Business High School

Seo-yeon owns a condominium. In each of the following alternative situations, determine whether the condominium should be treated as a residence or a nonresidence for tax purposes. Required: a. Seo-yeon lives in the condo for 19 days and rents it out for 22 days. b. Seo-yeon lives in the condo for 8 days and rents it out for 9 days. c. Seo-yeon lives in the condo for 80 days and rents it out for 120 days. d. Seo-yeon lives in the condo for 30 days and rents it out for 320 days.

Answers

Answer 1

In the following alternative situations, in options a & b, condominiums should be treated as residences for tax purposes and in options, c & d condominiums should be treated as non-residence for tax purposes.

What is Condominium?

The condominium is a kind of housing in which parts of it, such as apartments, are owned privately while other parts of the housing, such as hallways, elevators, and recreational facilities, are owned and managed by the property owner or by a corporation that owns the property.

For tax purposes, the condominium should be treated as follows:

a. Residence, since Seo-yeon lives in the condo for 19 days and rents it out for 22 days.b. Residence, since Seo-yeon lives in the condo for 8 days and rents it out for 9 days.c. Nonresidence, since Seo-yeon lives in the condo for 80 days and rents it out for 120 days.d. Nonresidence, since Seo-yeon lives in the condo for 30 days and rents it out for 320 days.

The term 'residence' is used when someone is living in the condominium, and 'nonresidence' is used when it is being rented out for longer than the amount of time it is lived in.

learn more about Condominium here:

https://brainly.com/question/28144978

#SPJ11

Related Questions

The Kingston County Basketball Conference (KCBC) is an amateur basketball association. Each city in the county has one team that represents it. Each team has a maximum of twelve players and a minimum of nine players. Each team also has up to three coaches (offensive, defensive, and PT coaches.) Each team plays two games (home and visitor) against each of the other teams during the season.
a. Draw the ER diagram.
b. Create a relational model based on the ER diagram.

Answers

A relational model is a way of representing data in a database using tables with rows and columns.

The ER diagram for the Kingston County Basketball Conference (KCBC) can be used to create a relational model. The model would have one table for each of the teams, with columns for the team name, the players, the three coaches, and the two games played (home and visitor). It would also have a table for each game, with columns for the team name, the players, the coaches, and the city of the game.

This model would allow for efficient retrieval of data related to KCBC teams, players, coaches, and games. It also allows for easy updating of data such as players and coaches, and for the tracking of game outcomes. By using a relational model, the KCBC can easily track and manage their data.

Know more  about ER diagram here:-

https://brainly.com/question/30710118#

#SPJ11

Esquire Comic Book Company had income before tax of $1,750,000 in 2021 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $415,000. The division generated before-tax Income from operations from the beginning of the year through disposal of $650,000. 2. The company incurred restructuring costs of $80,000 during the year. Required: Prepare a 2021 income statement for Esquire beginning with income from continuing operations. Assume an income tax rate of 25%. Ignore EPS disclosures. (Amounts to be deducted should be Indicated with a minus sign.) ESQUIRE COMIC BOOK COMPANY Partial Income Statement For the Year Ended December 31, 2021
Income from continuing operations Discontinued operations: Income from operations of discontinued component 199,000 Income tax expense (49,750)
Income (loss) on discontinued operations 149,250 Net income (loss)

Answers

From the information that can be retrieved, the income statement shows the net income (loss) is $ 1,284,250.

Prepare a 2021 income statement for Esquire beginning with income from continuing operations. Assume an income tax rate of 25%. Ignore EPS disclosures. (Amounts to be deducted should be Indicated with a minus sign.)

Esquire Comic Book Company Partial Income Statement For the Year Ended December 31, 2021

Income from continuing operations: $1,135,000

Discontinued operations:

Income from operations of discontinued component $199,000Income tax expense $(49,750)Income (loss) on discontinued operations $149,250Net income (loss) $1,284,250

Learn more about Income Statement: brainly.com/question/15169974

#SPJ11

Net Income and OCF [LO2] During 2009, Raines Umbrella Corp. Had sales of $730,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $580,000, $105,000, and $135,000, respectively. In addition, the company had an interest expense of $75,000 and a tax rate of 35 percent. (Ignore any tax loss carryback or carryforward provisions. ) a. What is Raines's net income for 2009? b. What is its operating cash flow? c. Explain your results in (a) and (b)

Answers

Raines Umbrella Corp.'s net income for 2009 was $107,250 and Raines Umbrella Corp.'s operating cash flow for 2009 was $242,250

a. To find the net income, we need to start with the company's revenue and subtract all expenses, including interest expense and taxes:

Revenue = $730,000

Cost of goods sold = $580,000

Administrative and selling expenses = $105,000

Depreciation expenses = $135,000

Interest expense = $75,000

Earnings before taxes (EBT) = Revenue - Cost of goods sold - Administrative and selling expenses - Depreciation expenses - Interest expense

