What tax year must each of the following taxpayers use Explain a Brayanth works for Gippsland Corporation His income for the year includes salary, interest, dividend income, and a long term capital gain Although he itemizes his deductions, he keeps no formal books or records, relying instead on his...

a A taxable entity establishes a taxable year by keeping its books on the basis of that year and filing its first tax return based on that taxable yea ...

What tax year must each of the following taxpayers use? Explain. a. Brayanth works for Gippsland Corporation.

Question:

What tax year must each of the following taxpayers use? Explain.
a. Brayanth works for Gippsland His income for the year includes salary, interest, income, and a long-term capital gain. Although he itemizes his deductions, he keeps no formal books or records, relying instead on his wage statement, canceled checks, and other formal documents furnished to him for preparing his tax return.
b. Assume the same facts as in part a, except that Brayanth is self-employed as a plumber and keeps meticulous books and records.
c. Cindy and Derek are partners in a pet shop. Cindy owns 55%, and Derek owns 45%. Cindy reports her income using a July 31 fiscal year, whereas Derek uses a calendar year.
d. Syme, Inc., is an S wholly owned by Jeremiah. He uses a calendar year to report his income.
e. Assume the same facts as in part d, except that Syme, Inc., is a Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...