Taxes - November 2006

On December 1, 2004, Gray Manufacturing Company (a corporation) purchased another company’s assets, including a patent. The patent was used in Gray’s manufacturing operations; $40,500 was allocated to the patent, and it was amortized at the rate of $225 per month. On June 30,2006, Gray sold the patent for $70,000. Twenty months of amortization had been taken on the patent. What are the amount and nature of the gain Gray recognizes on the disposition of the patent?
Write a letter to Gray discussing the treatment of the gain. Gray’s address is 6734 Grover Street, Back Bay Harbor, ME 23890. The letter
Should be addressed to Siddim Sadath, Controller.

2006-11-29 12:57:29 · 1 answers · asked by Ronda F 1 in United States

Connor is the sole owner of Service Enterprises (SE). SE earned net operating income of
$90,000 during the year and had a long-term capital loss of $12,000. Connor withdrew $45,000 of the profit from SE. How should Connor report this information on his individual tax return for 2006 if SE is a Proprietor, a C –Corporation ,or a S- Corporation?

2006-11-29 12:55:04 · 2 answers · asked by Ronda F 1 in United States

Have you ever been audited for tax fraud? what was the outcome? I am talking about fraud on individual taxes. Please tell me what happend to you.

2006-11-29 12:27:28 · 3 answers · asked by Hou Girl 1 in United States

2006-11-29 12:19:14 · 5 answers · asked by Anonymous in United States

My school gets out the same time every year at the end of may the same day but it starts earlier and earlier the same amount of vacation days so more school days each year is this right


(i don't think so)

2006-11-29 11:37:07 · 4 answers · asked by ando ciompa 3 in United States

Hey there,do you have to pay tax when you have a job if your under 18?
and also does anyone know the limit of how much you earn when you are required to pay tax,i heard if you earn 120 a week or less you dont have to pay tax?
Or does everyone have to pay a certain amount of Tax regardless to how much you earn (if over 18)?
Joanne xXx

2006-11-29 11:26:46 · 20 answers · asked by Anonymous in United Kingdom

how to check for a person that has a CPA (Certified Public Accountant) license and there is any web site I can Check.?

2006-11-29 10:46:19 · 5 answers · asked by ydfarm 2 in United States

do I get tax benifit on EMI I pay back ???
do I get tax benifit on interest part of EMI ???
Is there any limit to this benifit ???

When can I claim the Simple Interest part of the Edu Loan for IT benifit ???

2006-11-29 10:27:23 · 2 answers · asked by suraj 1 in India

its been 3 months of emergency tax no wage slip and giving me the brush off when i ask questions i like my job but obviously wont stay if im not being taxed and insured even the the money is missing from my wage every month

2006-11-29 10:15:18 · 5 answers · asked by Anonymous in United Kingdom

The definition of a capital asset in the Code is extremely unhelpful. Can anyone give me a layman's definition of a capital asset? What is a non-capital asset? Can you give me some examples of a non-capital asset?

2006-11-29 09:58:04 · 4 answers · asked by Two E 2 in United States

Obviously, we do not have legal US marital status and we file as individuals. We are both on the house, and I am wondering if I when I do taxes if I claim half of the taxes and interest on the 1040, or if only one of us claims the entire amount. Is there a tax book that goes into details about this stuff, the 1040 directions do not mention this type of thing. Thanks!

2006-11-29 09:36:21 · 5 answers · asked by quirky 5 in United States

both my wife and i are senior citizens.

2006-11-29 08:35:24 · 3 answers · asked by honeywockle 1 in United States

http://answers.yahoo.com/question/index;_ylt=AhZjWudYsDniB8lkHtQGErLsy6IX?qid=20061129114102AABIXJN



http://answers.yahoo.com/question/index;_ylt=AgCJyJrZxH0McYgHrNQkNMbsy6IX?qid=20061129114001AA9z1kQ



They're both the same question, but written in two different, but very relevant categories. I don't ask questions very often online, unless it is important not just for the person who asks, but for thousands, if not millions of people who may be looking for similar answers.



