C. She has to complete her CE requirements as well as five more hours in a class of her choosing by December 31, or her license will become inactive.
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It’s October 1 of an even-numbered year, and Candace hasn’t completed her CE requirement. Which of the following is true? A. Her license is now inactive, and she has to reactivate it before she can practice real estate in Alabama. B. She can apply to AREC for a six-week extension and complete her CE within that timeframe. C. She has to complete her CE requirements as well as five more hours in a class of her choosing by December 31, or her license will become inactive. D. She must finish her CE and pay a late fee by October 31 to keep her license active.
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- Emily was recently accredited as a lawyer and started employment on June 1 with Maloney & Maloney, a firm of lawyers in Niagara Falls. Emily was to work exclusively with the firm’s tax law department. Emily moved to Niagara Falls and enrolled in the CPA tax program which runs for a period of 3 years at a cost of $10,000.00. Emily’s contract of employment stated that for a period of 2 years after the termination of her employment for any reason, “the employee will not engage in the professional practice of tax law either alone or in association with or as an employee of any person or firm within the Regional Municipality of Niagara and further, during such time, will not accept work from any existing client of the firm.” On October 15, the partners of Maloney & Maloney advised Emily that the lawyers who practiced tax law were leaving the firm and they were terminating her employment effective immediately since the firm would no longer be practicing tax law. They provided a…Leslie Rodgers is 39 years old, single, and has decided to get a Masters of Divinity degree. During the year, Leslie incurs the following expenses: $7,200 in tuition and fees, $550 in books, and $3,800 in room and board at Western Theological Seminary in Holland, Michigan. 4) if Leslie's AGI is $44,600, what is the maximum education credit that can be claimed in 2020? If Leslie's AGI is $64,600, what is the maximum education credit that can be claimed in 2020? a)John purchased a short-term disability policy, with a 60-day elimination period. The policy provides for 60% of pre-disability income for a duration of one year, and the benefits are triggered based on the definition of "own-occupation." He experienced a qualifying disability on February 1st. Given that his monthly gross salary is $6,550, what is the amount of disability income that he would receive in that calendar year? (Calculate your answer based on 12 equal months in the year, rather than on the exact number of days in each.) $35,370 $43,230 $47,160 $58,950
- Hassad owns a rental house on Lake Tahoe. He uses a real estate firm to screen prospective renters, but he makes the final decision on all rentals. He also is responsible for setting the weekly rental price of the house. During the current year, the house rents for 1,500 per week. Hassad pays a commission of 150 and a cleaning fee of 75 for each week the property is rented. During the current year, he incurs the following additional expenses related to the property: a. What is the proper tax treatment if Hassad rents the house for only 1 week (7 days) and uses it 50 days for personal purposes? b. What is the proper tax treatment if Hassad rents the house for 8 weeks (56 days) and uses it 44 days for personal purposes? c. What is the proper tax treatment if Hassad rents the house for 25 weeks (175 days) and uses it 15 days for personal purposes?Reggie receives a 2-year scholarship to Big University. The scholarship stipulates that, to improve his teaching skills, he must spend his first year teaching at an affiliated school. He will be paid his scholarship by the affiliated school based on the level of pay for the teaching duties he is assigned. Upon completion of the first year, Reggie will return to Big University and work on the research required to obtain his degree. During the second year, he will receive his scholarship from Big University. Is Reggies scholarship taxable?Ms. Carla Babo, a self-employed individual, rents out a five-room apartment. One of the rooms is rented to Mr. Maco Knot on March 1 of the current year, with the following terms and conditions. How much is the gross income of Ms. Babo at the end of the year? Monthly rental Security deposit for 3 months to be returned at the end of the lease contract Share on the real estate tax assumed by the lessee 15,000 45,000 2,500 152,500 182,500 197,500 227,500 None of the above
- Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $650 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $7,000 and never have to pay annual membership dues.Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 5.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $650 in annual membership dues? (Note: Round your answer up to the nearest…On September 1, 2021, Jennifer Wells moves from London to Oakville at the request of her employer. Prior to this date, she spent $875 on a house hunting trip to Oakville. However, she was not successful and, given this, she has signed a one-year lease for an apartment at her new location. The legal fees and real estate commissions associated with the sale of her London house were $8,500. The actual costs of the move, including amounts paid to a moving company, totaled $15,230. Her employer agreed to pay $8,000 of her moving costs. Ms. Well's salary for 2021 was $45,000. Determine Ms. Well's maximum moving expense deduction for 2021, as well as any carry forward that is available. Payment From Employer House Hunting Trip Balance Cost Of Selling London House Moving Costs Available Deduction Income At New Location Carry ForwardBenita is concerned that she will not be able to complete her tax return by April 15. Can she request an extension to file her return? By what date must she do so? Assuming she requests an extension, what is the latest date that she could file her return this year without penalty? Answer: Yes, Benita can file an automatic six month extension to file her tax return
- Please show working. This question is split. See attachment for full questions. Please answer a and b (if you can't answer b3, its fine.) Jan sold her house on December 31 and took a $40,000 mortgage as part of the payment. The 10-year mortgage has an 11% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year. a. What is the dollar amount of each payment Jan receives? Round your answer to the nearest cent. _________ b1 How much interest was included in the first payment? Round your answer to the nearest cent. ___________ b2 How much repayment of principal was included? Do not round intermediate calculations. Round your answer to the nearest cent. _________ b3 How do these values change for the second payment? -Select- the correct option. The portion of the payment that is applied to interest declines,…Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $700 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $6,000 and never have to pay annual membership dues. Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 7.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $700 in annual membership dues? (Note: Round your answer up to the…Nova is retired trom a long career working for a company in New Jersey. This year, she decided to permanently move from New Jersey to Texas. The move was completed on April 9th. Nova received $25,600 in retirement income prior to her move. She received an additional $50,100 after moving. How much of Nova's retirement income is taxable on her New Jersey part-year resident return? $0 $25,600 $50,100 $75,700
