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Background On the 25thof June 2014 the International Accounting Standards Board (IASB) published amendments that change the financial reporting for bearer plants, such as grape vines, rubber trees and palm oil. These amendments were made to IAS 16Property, Plant and...

he beginning inventory for Dunne Co. and data on purchases and sales for a three month period are as follows: Transaction Units Per Unit Total Apr 3 Inventory 25 $1200 $30000 Apr 8 Purchase 75 1240 93000 Apr 11 Sale 40 2000 80000 Apr 30 Sale 30 2000 60000 May 8...

On January 1, 2014, Fishbone Corporation purchased 300 of the $1,000 face value, 9%, 10 year bonds of Walters Inc. The bonds mature on January 1, 2024, and pay interest annually beginning January 1, 2015. Fishbone purchased the bonds to yield 11%. How much did...

The Purple Trust incurred the following items this year. Taxable interest income $75,000 Tax exempt interest income, not on private activity bonds 60,000 Tax exempt interest income, on private activity bonds (not   issued during 2009 or 2010) 25,000 Compute...

Each of the following items was incurred by José, a cash basis, calendar year decedent. Under the terms of the will, Dora took immediate ownership in all of José’s assets, except the dividend paying stocks. The estate received José’s final paycheck. Applying the rules...

Determine the tax effects of the indicated losses for the Yellow Estate for both tax years. The estate holds a variety of investment assets, which it received from the decedent, Mrs. Yellow. The estate’s sole income and remainder beneficiary is Yellow, Jr. All...

For three generations, the Dexter family has sent its children to Private University, preparing them for successful professional careers. The Edna Dexter Trust was established in the 1950s by LaKeisha’s late grandmother and has accumulated a sizable corpus. It makes...

The trustee of the Thornton Trust was approached by the development director of the Orrfield Symphony Orchestra (OSO) for a gift of $1 million toward the OSO building campaign. The parties agreed that because of the size of the gift, the trust would need to obtain the...

José and Alicia, both sole proprietors, have experienced the following results during  the past three years: Profit (or Loss) Year José Alicia 2010 $50,000 $150,000 2011 60,000 60,000 2012 60,000 (40,000) Although José and Alicia have the same profit of $170,000...