EBK PERSONAL FINANCE TAX UPDATE
EBK PERSONAL FINANCE TAX UPDATE
13th Edition
ISBN: 9780357438930
Author: FORGUE
Publisher: VST
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Chapter 4.2, Problem 6CC
Summary Introduction

To Provide: Advice on filing a form 1040x by a person who does not file a return last year.

Concept Introduction: Form 1040x filled by the persons for the amended tax return that will change the calculation and the amount of taxes. It also filled for making the corrections in an income tax return.

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Question 1 (6 marks) King’s Park, Trinidad is owned and operated by a private company, Windy Sports Ltd. You work as the Facilities Manager of the Park and the CEO of the company has asked you to evaluate whether Windy should embark on the expansion of the facility given there are plans by the Government to host next cricket championship. The project seeks to increase the number of seats by building four new box seating areas for VIPs and an additional 5,000 seats for the general public. Each box seating area is expected to generate $400,000 in incremental annual revenue, while each of the new seats for the general public will generate $2,500 in incremental annual revenue. The incremental expenses associated with the new boxes and seating will amount to 60 percent of the revenues. These expenses include hiring additional personnel to handle concessions, ushering, and security. The new construction will cost $15 million and will be fully depreciated (to a value of zero dollars) on a…
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