How do taxpayers determine whether they should deduct their itemized deductions or utilize the standard deduction? Under what circumstances would you expect the after-tax return from an investment in a capital asset to approach that of tax-exempt assets (assuming equal before-tax rates of return)?

Q: In general, what kinds of tax incentives are available for rehabilitation of real estate income…

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Q: Describe the procedures for determining after-tax net cash flows in taxable situations?

A: Net cash flow after tax is an important measure used for the purpose of evaluation of company's…

Q: Which of the following is the most likely item to result in a deferred tax asset?

A: Unearned revenue is the most likely item to result in a deferred tax asset.  Unearned revenue means…

Q: The benefit of future deductible amounts can be achieved only if future income is sufficient to take…

A: Temporary Difference Temporary difference refers to the difference of one income recognized by the…

Q: Which of the following is not a “tax status” for an asset? Capital loss asset. Capital asset.…

A: Capital Assets:All property that taxpayers own is capital asset, unless it falls into one of the…

Q: What AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please…

A: AMT(ALTERNATE MINIMUM TAX) The purpose of AMT is to ensure everyone pays a minimum amount of tax. It…

Q: When a taxpayer sells an asset, what is the difference between realized and regonized gain or loss…

A: Difference between complete and recognized gains and losses   Realized gains or losses for the…

Q: What is meant by “tax allocation within a period”? What is the justification for such practice?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: It is the amount attributed to an asset or liability for tax purposes. O Taxable amount O Tax base O…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: . What is the possible treatment for tax purposes of a net operating loss? What is the proper…

A: Net operating loss: When the level of income is less than the expenses for a given or a considered…

Q: What is the net tax consequences of these dispositions?

A: The disposition of the assets means sales, exchange, or donation of the assets. The disposition of…

Q: Which of the following payments made by tenant would NOT be included as consideration for property…

A: Refundable deposit would not be included in consideration payment by tenant for property tax…

Q: Which of the following payment is a capital expenditure and not deductible under profits tax?

A: 1(a)  Payment to a departing employee agree for not competing with the company.   1(b)  1,3 and 4…

Q: What is the Tax depreciation method?

A: Tax depreciation is the depreciation cost asserted on a government form by a citizen to represent…

Q: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: tax

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Q: What are long-term capital gains? Are they taxed like other income? Explain.

A: A long-term capital gain or loss is the gain or misfortune coming about because of the selling of…

Q: Which is a deductible tax expense? Surcharges and penalties

A: Deductible tax expenses In a business entity the deductible tax expenses which includes any ordinary…

Q: Which of the following situations will result in a future deductible amount?  Carrying amount of…

A: Future taxable amount is the amount which increase tax liability in future and for that create…

Q: In computing the deferred tax asset or liability, w. tax rate is used? a. Current tax rate b.…

A: Deferred  tax asset or liability  arises  due to temporary differences

Q: What is a deferred tax asset and how is the value created?

A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…

Q: The value of property for tax purposes, usually a percentage of the fair market value is known as…

A: Appraisal value refers to that on a specific date, the specific property’s current market value is…

Q: Discuss the Depreciation method for tax purposes?

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: What valuation allowance is used with respect to a deferred tax asset?

A: Deferred tax asset: A deferred tax asset refers to an asset that is recognized due to a temporary…

Q: Describe Tax Depreciation Methods?

A: Depreciation is a non-cash expense for the company. The depreciation expenses is charged because the…

Q: What are the general requirements regarding income, investments, and dividends with which a REIT…

A: Introduction: Real estate investment trust is a company that owns or primarily operates real estate…

Q: It can be said that the actual cost of an expenditure that is deductible for tax purposes is less…

A: Tax payable is the amount that is to be paid by the tax payer to the tax receivable individual or…

Q: appropriate data into the tax-accounting program. What are the values of B, n, and S in depreciating…

A: B = Purchase price + Transportation cost + Installation cost  S = 10% of purchase price  n =…

Q: the capital gains tax if the proceeds of sale was utilized in acquiring new residence.

A: Capital gains tax is the tax which has to be paid by the earner of the gains and the tax have to be…

Q: What is the difference between a future taxable amount and a future deductible amount? When is it…

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Q: Describe the procedure to incorporate the tax effects of gains (or losses) whenever an asset is…

A: Asset are considered to be capital items as they are held for more than a year and provide economic…

Q: Briefly explain how tax loss carryback and carryforward procedureswork.

A: Loss carryback is a situation in which business is having operating loss in this year and it want to…

Q: Determine the tax payable or overpayment if:

A: Tax is the expense over the individual or the earning body to pay the portion of their income to the…

Q: What are the benefits of calculating depreciation differently for financial reports and for tax…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: what are the main objectives of the deferred tax asset approach?

A: Items on a company's balance sheet that may be used to reduce taxable income in the future are…

Q: nonmonetary?

A: Nonmonetary items are the items that are subject to change in value over a period of time. These…

Q: How to calculate the answer of Tax Allowable depreciation?

A: Depreciation is the deduction in the value of the asset which leads to deduction in the tax as it is…

Q: Which of the following situations will not result to a future taxable amount? O Tax base of the…

A: Future taxable amount appears when in current year, the income is recognized in the financials but…

Q: Some tax credits are referred to as refundable. What does this mean?

A: A tax may be referred as a “pecuniary burden laid upon individuals or property owners to support…

Q: explain how deferred tax liabilities and assets are created and the factors that determine howa…

A: Deferred Tax Liability or Deferred Tax Asset is an integral component of the financial statements.…

Q: A taxpayer may defer a taxable 2020 capital gain by investing the gain amount into which of the…

A: The question is related to capital gain. A taxpayer may defer a taxable capital gain by investing…

Q: Why do deferred tax assets arise? Explain your answer with suitable example.

A: Item on an organization's monetary record that might be utilized to diminish tax for later are…

Q: How, and why, does the depreciation reported for tax purposes differ from that reported in the…

A: Depreciation is the amount to be written off periodically to charge the decline in value of a fixed…