Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Taxpayer owns a 20% profits and capital interest in Norse LLC. For the current year Norse LLC has the following revenues, expenses, gains and losses

Taxpayer owns a 20% profits and capital interest in Norse LLC. For the current year Norse LLC has the following revenues, expenses, gains and losses

Sale revenue $70,000, Gain on sale of land (Sec 1231) $11,000, Cost of goods sold, ($26,000), Depreciation MACRS ($3,000), Sec 179 deduction ($10,000), Employee wages ($11,000),nondeductible penalties ($3,000), Municipal bond interest $6,000) STCG $4,000, Guaranteed payment to Sandra $3,000.

Enter Taxpayer appropriate amount for each separately stated item. Enter zero if there is no item. enter any expense as a negative i.e. -100

What is Taxpayer's non deductible fines?

THIS IS THE SECOND TIME YOU'VE GIVEN ME WRONG ANSWERS TO THIS PROBLEM... YOUR EXPLANATIONS IS NOT PERTAINING TO THIS PROBLEM... A TOTALLY DIFFERENT PROBLEM...

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

New Auditors Guide To Internal Auditing

Authors: Bruce R. Turner

1st Edition

1634540549, 978-1634540544

More Books

Students also viewed these Accounting questions

Question

What does this public not want on this issue?

Answered: 1 week ago