The Gonzaleses filed their prior year federal, state, and local returns on April 12 of...
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Accounting
The Gonzaleses filed their prior year federal, state, and local returns on April 12 of the current tax year. They paid the following additional taxes with their prior year returns: federal income taxes of $630, state income taxes of $250, and city income taxes of $75.
Using relevant tax laws and regulations, identify and explain the maximum depreciation deduction for Grahams business.Complete tax forms for filing the Gonzales couple's tax return for the current tax year 2016. You will use 2016 tax return forms.
Prepare a tax memo addressing all tax positions taken for each item, citing relevant code and regulations to support each position. Please take the positions using tax law before the enacted Tax Cut and Job Act of 2017
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