The regular standard deduction is available to which one of the following taxpayers?
A) a married taxpayer filing a separate return where the other spouse itemizes
B) a person who has only unearned income and is a dependent of another
C) a nonresident alien
D) None of the above.
D) None of the above.
Responses A through C are all examples of taxpayers who do not have the privilege of deducting the full standard deduction.
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The Roger Company leased a machine at the beginning of 2016. The machine was properly capitalized by Roger at $73,735. A lease payment of $16,563 is due at the end of each year. The expected life of the machine is seven years, and the term of the lease is five years. At the beginning of 2021, the machine will be returned to the lessor. Both Roger and the lessor use the straight-line method of
depreciation. What amount of depreciation expense should Roger record in 2016 for the machine (round calculations up to the nearest dollar)? A) $14,600 B) $14,747 C) $16,563 D) $17,000
Clutch Auto Parts enters into a contract with Bio Health Club for discounted memberships for Clutch's employees. Bio breaches the contract and Clutch enters into a contract with Apex Fitness for the same service at a lower price. Clutch might be awarded nominal damages to
A. establish, as a matter of principle, that Bio acted wrongfully. B. provide Clutch with funds for a foreseeable loss beyond the contract. C. provide Clutch with funds for its loss of the bargain. D. punish Bio and set an example to deter others from similar acts.
Shane's Auto Parts orders twenty tires from Tough Tires, Inc The truck delivering the tires to Shane's is in an accident and ten of the tires are damaged. Shane's Auto Parts? A)?cannot reject the entire shipment
B)?must still pay for all twenty tires at the original contract price. C)?may inspect the tires and accept the shipment with a reduction in price. D)?must reject the entire shipment.
A sequence of previous conduct between a buyer and a seller, which may be regarded as establishing an understanding for interpreting an agreement between the two parties, is known as:
A) good faith. B) a course of dealing. C) a course of performance. D) usage of trade.