Twice a year Rowdy

Jagdeep sold his Indian restaurant “Maya no Dhaba” to Jasleen for the amount of$450,000. On top of that, Jasleen paid another $50,000 for Jagdeep to agreed that hewon’t open a new Indian restaurant in the radius of 10 Kms for the next five years.Discuss whether the $50,000 payment is considered as Ordinary Income? please put 3 references

tes This year (2023), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $79,400 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $ 1,200 2,940 1,540 1,370 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income

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During the last five months of the year, Dwana opens a new Internet telecommunications business called Dwan-Com. Dwan-Com bills 50,000 of revenues, but receives only 40,000 cash. Dwan-Com incurs 3,000 of supply expenses, and 41,000 of labor costs. Dwan-Com pays for 2,200 of the supplies and 38,000 of the labor costs in the current year. a. What is Dwan-Coms taxable income if it elects the cash method of accounting? b. What is Dwan-Coms taxable income if it elects the accrual method of accounting? c. What method of accounting do you recommend that Dwan-Com elect?

Required information [The following information applies to the questions displayed below] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way a. Calvin's AGI is $150,000. Item Charitable contribution deduction Carryover IBM stock Antique painting Food and clothes Cash Cost 6,000 5,500 500 18,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 32,000 3,300 300 18,000

On January 1, 2022, Sam and Sara formed a new business entity called Nice Brother Co. Sam contributes $250,000 cash and Sara contributes land with an adjusted basis of $300,000 and fair market value of $492,000 with a mortgage of $258,000 that is assumed by Nice Brother Co.   Assume the following operating results for 2022:   Sales $ 1,500,000 Interest income – from a bank $ 3,200 Royalties $ 60,000 Loss from sale of investment $ (7,000) Cost of goods sold $ 622,000 Salaries $ 450,000 Rent $ 144,000 Maintenance $ 24,000 Utilities $ 58,000 EPA penalty $ 1,000 Depreciation ? Charitable contribution $ 30,000 Payment to Sam for retirement* $ 15,000 *payment considered a guaranteed payment if the entity is a partnership   The company’s only depreciable asset is equipment (useful life of 5 years) which will be purchased in 2022 for $100,000.   The only asset sold was an investment purchased on 2/2/22 for $28,000 and sold on 11/4/22 for $21,000   What are the separately stated items allocated…

This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $75,000 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Cash contribution to State University deliveryman program $1,200 2,980 1,580 1,390 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income

Taxation Naga Tiddug applied and was hired as a cashier in Bagsakan Corporation. After saving enough money, he enrolled in the University of Saint Louis as an accountancy student. For 2021, he earned and incurred the following Salaries, net of: 162,000 SSS premium contribution -3600 Philhealth premium contribution -2400 Pag-ibig premium contribution- 3k Health and hospitalization premium contribution -2k Union dues- 3k Creditable withholding taxes-6k SSS loan- 10k Productivity bonus-12k Achievement award-cash -12k 13th month pay- 16k Christmas bonus- 16k Expense incurred: Tuition fee, board and lodging and other living expenses- 40k Medical expenses 10k Required A. How much is the non-taxable income of Naga? B. How much should be Naga's deductible expenses? C. How much is the taxable income of Naga? D. How much is the tax still payable (or refundable) of Naga?

Required information Skip to question   While James Craig and his former classmate Paul Dolittle both studied accounting at school, they ended up pursuing careers in professional cake decorating. Their company, Good to Eat (GTE), specializes in custom-sculpted cakes for weddings, birthdays, and other celebrations. James and Paul formed the business at the beginning of 2022, and each contributed $60,000 in exchange for a 50 percent ownership interest. GTE also borrowed $240,000 from a local bank. Both James and Paul had to personally guarantee the loan. Both owners provide significant services for the business. The following information pertains to GTE's 2022 activities: GTE uses the cash method of accounting (for both book and tax purposes) and reports income on a calendar-year basis. GTE received $500,000 of sales revenue and reported $230,000 of cost of goods sold (it did not have any ending inventory). GTE paid $35,000 compensation to James, $35,000 compensation to Paul, and…