Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. Of course, I would be in Florida when the weather is bad here. What will I be able to write off if I live and work in both places? I would like to deduct all of the costs (rent, transportation to and from, meals, etc.). Explain to me about Facts Issue Analysis Conclusion??

Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. Of course, I would be in Florida when the weather is bad here. What will I be able to write off if I live and work in both places? I would like to deduct all of the costs (rent, transportation to and from, meals, etc.). Explain to me about Facts Issue Analysis Conclusion??

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 60P: Michiko and Saul are planning to attend the same university next year. The university estimates...

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Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. Of course, I would be in Florida when the weather is bad here. What will I be able to write off if I live and work in both places? I would like to deduct all of the costs (rent, transportation to and from, meals, etc.). What IRS Code sections, Treasury Regulations, or Court cases would you refer to? What additional information would you need to determine if or what extent these costs could be deducted?
Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. I rent a small office for my Indianapolis location. However, I will initially run the Sarasota business from the condo. I'm not sure I would call it an "office" though. I have a good handle on the regular business expenses. I really just need help with travel expenses (hotel and meals) and duplicate personal expenses. I will incur (rent, utilities, renter's insurance) as a result of running the business in two locations. I have planning to appoint employees for my business in Sarasota. Of course, I would be in Florida when the weather is bad here. We will live in each location for 6 months. We will be in Sarasota from October through March and in Indianapolis from April through September. We will not sublet either…
Here is the situation. I currently own a heating and cooling business here in Indianapolis. I'm thinking about opening one in Sarasota, Florida. My plan is to work in both places. My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota. Of course, I would be in Florida when the weather is bad here. What will I be able to write off if I live and work in both places?
You have tickets to go to Jamaica over spring break. Just this week your best friend informs you that he (she) is getting married over spring break. Your friend would like you to stay back in the city and be the wedding attendant. The tickets to Jamaica are nonrefundable. Which of the following is a sunk cost relating to your decision of attending the wedding or going on the trip to Jamaica? The cost of the airline tickets to Jamaica The cost of wedding gift The cost of the clothing you will have to buy/rent to be in the wedding The cost of the rent on your apartment for the month
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Ali is considering the decision of whether or not to go and study a Master degree. He is currently working as an accountant in XYZ Company. He is thinking of getting a Master Degree. If he decided to study the Master Degree, h would expect to earn higher salary than his current one. On the other hand, the study of the Master Degree would f him to take unpaid leave from his current job. Furthermore, Ali recently purchased a new car. For All, the unpaid sala when Ali goes to study the Master Degree is referred to as: Select one: a. Opportunity Revenue b. Sunk revenue c. Differential revenue d. Differential cost O e. Opportunity cost The management function that focuses on setting out future goals for the organization is referred to as: Select one: a. Counseling Ob. Controlling O. Decision making d. Planning Oe. Advising
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Suppose that you decide to start a landscape business. You use an old pickup truck that you've fully paid for. You store the truck and other equipment in your parents' barn, and you store trees and shrubs on their land. Your parents will not charge you for the use of these facilities for the first two years, but beginning in the third year they will charge a reasonable rent. Your mother helps you by answering phone calls and providing customers with information. She doesn't charge you for this service, but she plans on doing it for only your first two years in business. Instructions Answer ONE of the following sets of questions: 1. In pricing your services, should you include charges for the truck, the barn, the land, and your mother's services when calculating your product cost? Provide your reasoning. 2. In recording costs in the books, should you include charges for the truck, the barn, the land, and/or your mother's services? Describe the accounting rules that support your answer.
Ali is considering the decision of whether or not to go and study a Master degree. He is currently working as an accountant in XYZ Company. He is thinking of getting a Master Degree, If he decided to study the Master Degree, he would expect to earn higher salary than his current one. On the other hand, the study of the Master Degree would force him to take unpaid leave from his current job. Furthermore, Ali recently purchased a new car. For Ali, the cost of the car is referred to as Select one: O a. Opportunity cost O b. Sunk cost O C. Differential revenue O d. Opportunity Revenue O e. Differential cost
Ms. Faye Santos is an accounting major at a Midwestern state university located approximately 60 miles from a major city. Ms. Faye Santos is an accounting major at a Midwestern state university located approximately 60 miles from a major city. Many of the students attending the university are from the metropolitan areas and visit their homes regularly on the weekends. Faye, an entrepreneur at heart, realizes that few good commuting alternatives are available for students doing weekend travel. She believes that a weekend commuting service could be organized and run profitably from several suburban and downtown shopping mall locations. Faye has gathered the following investment information. Five used vans would cost a total of $75,000 to purchase and would have a three-year useful life with negligible salvage value. Faye plans to use straight-line depreciation. Ten drivers would have to be employed at a total payroll expense of $48,000. 3. Other annual out-of-pocket expenses…
Marvin Turner was discussing summer employment with Tina Song, president of Motown Construction Service:Tina: I’m glad you’re thinking about joining us for the summer. We certainly can use the help. Marvin: Sounds good. I enjoy outdoor work, and I could use the money to help with next year’s school expenses.Tina: I’ve got a plan that can help you out on that. As you know, I’ll pay you $14 per hour, but in addition, I’d like to pay you with cash. Since you’re only working for the summer, it really doesn’t make sense for me to go to the trouble of formally putting you on our payroll system. In fact, I do some jobs for my clients on a strictly cash basis, so it would be easy just to pay you that way.Marvin: Well, that’s a bit unusual, but I guess money is money.Tina: Yeah, not only that, it’s tax-free!Marvin: What do you mean?Tina: Didn’t you know? Any money that you receive in cash is not reported to the IRS on a W-2 form; therefore, the IRS doesn’t know about the income—hence, it’s the…
Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University Awhich included the cost of tuition fees. If decided to go for the MBA study, his company would stop paying his salaryAt the same time, if Ali completed his MBA degree, he would earn a higher salary than his current one Furthermore, Ali has recently purchased an apartment in the city and moved in For when considering whether or not to go for the MBA studythe extra salary to be received after the MBA study is referred to as: Sunk cost. b. Incremental cost. c. None of the given answers , d Incremental revenue . Opportunity cost.