(SOLVED) Lee is starting a small lawn service On the

advice
Lee is starting a small lawn service. On the advice of his accountant, Lee has formed a
corporation and made an S corporation election. The accountant has asked Lee to consider
electing a fiscal year ending on the last day in February. The accountant pointed out that Lee’s
business is […]

John owns a small farm on a lake. A local developer offers John $400,000 cash for his farm.
The developer believes John’s farm will be very attractive to home buyers because it is on a
lake. After John turns down the initial offer, the developer offers to pay John $250,000 […]

Lana operates a real estate appraisal service business in a small town serving local lenders.
After noting that lenders must pay to bring in a surveyor from out of town, she completes a
course and obtains a surveyor’s license that enables her to provide this service also. She now
provides […]

Judy’s Cars, Inc., sells collectible automobiles to consumers. She employs the specific
identification inventory valuation method. Prices are negotiated by Judy and individual
customers. Judy accepts trade-ins when she sells an automobile. Judy negotiates the allowance
for trade with the customer. Occasionally, Judy finds that it can take two or […]

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Roberta, a sole proprietor who uses the calendar year as her tax year, acquires and places in
service two business machines during 2015. Machine C, a 7-year asset, was acquired on
January 20, 2015, for $95,000 and Machine D, a 5-year asset, was acquired on August 1, 2015,
for $50,000. […]

Robert is a sole proprietor who uses the calendar year as his tax year. On July 20, 2015 he
acquired and placed in service a business machine, a 7-year asset, for $50,000. No other
property was acquired in 2015. a. What is the amount of depreciation allowed in 2015 and […]

Thom Jones (SSN 000-00-1111) is an unincorporated manufacturer of widgets. He uses the

LCM method to value his inventory and reports the following for 2014: Complete Thom’s 2014
Form 4562 and Schedule C of Form 1040, assuming Thom elects to expense the maximum
amount possible under Sec. 179 but elects […]

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