lax managers/consultants are said to adjust the timing of transactions in anticipation of expected tax changes. Assuming that you were a tax consultant, and a client sought your advice regarding her intention to donate her properties. It was December 10, 2017. Your client informed you that she will be donating 3 types of properties to 3 different persons. The value of the properties are as follows: Property 1: P 255,000 Property 2: P 450,000 Property 3: P 750,000 You discussed with her that such donations are subject to donor's tax. Will you advise your client to donate in 2017 or in 2018? Explain your answer. Provide computations to support your advice.

lax managers/consultants are said to adjust the timing of transactions in anticipation of expected tax changes. Assuming that you were a tax consultant, and a client sought your advice regarding her intention to donate her properties. It was December 10, 2017. Your client informed you that she will be donating 3 types of properties to 3 different persons. The value of the properties are as follows: Property 1: P 255,000 Property 2: P 450,000 Property 3: P 750,000 You discussed with her that such donations are subject to donor's tax. Will you advise your client to donate in 2017 or in 2018? Explain your answer. Provide computations to support your advice.

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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A new client has just contacted you to prepare their business tax return for the current year. He just opened his small landscaping business during the current fiscal year. The client owns equipment, travels from one place to another, has 3 employees and 20 landscaping clients. The owner does not keep records and has no accounting experience. He discusses how he would handle this situation taking into account any ethical and professional considerations.
True or False 1. The hobby losses is deductible for 2022. 2. The education expenses is deductible if maintain or improves skills of the taxpayer. 3. A taxpayer can deduct $55 per day for meals and incidentals without keeping receipts on a business trip. 4. A taxpayer can take depreciation on a business auto and use the $0.60 mileage rate in the same years. 5. Transportation costs are allowed only when the taxpayer visits various clients in the same days. I want answer within one hour,Thanks
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1. Jim paid his brother to provide computer services for Jim's business. Jim paid him $14,000. Other firms provide the same services for $5,000. How much of this expenditure is deductible? 2. XYZ landscaping sold a truck during 2021 for $15,000 recognizing a gain of $2,000. What is the adjusted basis of the truck? 3. Bill earned $50,000 from self employment during 2021. How much must he pay in self employment tax? 4. Ed commutes to work every day during 2021. He spent $3,000 in transportation. How much can he deduct for 2021?
Check my work mode : This shows what is correct or incorrect for the work you have com Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,00 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowwed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? XAnswer is complete but not entirely correct. Deductible donation 2$ 146,000 X Carryover $ 54,000 X Carryover expire 2031 X Ac Graw Hill .... ... .
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A. What effect does the rental activity have on her AGI for the year? Plz don't copy answer B. Assuming that Alexa's AGI from other sources is $90,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. C. Assuming that Alexa's AGI from other sources is $120,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. D. Assume that Alexa's AGI from other sources is $200,000. This consists of $150,000 salary, $10,000 of dividends, $25,000 of long-term capital gain, and net rental income from another rental property in the amount of $15,000. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI?
What is Hershey's operating cash flow to operating income ratio in 2022 under the replacement cost?
Hw.87.
Mr. Lim ran for a government position during the country’s 2019 elections. He received campaignfund donations in cash and in-kind amounting to 100,000,000. He spent a total of 75,000,000 forcampaign related expenses.a. What are the type of taxes involved in this scenario? Explain your answer. b. Assume that the excess funds were remitted back to the donor, how much is the total tax dueof Mr. Lim for the taxable year 2019?c. Assume that the excess funds were kept by Mr. Lim, how much is the total tax due of Mr. Limfor the taxable year 2019?
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