If a taxpayer materially participates in a real estate activity as a real estate professional, the income and expenses of the activity should be reported on:
A. Schedule C
B. Schedule E
C. Schedule A
D. None of these
Answer: A
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As part of their normal course of business, companies sometimes sell off entire divisions or segments. The accounting treatment for such sales is composed of two components and a reporting format. Required:
a. Describe the accounting treatment and reporting format used for such sales. b. Discuss why such sales are separated from other parts of the income statement.
Federal unemployment taxes are paid by the employer and the employee
Indicate whether the statement is true or false
Each partner may withdraw the assets he or she contributed to the partnership at any time
Indicate whether the statement is true or false
Bergman Inc Bergman Inc has the following product information available: Sales price $20 per unit Variable costs $8 per unit Fixed costs $18,000 Units produced and sold 12,000 Refer to the Bergman Inc information above. How many units need to be sold in order to earn a target profit of $180,000?
A) 24,750 units B) 16,500 units C) 20,842 units D) 22,500 units