Jun
9
How is gain or loss computed in a partnership?
Filed Under United States | Comments Off
Jordan asked:
I am contemplating entering into a partnership with my brother mainly to invest in securities and/or make loans to other businesses. Basically, we anticipate the income to be mainly from buying/selling securities and from interest income from the loans. How is gain or loss computed? Say the partnership sells securities at a gain, does the partnership recognize gain or do my brother and I recognize the gain and report it on our 1040? What about interest income? Does the partnership recognize ordinary income gain and if some of the money is distributed to my brother or I, will we recognize gain as ordinary or capital gain?
Quick Personal Loan
I am contemplating entering into a partnership with my brother mainly to invest in securities and/or make loans to other businesses. Basically, we anticipate the income to be mainly from buying/selling securities and from interest income from the loans. How is gain or loss computed? Say the partnership sells securities at a gain, does the partnership recognize gain or do my brother and I recognize the gain and report it on our 1040? What about interest income? Does the partnership recognize ordinary income gain and if some of the money is distributed to my brother or I, will we recognize gain as ordinary or capital gain?
Quick Personal Loan
Apr
10
How is CA sales tax computed when the item is on sale?
Filed Under United States | Comments Off
pi2thee asked:
Suppose a TV retails for $100 but is on sale for $80 this week.
When I buy this TV on sale (for 80), should the retailer calculate the tax based on 100 or on 80?
Suppose a TV retails for $100 but is on sale for $80 this week.
When I buy this TV on sale (for 80), should the retailer calculate the tax based on 100 or on 80?
If you have a pointer to a government web site that has a clear answer, I’d appreciate it.
Studded Snow Tires
Jan
31
When buying on line is the sales tax computed by the rate where it is sold or where it is purchased?
Filed Under United States | 2 Comments
Terri d asked:
We want to buy a tv on line from Wal-mart. Should we have it shipped to a store in a nearby county with a lower sales tax percentage or does it not matter? We live in the county in Ohio with the highest sales tax percentage.
Sports Equipment
We want to buy a tv on line from Wal-mart. Should we have it shipped to a store in a nearby county with a lower sales tax percentage or does it not matter? We live in the county in Ohio with the highest sales tax percentage.
Sports Equipment
Dec
24
slheeley asked:
What is the best way for me to advertise my Tax Preparation Business? I’m planning on sending out postcards locally next January…is there a better way? What kind of advertising do folks out there like to receive? Obviously I could hire someone, but I’m all about doing this myself. How can I get out there..what works, what doesn’t?
Lori
What is the best way for me to advertise my Tax Preparation Business? I’m planning on sending out postcards locally next January…is there a better way? What kind of advertising do folks out there like to receive? Obviously I could hire someone, but I’m all about doing this myself. How can I get out there..what works, what doesn’t?
Lori