Thank you! :)

2006-11-29 08:26:44 · 2 answers · asked by llexpat 2 in Other - Taxes

is there anywhere with irs that you can go to report someone who is not filling their taxes. say for example a landlord that does not want to give recipts for the rent because they are not wanting to report net income from the money they are reciving for rent.

2006-11-29 08:26:15 · 4 answers · asked by lori c 1 in United States

how much percent (union dues) do they take out from our pay??

2006-11-29 08:12:35 · 4 answers · asked by channingtatumissexy 2 in United States

I Have to send the IRS this 8453-OL Form, for my Tax Return That I Filed in Jan. But I dont remember the Website How Can I Find out this info.

2006-11-29 07:52:35 · 3 answers · asked by icesac25 1 in United States

2006-11-29 07:25:16 · 3 answers · asked by Kellopopins 2 in United States

2006-11-29 06:48:54 · 11 answers · asked by mertjim 1 in United States

I have a friend who is Canadian who recently married an American woman who is disabled receiving a small pension from Social Security. When they decided to make a life together, it was established that the Canadian has stronger family ties than the American does, and she moved to Canada. Also, American's pension isn't taxable because of the small amount.



Here's the following questions:



1) When tax time comes, should each file separately in their own countries? (Married filing separately)



2) If Canadian decides to file American as his dependent, does American still have to file in the US, and declare his income in the US, although he has never worked or lived in the US nor she in Canada?



3) If she no longer lives in the US, is she still required to file her taxes with the IRS every year whether or not she receives her SSDI?



Basically they want to prevent breaking the law, but they obviously don't want to have to pay twice, or pay on income that w

2006-11-29 06:41:02 · 3 answers · asked by llexpat 2 in United States

do i have a refund check for 1080.42 edward woodson jr.

2006-11-29 06:29:55 · 3 answers · asked by Anonymous in Canada

Someone told me that I can get my 2005 W-2 from the IRS, but where are they in South Florida? What is the procedure? How long does it take to get a copy from the IRS?

2006-11-29 05:54:39 · 3 answers · asked by 194p$k 2 in United States

We the part service class (Salaried employees) in India are sincerely paying huge Income taxe on hard earned money.Looking at high cost of living and falling interest rates the present personal taxation policy is unjustifiable.Let every one of us send represntation to Finance Minister of India to consider to increase the tax slab upto Rs.5 lacs PA without any Income tax imposition.Let GOI collect more money from business tycoons like Ambanis,TATAS,Modies , etc.Let GOI plug the holes to prevent the drain of Taxes in other avenues.We need united action to make this to happen for benefit of all salaried class community in India.Let us act fast and make it success.

2006-11-29 05:51:24 · 1 answers · asked by Anonymous in India

Any suggestion on how to pay off 20k in taxes would be gratefully accepted.

2006-11-29 05:45:07 · 7 answers · asked by isis 4 in United States

The cash out was not used for home improvement, but I am not subject to the AMT.

Does the rule that you can only apply the cash out interest used for home improvement only apply in AMT circumstances?

2006-11-29 04:57:04 · 3 answers · asked by KQ 2 in United States

2006-11-29 04:50:32 · 2 answers · asked by dodlydink 4 in Other - Taxes

Just started a new job and I'm wondering how to fill out the W4 form for NJ, I'm married with 4 kids and a father dependent, wife works 1 job like I do, and we both total $120,000/yr , how many allowances should I write down on the form to avoid having too much tax taken out of my paycheck, I also dont want to pay taxes at the end of the year, I appreciate all your help.

2006-11-29 03:55:27 · 0 answers · asked by Cid2006 2 in United States

taxes from their jobs or investments

2006-11-29 03:38:43 · 6 answers · asked by . . 1 in Other - Taxes

2006-11-29 02:15:22 · 1 answers · asked by a_partizanka 1 in United States

What are your varied and hopefully insightful opinions about the new episodes of family guy? do you prefer the pre-cancellation episodes, or the new seasons??

2006-11-29 01:56:29 · 2 answers · asked by littlehey5 3 in Brazil

2006-11-29 00:06:11 · 2 answers · asked by germanlover63 1 in United States