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4 years ago

What is the tax court method for allocating rental property expenses

1 answer:

6 0

Under the IRS Method, you allocate more of the interest and taxes to the rental property. As a result, the rental deductions are more than the income and $1,407 of the depreciation deduction is disallowed. ... Decide which method is best for your clients in the first year they deduct rental expenses.

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Any single people over 15 talking comments please

valentina_108 [34]

Answer:

hi mh name is raj kumar. i am

4 0

3 years ago

Leary Corporation had net credit sales during the year of $1,200,000 and cost of goods sold of $720,000. The balance in accounts

Bumek [7]

Answer:

Accounts Receivable Turnover = 8.0 Times

Explanation:

given data

net credit sales = $1,200,000

cost of goods sold = $720,000

accounts receivable beginning = $120,000

accounts receivable ending = $180,000

to find out

What was the accounts receivable turnover

solution

we get here accounts Receivable Turnover that is express as

Accounts Receivable Turnover = Net Credit Sales ÷ Average Accounts Receivable .................1

here Average Accounts Receivable is = Opening Accounts Receivable + Closing Accounts Receivable .................2

Average Accounts Receivable = $\frac{$1,20,000+$1,80,000}{2}$

Average Accounts Receivable = $1,50,000

so put value in equation 1

Accounts Receivable Turnover = $\frac{12,00,000}{1,50,000}$

Accounts Receivable Turnover = 8.0 Times

4 0

3 years ago

2. The Jasmine Tea Company purchased merchandise from a supplier for $43,338. Payment was a noninterest-bearing note requiring J

cestrela7 [59]

Answer:

Explanation:

Given the following :

Purchased merchandise = $43,338

Number of payments required = 6

Payment per period = $8,000

PV factor (PVIFA) = (purchased merchandise / payment per period)

PVIFA = (43,338 / 8000) = 5.41725

Using the PVIFA table, we locate the interest rate on PVIFA factor of 5.41725 for a period of 6 years.

For PVIFA of 5.4172, the interest rate is 3%

Hence the implicit Interest t rate = 3%

PVIFA = [1 - (1+r)^-n] ÷ r

4 0

3 years ago

Bank employees use a system known as the "maker-checker" system. An employee will record an entry in the appropriate journal, an

FinnZ [79.3K]

Answer:

Segregation of duties

Explanation:

Segregation of duties is a system of internal control practice where tasks are broken down into different steps with different individual or department handling different steps.

The aim is to provide an oversight and review of action to minimize frauds and errors. With this method , it becomes difficult for an individual to perpetrate and conceal fraudulent activities.

The breaking down of recording and approving transaction between the employee and the supervisor conforms with the practice of segregation of duties.

6 0

4 years ago

How much would you have made or lost on an investment of $1 000

Ad libitum [116K]

Answer:

depends on how much you already have...

Explanation:

5 0

3 years ago