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d1i1m1o1n [39]
3 years ago
12

In January of the current year, Stan Signowski's U.S. employer assigned him to their Paris office. This year, he earned salary,

a cost-of-living allowance, a housing allowance, a home leave allowance that permits him to return home once each year, and an education allowance to pay for U.S. schooling for his son. Stan and his wife, Jennifer, have rented an apartment in Paris and paid French income taxes. What tax issues does Stan need to consider when preparing his tax return?
Business
1 answer:
elixir [45]3 years ago
5 0

Answer:

Stan appears to satisfy the basic Sec. 911 exclusion requirements for his year of arrival since he will be physically present in France for at least 330 days during his year of arrival. The actual number days for which the exclusion can be claimed depends on the length of time he spent in the United States. The salary, cost-of-living allowance, housing allowance, home leave allowance, and education allowance all are excludable up to the Sec. 911 limitation (calculated on a daily basis). In addition, Stan can claim an exclusion for the housing cost amount minus the base amount (calculated on a daily basis). Both exclusions are denied for the portion of Stan's salary and allowances attributable to his time in the United States. The portion of his employment-related expenses and foreign taxes attributable to the excluded income are unable to be deducted or credited. The foreign-earned income exclusion and housing cost amount exclusion are both elected by claiming such amounts on Form 2555.

Not knowing the amount of the foreign income taxes, and other components of Stan's tax return, it is impossible to know whether Stan should elect out of the Sec. 911 exclusion. Stan may have spent sufficient number of days in the United States on his trip home to need to qualify for the foreign-earned income exclusion under the bona fide foreign resident rules. In such case, he will not qualify for the exclusion until the end of this second calendar year in France. The exclusion would then be available retroactively back to the date on which he established foreign residency status.

Explanation:

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In 2017, Ozzie purchased a 2014 Ford Escort from his neighbor for his son, purchased a 2013 "one owner" Camry from Larchmont Toy
Zinaida [17]

Answer:

Ozzie's purchase of the 2017 new Ford would be included in GDP

Explanation:

Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.

Only goods produced in a given year would be included in the calculation of GDP.

Its only the 2017 new Ford that produced in 2017 that would be counted as part of 2017's GDP

I hope my answer helps you

7 0
3 years ago
1) A global company can be headquartered anywhere, but usually most of its employees come
Svetradugi [14.3K]

Answer:

False

Explanation:

A global company is a country that extends beyond the boundaries of the country of origin to carry out business activities but still maintain a consistent practice with the origin company

However , despite the its presence in other countries , the headquarters remains in the country of origin.

Moreover , it does not need to depend on the employees from the home country but rather from the host country.

8 0
3 years ago
Give your analysis about investment based on:
tigry1 [53]
a guyssssssssssssssssssssssssssssssssssss
8 0
3 years ago
interest rate is 7% and doubling time is 10.2 years. you have invested $5,000.00. in how many years will your money $40.000.00?
LenKa [72]
A = P (1 + I)^n
40000 = 5000 (1 + 0.07)^n
(1.07)^n = 40000/5000 = 8
ln(1.07)^n = ln8
nln1.07 = ln8
n = ln8/ln1.07 = 30.7...
The best answer is closest to (d) 30.6 years.
6 0
2 years ago
Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100000 for the year. A
Darya [45]

Answer:

Overhead rate for ordering and receiving = $300 per order.

Explanation:

Given Activity costs and activity drivers

Activity                                          Overhead Cost            Driver Activity

Ordering & Receiving Order           $150,000                     500 orders

Machine Setup                                  $324,000                    450 setups

Machining                                          $1,587,500                   125,000 MH

Assembly Parts                                 $1,260,000                   1,000,000 parts

Inspection                                           $330,000                        500 inspections

Under activity based costing the rates are based on the nature of activity and the rates are based on number of those activities per driver. As for ordering and receiving there are total of 500 orders and total cost = $150,000 that is cost per order will be computed.

Overhead rate for ordering and receiving = $150,000/500 orders = $300 per order.

6 0
3 years ago
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