Problem #1On January 1, 2013, Ameen Company purchased a edifice restraint $36 favorite. Ameen uses straight-line derogation restraint financial assertion reporting and MACRS restraint pay tribute reporting. At December 31, 2015, the tome appraise of the edifice was $30 favorite and its tribute foundation was $20 favorite. At December 31, 2016, the tome appraise of the edifice was $28 favorite and its tribute foundation was $13 favorite. There were no other imsteady unlikenesss and no steady unlikenesss. Pretribute totalitying pay restraint 2016 was $45 favorite.Required:1.Qualify the embezzle life archives to archives Ameen’s 2016 pay tributees. Assume an pay tribute rebuke of 40%.Problem #2:In 2016, DFS Medical Supply cool fissure proceeds restraint 2017 occupant tenure. Restraint pay tribute reporting, the fissure is tributeed when cool. Restraint financial assertion reporting, the fissure is archivesed as unlimited proceeds and then normal as pay in the limit occupants fill the fissureal possessions. The unlimited side of the fissure cool in 2016 amounted to $300,000 at December 31, 2016. DFS had no imsteady unlikenesss at the threshold of the year.Required:Assume an pay tribute rebuke of 40% and 2016 pay tribute payable of $950,000, qualify the life archives to archives pay tributees restraint 2016.Problem #3At the object of 2015, Payne Industries had a unlimited tribute asset totality with a counteract of $30 favorite ascribable to a imsteady tome–tribute unlikeness of $75 favorite in a obligation restraint estimated expenses. At the object of 2016, the imsteady unlikeness is $70 favorite. Payne has no other imsteady unlikenesss and no valuation restitution restraint the unlimited tribute asset. Tributeable pay restraint 2016 is $180 favorite and the tribute rebuke is 40%.Required:1.Qualify the life archives(s) to archives Payne’s pay tributees restraint 2016, inflated it is past mitigated than referable that the unlimited tribute asset conquer be realized. Problem #4Wynn Sheet Metal reported a decoy open privation of $100,000 restraint financial reporting and tribute purposes in 2016. The dogmatical tribute rebuke is 40%. Tributeable pay, tribute rebukes, and pay tributees remunerated in Wynn’s primitive indelicate years of action were as follows: TaxableIncomeTaxRatesPay Tributees Remunerated 2012 $60,000 30% $18,000 2013 70,000 30 21,000 2014 80,000 40 32,000 2015 60,000 45 27,000 Required:1.Qualify the life archives to identify the pay tribute service of the decoy open privation. Wynn elects the carryback discretion.
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