EBT = $730,000 - $580,000 - $105,000 - $135,000 - $75,000

EBT = $(165,000)

Taxes = EBT * Tax rate

Taxes = $(165,000) * 35%

Taxes = $57,750

Net income = EBT - Taxes

Net income = $(165,000) - $57,750

Net income = $107,250

Therefore, Raines Umbrella Corp.'s net income for 2009 was $107,250.

b. To find the operating cash flow (OCF), we need to start with the company's net income and add back non-cash expenses like depreciation:

Net income = $107,250

Depreciation expenses = $135,000

OCF = Net income + Depreciation expenses

OCF = $107,250 + $135,000

OCF = $242,250

Therefore, Raines Umbrella Corp.'s operating cash flow for 2009 was $242,250.

c. Raines Umbrella Corp. had a net income of $107,250 for 2009, meaning that after all expenses and taxes were paid, the company had a profit of $107,250. This is a measure of the company's financial performance over the years.

Learn more about Raines Umbrella Corp. here:https://brainly.com/question/2551046

#SPJ4

Other Questions
if (20x+10) and (10x+50) are altenative interior angle then find x which of these reasons might result in the modern (human) development of a floodplain? (select all that apply.) Which of the following is the best example of an adaptation that improves an organism's "fitness"?A. Dark-colored lizards living on light rocks.B. A thick coat of fur on animals living in the hot desert.C. Lizards with sticky toe pads live among tall trees. a49Find the measure of a.12772 which of the following includes all common types of radioactive decay? a. atomic number, beta particle emission, electron capture B. alpha particle emission, beta particle emission, half-life C. alpha particle emission, beta particle emission, radioactive parent isotope D. alpha particle emission, beta particle emission, electron capture E. alpha particle emission, stable daughter, electron capture what is convergent wind Charged ions such as sodium, potassium, and chloride are called ______. _____ is usually preferred when the decisions of a company are very risky and low-level managers lack decision-making skills.Select one:a. Delegation of authorityb. Decentralizationc. Employee empowermentd. Centralizatione. Specialization Often, programmers list the ____ first because it is the first method used when an object is created.a. instanceb. constructorc. accessor In the context of elements of the Committee of Sponsoring Organizations, identify a true statement about information and communications.Multiple ChoiceA. They address the policies and procedures that support the control environment.B. They are directed at supporting the control environment through fair and truthful transmission of information.C. They set the tone of an organization, influencing the control consciousness of its people.D. They are directed at providing assessment capabilities and uncovering vulnerabilities. I NEED YOUR HELP ASAP!!To create a modified box plot for a data set, determine the outliers of the data set and the smallest and largest numbers in the data set that are not outliers. Next, determine the median of the first half of the data set, the median of the entire data set, and the median of the second half of the data set.What are the values that are needed to create a modified box plot for this data set?19, 15, 22, 35, 16, 22, 4, 22, 24, 16, 17, 21Enter your answers in the blanks in order from least to greatest. does the air in a room at room temperature and pressure behave ideally In preparing a company's statement of cash flows using the indirect method, the following information is available:Net income$59,000Accounts payable decreased by$25,000Accounts receivable increased by$32,000Inventories increased by$12,000Cash dividends paid$15,400Depreciation expense$27,000Net cash provided by operating activities was:a. $51,000b. $75,600c. $141,000d. $37,000e. $17,000 For a standard normal distribution, find:P(-2.11 < z < -0.85) Among full-time workers, women earn 79 percent as much as men. Among people approaching retirement age (forty-five to sixty-four years) women earn ________ as much as men in the same age category. Among people age sixty-five and older (who may or may not be working), women earn ________ as much as men in the same age category Data were collected on the amount, in dollars, that individual customers spent on dinner in an Italian restaurant. The quartiles for these data are shown. Which of the following statements must be true for these customers?answer choicesAt least half of the customers spent less than or equal to $44.27 and at least half spent more than or equal to $44.27.Seventy-five percent of the customer spent between $36.27 and $58.97Twenty-five percent of the customers spent less than or equal to $58.97 and the remaining 75 percent spent greater than or equal to $58.97The mean amount spent by customers is $44.27A majority of customers spent $44.27 What are the zeros of the function? Set the function = 0, factor, and use the zero-product property. Show your steps!f(x) = x + 7x 60(100 POINTS AND BRAINLIEST) if these two plants were to cross, what would the offspring look like? an offspring gets 1 allele from each parent for each trait. since there are two traits for each parent, the offspring will be represented by a four-letter genotype. fill in the genotype of the f1 offspring. standards promulgated by the fasb are most likely to be adhered to by which of the following governmental units? The continued fight for civil rights mastery test