Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

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Answer 1

Question

Chapter 16, Problem 34AP

a.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

b.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income which allows them for deducting the investment interest.

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Carichem Company produces sanitation products after processing specialized chemicals. The following relates to its activities:  1 Kilogram of chemicals purchased for $4000 and with an additional $2000 is processed into 400 grams of Crystals and 80 litres of a Cleaning agent. At split-off, a gram of Crystal can be sold for $2 and the Cleaning agent can be sold for $8 per litre.  At an additional cost of $800, Carichem can process the 400 grams of Crystal into 500 grams of Detergent that can be sold for $4 per gram. The 80 litres of Cleaning agent is packaged at an additional cost of $600 and made into 200 packs of Softener that can be sold for $4 per pack. Required: 1. Allocate the joint cost to the Detergent and the Softener using the following: a. Sales value at split-off method b. NRV method 2. Should Carichem have processed each of the products further? What effect does the allocation method have on this decision?

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Answer 2

Question

Chapter 16, Problem 34AP

a.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

b.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income which allows them for deducting the investment interest.

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Answer 3

Question

Chapter 16, Problem 34AP

a.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

b.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income which allows them for deducting the investment interest.

Expert Solution & Answer

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Answer 4

Question

Chapter 16, Problem 34AP

a.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

b.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income which allows them for deducting the investment interest.

Expert Solution & Answer

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Answer 5

Chapter 16, Problem 34AP

a.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

b.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income which allows them for deducting the investment interest.

Answer 6

Chapter 16, Problem 34AP

a.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

Answer 7

Chapter 16, Problem 34AP

a.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

Answer 8

b.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income which allows them for deducting the investment interest.

Answer 9

b.

To determine

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income which allows them for deducting the investment interest.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

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Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income.

Calculate the Person P’s income tax on a joint return if they don’t elect to long-term capital gain as investment income which allows them for deducting the investment interest.

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Chapter 16 Solutions