(SOLVED) Ramon Clarita and Juan are shareholders in the

computer consulting
Ramon, Clarita, and Juan are shareholders in the computer consulting firm 3Geeks. Because
the business has had several years of success, Juan is ready to leave the business and
requests to be bought out. After negotiations among the owners, it is agreed that Juan will
receive $ 300,000 for his […]

Clarence is a packrat. He has clothes from when he was in high school some 20 years ago that
he never wears. He also has household items that have accumulated over the past 15 years.
Some of these household items have not been used by Clarence in years and he […]

King & Knight is a personal service corporation that has been in existence for five years. In the
current year, it makes a § 444 election to have its year end become October 31. King & Knight
incurs a net operating loss (NOL) for the current year amounting to $ […]

Several years ago, Agnes and Wyman Booth bought a home for $ 200,000. They lived in the
home for 10 years and then moved into an apartment. Unable to immediately sell the home,
starting in 2010 they rented it for two years, earning $ 24,000 in rents, and taking $ […]

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Tony, a gardener, loaned Harry, his friend, his new $ 500 lawn mower. Harry ruined the lawn
mower, but replaced it with a $ 425 model. Later in the same year, Tony loaned Harry $ 5,000
for bail, $ 3,000 to start a fencing operation, and $ 15 for a […]

Lila personally bought three insurance policies on her life. She borrowed $ 28,500 and prepaid
the first five years’ worth of annual payments on a whole life policy. In addition, she borrowed $
4,200 and paid one of the two required premiums on a group term policy through her
professional […]

Carol & Jerry, LLP, pays the Good Eats Cafe each month for the lunches the two accountants
eat there each work day. While at lunch, Carol and Jerry always discuss some business. Often
Carol and Jerry invite friends who work at other CPA firms to join them, so they can […]

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