Archive for February, 2009

i need a tax accountant to read this please,, CAPITAL GAINS TAX???

i am selling my farm property and i would like to know if i have to pay capital gains tax in the state of michigan? it is 56 acres and i have to pay the ex wife 50,000 dollars for divorce settlement, any info would be appreciated,,
thank you
I can HIGHLY recommend Turbottax for this question [...]

If I am a shareholder in a corporation, can I build a home on the property?

My family owns a 1000 acre farm that is a c Corporation. I am a shareholder in the corporation, albeit a small holder. My fiance and I would like to build a home on some of the property, about 2 acres. Does the property being held in a c Corporation make it impossible to build? [...]

accountants can you answer this??

On December 1, 2007, Cardinal Company, a garden retailer, purchased $20,000 of corn
seed, terms 2/10, n/30, from Iowa Farm Co. Even though the discount period had
expired, Sandi Kurtz subtracted the discount of $400 when she processed
the documents for payment on December 15, 2007. Discuss whether Sandi Kurtz
behaved in a professional manner by subtracting the discount, [...]

Help Me With This Econ Cost Problem?

Farmer McDonald gives banjo lessons for $20 an hour. One day, he spends 10 hours planting $100 worth of seeds on his farm. What opportunity cost has he incurred? What cost would his accountant measure? If these seeds will yield $200 worth of crops, does Mc Donald earn an accounting profit? Does he earn an [...]