A married couple obtain a common law marriage in Texas and live there, filing jointly, for several years. They do not get legally married. They move to California to become permanent residents. What is their filing status in California?

A married couple obtain a common law marriage in Texas and live there, filing jointly, for several years. They do not get legally married. They move to California to become permanent residents. What is their filing status in California?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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M10.
Armada Shipping is a global logistics company. The company is organized into two divisions: Contracts and Retail. The Contracts Division, which is by far the larger division, handles customers who have regular shipping requirements and have signed contracts specifying costs and schedule for up to one year. The Retail Division handles shipments for customers who have only occasional shipping requirements and pay on an as-used basis. Billing for all customers is handled by the corporate Accounts Receivable Department. Accounts Receivable performs two major activities: billing and accounts. Billing refers to preparing and sending the bills as well as processing the payments. Accounts refers to establishing accounts, ensuring credit status, following up on collection, and so on. The costs of the Accounts Receivable Department are allocated to the two divisions based on the number of bills prepared. The manager of the Contracts Division has complained that the allocated costs from Accounts…
A husband and wife filed for divorce and entered into a written agreement as part of a pending divorce settlement that the husband would transfer to the wife the following property: a house valued at $500,000 and jewelry valued at $10,000. Eighteen months later, the couple obtained a final divorce decree. Which of the following statements is correct concerning the transfer of the property? A. Only personal property transferred as part of a divorce settlement is subject to income tax. B. Both real and personal property transferred as part of the divorce settlement are subject to income tax. C. Only real property transferred as part of a divorce settlement is subject to income tax. D. None of the transferred property is subject to income
Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $750 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $8,000 and never have to pay annual membership dues. years, it's Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 a great deal. Suppose that the appropriate annual interest rate is 7.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $750 in annual membership dues? (Note: Round your answer up to the…
i. Yuna, a Malaysian citizen is married to an Australian businessman. Since her marriage, she has resided in Australia and occasionally return to Malaysia to visit her family especially during the festival season. Yuna is then applied for a post with a Malaysian Education office in Australia and being hired in year 2022. ii. Iddin is a lecturer at public university in Malaysia and went on study leave to pursue his doctoral degree in Ireland for three years. Since he is employed by Government of Malaysia, thus he was fully-sponsored by the government on his study matters. Iddin left Malaysia on 16 February 2022. He came back to Malaysia only for a month on 1 October 2022 to 31 October 2022 and back to Ireland afterwards. Required: Ascertain the resident status for Yuna and Iddin for the year of assessment 2022.
i. Yuna, a Malaysian citizen is married to an Australian businessman. Since her marriage, she has resided in Australia and occasionally return to Malaysia to visit her family especially during the festival season. Yuna is then applied for a post with a Malaysian Education office in Australia and being hired in year 2022. ii. Iddin is a lecturer at public university in Malaysia and went on study leave to pursue his doctoral degree in Ireland for three years. Since he is employed by Government of Malaysia, thus he was fully-sponsored by the government on his study matters. Iddin left Malaysia on 16 February 2022. He came back to Malaysia only for a month on 1 October 2022 to 31 October 2022 and back to Ireland afterwards. Required: Ascertain the resident status for Yuna and Iddin for the year of assessment 2022.
Dan and Bailey are joint filers on the Federal return, but wish to file separate California returns. Under which scenario is this possible? If Dan is a nonresident and lacks California-source income It is not possible because the filing status for California must be congruent to the status chosen on the Federal return This can be done voluntarily without any need for scenario-specific rules If Bailey is a nonresident alien, regardless of where she is domiciled.
Bert Baker and Ernestine Moffet were never formally married but have lived together as husband and wife for the last 14 years. Bert and Ernestine reside in Washington, D.C., a jurisdiction that recognizes common law marriages as valid. Consequently, they filed both a joint district income tax return and a joint federal income tax return for the last eight years. Bert and Ernestine are planning to move their household to Frederick, Maryland, and become permanent residents of that state. Maryland doesn’t recognize common law marriages. Will Bert and Ernestine’s change in residence allow them to avoid the marriage penalty by filing as single individuals?
Of the following individuals, who is most likely to be considered a part-year resident of Canada for the current taxation year? Helga had lived and worked in Canada for 10 years. She was transferred by her employer to its flagship hotel in Switzerland on March 1 of the current year for a 1 year training assignment. Her husband remained in Canada to complete his MBA. Ravi is a citizen of India, where he was born and lived until moving to Canada on March 1 of the current year with his wife and child. He was transferred by his employer to its Canadian head office. Billy Bob is a U.S. Marshall on loan to the RCMP detachment in Nunavut. It is a 9 month assignment. Marc is a French citizen who lives in Paris. On March 1 of the current year he begins work as a translator in Ottawa. It is a 1 year assignment.
Sebastian and Sunny are married. They are currently contemplating filing as married filing separately. Under current law, spouses filing separately must A) use the standard deduction if the other spouse uses the itemized deductions or vice versa. B) both use standard deduction. C) both use itemized deductions. D) either both use itemized deductions, or both use standard deduction.
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i. Yuna, a Malaysian citizen is married to an Australian businessman. Since her marriage, she has resided in Australia and occasionally return to Malaysia to visit her family especially during the festival season. Yuna is then applied for a post with a Malaysian Education office in Australia and being hired in year 2022. ii. Iddin is a lecturer at public university in Malaysia and went on study leave to pursue his doctoral degree in Ireland for three years. Since he is employed by Government of Malaysia, thus he was fully-sponsored by the government on his study matters. Iddin left Malaysia on 16 February 2022. He came back to Malaysia only for a month on 1 October 2022 to 31 October 2022 and back to Ireland afterwards. Required: Ascertain the resident status for Yuna and Iddin for the year of assessment 2022.