tax basis in your partnership interest will change (
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As a partner in an accounting firm, your tax basis in your partnership interest will change (be adjusted) every single year. Remind me why / how this is true, in reasonable detail.
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- Explain the tax effect based on providing $180,000 per year for the client’s salary and $70,000 per year for his daughter’s salary if they withdraw cash from the business or pay dividends as appropriate. E. Justify the percentage of ownership the client’s daughter should have in the business based on the type of business entity recommended. Consider the tax law in reference to the recommendation and how the decision will affect the daughter’s tax return. Answer for a S-Corporation pleaseTAXATION Read the article below and answer the questions that follow. For this question, you are encouraged to research and consult with additional readings.If you are married in community of property, you may be surprised to discover that 50% of your spouse’s tax liability from investments, such as the income from interest, rental, dividends, and capital gains, is added to your tax bill – and vice versa. If you did not sign an antenuptial contract, you are automatically married in community of property, which is the default marriage regime in South Africa.As Crystal Venter, tax consultant at Tax Consulting SA, explains, this means that all assets and liabilities possessed prior to the marriage (subject to certain exceptions), as well as those acquired throughout the marriage, will be part of a communal (joint) estate.Each spouse will be required to declare their respective earnings separately, with both being required to declare their respective joint assets. As these assets form…TAXATION Read the article below and answer the questions that follow. For this question, you are encouraged to research and consult with additional readings.If you are married in community of property, you may be surprised to discover that 50% of your spouse’s tax liability from investments, such as the income from interest, rental, dividends, and capital gains, is added to your tax bill – and vice versa. If you did not sign an antenuptial contract, you are automatically married in community of property, which is the default marriage regime in South Africa.As Crystal Venter, tax consultant at Tax Consulting SA, explains, this means that all assets and liabilities possessed prior to the marriage (subject to certain exceptions), as well as those acquired throughout the marriage, will be part of a communal (joint) estate.Each spouse will be required to declare their respective earnings separately, with both being required to declare their respective joint assets. As these assets form…
- The basis period which is used by the company and as well as the individual or the partnership is based on the base year as per the tax year which is same as accounting year until and unless business prepares and closes its account. based on the statement above, regarding the similarities of basis period between individual and company, what is the example for this statement?Which of the following is not a deduction for AGI? a. Alimony paid for a divorce finalized in 2018. b. Business rent on a self-employed business. c. Property taxes paid on your primary residence. d. One half of self-employment tax.Which of the following is a deduction for AGI? a. Charitable contributions. b. Alimony paid for a divorce finalized in 2015. c. Tax preparation fees. d. Mortgage interest paid on your primary residence.
- Calculating taxable income for a married couple filing jointly. Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters joint 2018 tax return. So far, hes been able to determine the following concerning income and possible deductions: Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of 24,000 for married filing jointly applies.)Calculating taxable income for a married couple filing jointly. Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters joint 2018 tax return. So far, hes been able to determine the following concerning income and possible deductions: Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of 24,000 for married filing jointly applies.)As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Name Standard Deductions Single or married filing separately Campbe || Married filing jointly or surviving spouse Head of household 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Incom e Using the standard deduction table above, complete the following table (in $). Filing Statu S Adjusted Gross Income Adjustmen ts to Income $52,12 0 $1,560 $12,000 $ $24,000 Marrie d filing jointly When finding your client's taxable income, which deduction did you use? C standard deduction itemized deductions $18,000 Varies (See www.irs.gov for information.) $ Standard Deduction Itemized Deduction S $5,910 Taxable Income $
- As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately Married filing jointly or surviving spouse Head of household Name 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Campbell Filing Status Income Using the standard deduction table above, complete the following table (in $). Adjusted Gross Married filing jointly $56,120 Adjustments to Income $1,760 $12,000 $ $24,000 Varies (See www.irs.gov for information.) $18,000 When finding your client's taxable income, which deduction did you use? Ostandard deduction O itemized deductions Income Standard Deduction ---Select--- ✓ Itemized Deductions $5,710 $ Taxable IncomeAs a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately Married filing jointly or surviving spouse Head of household 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Warfield Name Filing Status single Using the standard deduction table above, complete the following table (in $). Income $12,000 $3,340 $24,000 $18,000 Varies (See www.irs.gov for information.) When finding your client's taxable income, which deduction did you use? standard deduction itemized deductions Adjustments to Adjusted Gross Income Income $49,160 Standard Deduction ---Select--- Itemized Deductions $13,160 tA Taxable IncomeAs a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $58,320 $1,560 $ $ $5,910 $ When finding your client's taxable income, which deduction did you use?
