably well, and after the first four months had passed, each began to draw out $500 in cash every week. At year-end, they took their financial records to a local accountant so that they could get their income tax returns completed. He informed them that they had been operating as a partnership and that they should draw up formal articles of partnership agreement or consider incorporation or…

Tyler just wrecked his new Nissan, and the accident was his fault. The owner of the other vehicle got two estimates for the repairs: one was for $803 and the other was for $852. Tyler is thinking of keeping the insurance companies out of the incident to keep his driving record "clean". Tyler's deductible on his comprehensive coverage insurance is $500, and he does not want his premium to increase because of the accident. In this regard, Tyler estimates that his semi-annual premium will raise by $60 if he files a claim against his insurance company. In view of above information, Tyler's initial decision is to write a personal check for $803 payable to the owner of the other variable. Did Tyler make the most economical decision? what other options should Tyler have explored? In your answer be sure to state your assumptions and quantify your thinking?

Emma Emerson is a proud woman with a problem. Her daughter has been accepted into a prestigious law school. While Ms. Emerson beams with pride, she is worried sick about how to pay for the school; she is a single parent who has worked hard to support herself and her three children. She had to go heavily into debt to finance her own education. Even though she now has a good job, family needs have continued to outpace her income and her debt burden is staggering. She knows she will be unable to borrow the money needed for her daughter's law school. Ms. Emerson is the chief financial officer (CFO) of a small manufacturing company. She has just accepted a new job offer. Indeed, she has not yet told her employer that she will be leaving in a month. She is concerned that her year-end incentive bonus may be affected if her boss learns of her plans to leave. She plans to inform the company immediately after receiving the bonus. She knows her behavior is less than honorable, but she believes…

Sven was recently quoted on a disability policy with an any occupation definition of disability. Sven does want to buy disability coverage, however, the premium was more than he was willing to pay. Sven has some savings built up as an emergency fund and manages his cash flow quite well, so he knows what premium he can afford without impacting his standard of living. What change could Sven consider that would reduce his premium but allow for coverage to continue to meet his objective? a) He could increase the elimination period of the policy b) He could increase the length of his benefit period. c) He could change the definition to own occupation. d) He could decrease the waiting period.

Jake and Alicia are influencers on Instagram. They dated for several years and subsequently broke up. As retaliation, Jake shared disparaging, reckless, and defamatory posts on his Instagram which damaged Alicia's reputation and resulted in a loss of her followers, her collaboration with brands, and ultimately a significant loss of her income. Alicia sued Jake for emotional distress due to the damage to her reputation. Alicia estimated that her lost income due to decline in engagement is $350,000, her reputation prior to the damage was worth $1,000,000 and the expected income from her brand collaborations before it was cancelled was $700,000. Jake settled out of court for $2,000,000. How much is Alicia required to include in income? A) $1,050,000 OB) $0 OC) 950,000 OD) $2,000,000

Kurt has 25/50/25 auto insurance coverage. One evening he lost control of his vehicle, hitting a parked car and damaging a storefront along the street. The damage to the parked car was $10,700, and the damage to the store was $18,500. What amount will the insurance company pay for the damage?   What amount will Kurt have to pay?

Kendra is trying to decide

It's our last chance to peek into Tarek's financial planning as he prepares for his death. Now that Tarek is married, he wants to make sure that he and his wife have appropriate estate planning documents in place. Right now, neither Tarek nor his wife Samantha have drafted any legal documents. This is a worry for Tarek because he has several wishes he would like carried out should he die or become incapacitated. For example, if he were to die, he would like to be buried in his hometown, which is in another state. Also, if he were to be diagnosed as being in a prolonged vegetative state, he would prefer to be removed from all artificial lifesaving ­measures, except food and water. Additionally, he and Samantha are currently shopping for a new car for her. Tarek is thinking of selling his motorcycle, which is owned fee simple, and using the proceeds as a down payment for the new car. Tarek does not know how to title the new car. Instructions Please answer the following questions for…

Help me please asap. Don't use AI. It's strictly prohibited.

Please use Microsoft excel to solve the problem.