Martinndungu1986

______ notice must be given by principal to potential customers to terminate apparent authority after end of agency relationship - constructive _______ notice must be given by a principal to old customers to terminate apparent authority after end of agency relationship - actual - Business activity - Corporate consequence - Shareholder consequence A. Liquidation B. Reorganization - A. - Completely ceases - Taxable - Taxable B. - Continues - Nontaxable - Nontaxable "Abuse" under ...

List the nonrefundable personal tax credits - - Child and dependent care credit - Elderly and permanently disabled credit - Education credits (lifetime learning and American opportunity credit) - Retirement savings contribution credit - Foreign tax credit - General business credit - Adoption credit What percentage of the American opportunity credit is nonrefundable? - 60% List the types of refundable credits - - Child tax credit - Earned income credit - Federal income tax withheld (For...

acquiescence - indicates that the IRS will follow a decision made by the Tax Court in future situations agency by estoppel or ostensible authority - another form of an apparent authority agency in which the principal acts as if another is his or her agent agency coupled with an interest - a unique agency relationship, created by a writing, that gives the agent some interest vested in the property that is the subject matter of the agency relationship. A principal cannot terminate this type o...

Corporations capital loss: What are the rules regarding capital loss? - Corporations may not deduct any capital loss from ordinary income, but instead can only carry back 3 yrs and forward 5 yrs. It is always treated as a 'short term' capital loss to deduct from net capital or Section 1231 gain. what is the tax treatment of goodwill? - the maximum amortization of goodwill for tax is 15 years. What is the calculation for dividends received deduction for accrual basis C corporation? - DRD is...

Anticipatory breach (anticipatory repudiation) - Anticipatory breach (anticipatory repudiation) takes place when party indicates that s/he will not be performing contract and performance is not yet due a. Aggrieved party has options (1) Treat it as a present breach of contract and use remedies available for breach of contract (a) Sue for damages, or (b) Cancel contract (2) Aggrieved party may wait for performance for reasonable time hoping party will change his/her mind (3) Aggrieved pa...

CPA REGULATIONS QUESTIONS WITH ACCURATE,VERIFIED AND GRADED A+ WITH GOOD PACKAGE DEALS AND BUNDLES

A - Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2019 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2019. The following unreimbursed cash expenditures were among those made by the Burgs during 2019: Repair of glass vase accidentally broken in home by dog; vase cost $500 in 2014; fair value $600 before accident and $200 after accident $90 Without reg...

Taxpayer's employer's share of FICA for self-employment income of $150,000. - $10,546. The employer's share of FICA taxes for self-employment income is 6.20% of the first $137,700 of net earnings from self-employment for Social Security and 1.45% of total wages for Medicare. The tax is calculated as follows: ($137,700 × 6.20%) + [$150,000 × (1 - .0765) × 1.45%)]. A 33-year-old taxpayer withdrew $30,000 (pretax) from a traditional IRA. The taxpayer has a 28% effective tax rate and a 35...

Agency responsible for determining the CPE requirements for CPAs - Board of Accountancy for the state in which the licensed CPA practices An S Corp is not permitted to take a deduction for - Separately stated items (charitable contributions, tax credits, certain income deductions) AOC credit - For first 4yrs of college. Max credit of up to $2,500 per student, per year 100% of first $2K 25% of next $2K Capital gains/losses result from - Transactions to purchase/sale stocks, bond, real esta...

c corp shareholders: basis of common stock - property=NBV; services=FMV c corp shareholders: liabilities in excess of basis - NBV assets (liabilities) =excess liability/gain corporate taxable income: gross income differences from GAAP - -cash received in advance of accrual GAAP income is taxed -interest income from municipal/state bonds is not taxed -life insurance proceeds on key officer not taxed corporate taxable income: accrual v cash basis - -cash basis: <= 26m -accrual bas...