Lucy is a finahplahner and she has seVeralWere onlyanada for part of the last calehdaryear. Which of the following statements about Lucy's clients is TRUE?Matthew, who is a citizen of the United States, but spent July and August visiting his parents in British Columbia, is aa) sojourner and a deemed resident of Canada.Bonnie, who moved to Toronto from Ireland in September, is deemed to have been a resident of Canada for the fullb) taxation year.Sam, a Canadian citizen who lives in Buffalo, New York, but works one week per month in Toronto, is a deemedc) resident of Canada for tax purposes.Chandler, who is a United States citizen, but spends seven months of the year working in logging camps in northernd) British Columbia, is a deemed resident of Canada for tax purposes.3.

Financial planning is a vital process that is a step-by-step approach to meet the financial goals of…

Answered: nada for part of the last calendar…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Clay and Marian are married and will file a joint return. Marian is a U.S. citizen with a valid Social Security number. Clay is a resident alien with an Individual Taxpayer Identification Number (ITIN). Marian worked in 2022 and earned wages of $32,000. Clay worked part-time and earned wages of $18,000. The Washingtons have two children: Erin, age 12 and Jenny, age 18. The Washingtons provided the total support for their two children, who lived with them in the U.S. all year. Erin and Jenny are U.S. citizens and have valid Social Security numbers. 7. Jenny qualifies the Washingtons for the Credit for Other Dependents. t f
Pablo is a Portuguese resident employed by a Portuguese company. He is sent to Australia to work on a short-term project to assist with the establishment of a branch office of the company in Australia. Pablo works in Australia for one month. Throughout this period, his salary was paid into his Portuguese bank account. During the year, he earned the equivalent of A$120,000 from his employment. Does Pablo have to pay Australian tax on any of his salary? He is not an Australian and works here only one month so what's his tax responsibility. This question is related to taxation
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.
Aisha is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2022, and will be out of the country for four years. She sells her personal residence on September 30, 2022, for $247,500 (her adjusted basis is $220,000). Upon her return to the United States in 2026, she purchases a new residence in Los Angeles for $236,000, where she will continue working for the same firm. Required: a. What are Aisha's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is Aisha's basis in the new residence? a a b Basis of new residence Amount
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.
Pablo is a Portuguese resident employed by a Portuguese company. He is sent to Australia to work on a shortterm project to assist with the establishment of a branch office of the company in Australia. Pablo works inAustralia for one month. Throughout this period, his salary was paid into his Portuguese bank account. Duringthe year, he earned the equivalent of A$120,000 from his employment. Does Pablo have to pay Australian taxon any of his salary? please explain according to the Australian law
Interview Notes Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. Marsha earned wages of $18,500 and had $1,500 of federal income tax withholding in tax year 2020. Marsha gave birth to Shelby on November 10, 2020. Marsha paid all the cost of keeping up a home and support for Shelby. Shelby and Marsha are U.S. citizens and have valid Social Security numbers. Marsha filed Single with no dependents on her 2019 tax return and received a $1,200 Economic Impact Payment in May 2020. 4. Marsha qualifies for the recovery rebate credit of $500 for Shelby.Note: Congress may have enacted additional legislation that will affect taxpayers after this publication went to print. Please answer questions based on the information provided in Publication 4491, VITA/TCE Training Guide and Publication 4012, VITA/ TCE Resource Guide. True False
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.
Please help me.... Vivienne is a U.S. citizen, and she comes to you to have her taxes prepared. She tells you that she has signature authority over a foreign bank account, but the maximum value of this account never exceeded $10,000 at any time during the year. Vivienne does not have any other foreign assets, nor does she have any ties to a foreign trust. Although she worked abroad for three months during the year, you determine that her tax home was in the U.S. Given the information provided, which of the following forms would you complete for Vivienne? A, Schedule B, Interest and Ordinary Dividends. B, FinCEN Form 114 (FBAR). C, Form 2555, Foreign Earned Income. D, Form 8938, Statement of Specified Foreign Financial Assets.
Sarah moves to Germany on July 15. Of the current year, she is 35 and has lived in Canada all her life. Which one of the following best indicates Sara's Canadian residency status for the current year? a) a deemed resident b) a non resident. c) A full time resident. d) A part year resident.
Virginia is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2020, and will be out of the country for four years. She sells her personal residence on September 30, 2020, for $255,000 (her adjusted basis is $230,000). Upon her return to the United States in 2024, she purchases a new residence in Los Angeles for $245,000, where she will continue working for the same firm. Required: What are Virginia’s realized and recognized gain or loss? (If there is no gain or loss is recognized, select "No gain/loss".) What is Virginia’s basis in the new residence?
Quin owns a house in Connecticut and an apartment in New Orleans. Quin spends most of her time in Connecticut, so she sometimes rents out the apartment in New Orleans when she is not there. This year, Quin rented out the apartment for thirty days and personally used the apartment for forty days. How will Quin’s rental activity be classified for tax purposes and why? A.Nontaxable activity because Quin used the apartment personally more than she rented it out. B.Mixed-use activity because Quin both rented out the apartment and used it personally. C.Mixed-use activity because Quin rented out the apartment for more than 14 days and personally used the apartment for the greater of 14 days or 10% of the rental days. D.Rental activity because Quin rented out the apartment for more than 14 days.

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