Question & Answer

A taxpayer is planning to stay in their second home for the entire month of September but not any other days during the year. They would like the home to fall into the residence-with-significant-rental-use category for tax purposes. What is the maximum number of days they can rent out the home and have it qualify?

What decision approach would you have used if you were Tate? Why?

What does the term size effect mean in metal cutting?

Different types of financial institutions commonly interact. Specifically, they may provide loans to each other and take opposite positions on many different types of financial agreements, whereby one will owe the other based on a specific financial outcome. Explain why these kinds of relationships create concerns about systemic risk. (LO4)

1.      : What type of team does the new CIO have? What do you see as the key problem with the team?

Explain the difference between an ideal standard and a currently          attainable standard.

For tax purposes, how is the compensation paid to an S corporation shareholder similar to compensation paid to an owner of an entity taxed as a partnership?  How is it different?

On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis of the land, and the remaining $900,000 was allocated to the basis of the building.  a. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3? b. What would be the year 3 depreciation deduction if the building was sold on August 1 of year 3? c. Answer the question in part (a), except assume the building was purchased and placed in service on March 3 instead of November 10. d. Answer the question in part (a), except assume that the building is residential property. e. What would be the depreciation for 2024, 2025, and 2026 if the property were nonresidential property purchased and placed in service November 10, 2007 (assume the same original basis)?

On February 1, 2014, Hewitt Construction Company obtained a contract to build an athletic stadium. The stadium (for a local high school) was to be built at a total cost of $5,400,000 and was scheduled for completion by September 1, 2016. One clause of the contract stated that Hewitt was to deduct $15,000 from the $6,600,000 billing price for each week that completion was delayed. Completion was delayed 6 weeks, which resulted in a $90,000 penalty. Below are the data pertaining to the construction period. 2014 2015 2016 Costs to date $1,620,000 $3,850,000 $5,500,000 Estimated costs to complete 3,780,000 1,650,000 –0– Progress billings to date 1,200,000 3,300,000 6,510,000 Cash collected to date 1,000,000 2,800,000 6,510,000 Instructions (a) Using the percentage-of-completion method, compute the estimated gross profit recognized in the years 2014–2016. (b) Prepare a partial balance sheet for December 31, 2015, showing the balances in the receivables and inventory accounts.

: Describe how motivation is related to individual needs

Jeremy earned $100,000 in salary and $6,000 in interest income during the year.Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $17,000 in itemized deductions.Neither of his dependents qualifies for the child tax credit. a. Use the 2017tax rate schedules to determine Jeremy’s taxes due.

Why are abrasive processes technologically and commercially important?

In its first year of existence, SMS, an S corporation, reported a business loss of $10,000. Sewon, SMS’s sole shareholder, reports $50,000 of taxable income from sources other than SMS. What must you know in order to determine whether she can deduct the $10,000 loss against her other income? Explain.

: Describe content theories of motivation.

Identify sources of leader power and the tactics that leaders use to influence others.

Suppose you asked your favorite AI query tool “How do taxpayers treat organizational expenditures for tax purposes?” The AI tool provided the following response:

: Describe process theories of motivation.

Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds.  Using the U.S. tax rate schedule for married filing jointly (see Example 1-3), how much federal tax will they owe?  What is their average tax rate?  What is their effective tax rate?  What is their current marginal tax rate?

Widjaja Company is accounting for a longterm construction contract using the percentage-of-completion method. It is a 4-year contract that is currently in its second year. The latest estimates of total contract costs indicate that the contract will be completed at a profit to Widjaja Company. Instructions (a) What theoretical justification is there for Widjaja Company’s use of the percentage-of-completion method? (b) How would progress billings be accounted for? Include in your discussion the classification of progress billings in Widjaja Company financial statements. (c) How would the income recognized in the second year of the 4-year contract be determined using the cost-to-cost method of determining percentage of completion? (d) What would be the effect on earnings per share in the second year of the 4-year contract of using the percentage-of-completion method instead of the completed-contract method? Discuss.

: Explain how the reinforcement perspective can be used to motivate employees.

1.    : A new business venture must develop a comprehensive business plan if it hopes to acquire start-up funding. Companies such as FedEx and Nike say they did not follow their original plans closely. Does this mean that developing the plan was a waste of time for these eventually successful companies?

What is the difference between gross income and adjusted gross income, and what is the difference between adjusted gross income and taxable income?

: Discuss how job design influences motivation.

What income tax issues must a corporation consider before it makes a noncash distribution to a shareholder?

In 2007 China overtook the USA as the world’s largest emitter of CO2. Yet USA per capita emissions are three times that of China. What issues arise from this in the formulation of a global policy to reduce CO2 emissions?