I thought losses were never deductible on personal property
    Caroline-91970 - 06/15/2019, 9:55 pm
    Number 4?
    1
    Aren't charitable carryovers deducted first when determining the amount of gross income threshold for charitable contributions in CY? Can you help?
    Caroline-91970 - 06/15/2019, 9:28 pm
    So wouldn't it be 200K-8K=192K*10%=19,200 allowable charitable contributions in CY?
    0
    G
    Illegal Act
    Greg-82453 - 06/13/2019, 7:00 pm
    Why would you give a qualified opinion if there was an illegal act?
    1
    Right-of-Use Asset and Lease Liability expenses Can you help?
    PoorAuditStaffer - 06/8/2019, 6:55 pm
    The present value of the lease asset and liability are the same, so as the cash is paid to rent expense, there needs to be the lease asset reduction. This nets with the lease liability reduction (because it is operating and not based on interest). Shouldnt expense be grossed up by the reduction of the lease asset?
    0
    Why does it not qualify under 351?
    Caroline-91970 - 06/1/2019, 10:36 pm
    Is it because it's preferred stock he receives in exchange or is it because it's repayment for a loan?
    1
    I thought control was 80% of the stock?
    Caroline-91970 - 06/1/2019, 9:16 pm
    They're each getting 1/2 of the corp's shares so 50%.
    1
    U
    Accounts Payable Can you help?
    user-8842 - 05/31/2019, 3:51 pm
    Since the $40,000 was earned within the fist year, but not "paid out". Shouldn't the there be an expense for the $40,000 incurred but not paid. Therefore the $800,000 would be an increase in restricted net assets and the $40,000 would be a decrease in unrestricted net assets. There would also be a liability set up for the $40,000 expense. Then that liability would be debited when the $40,000 is actually paid out. Please correct me if i'm wrong.
    0
    L
    Understood. Can you help?
    LAURI-54946 - 05/30/2019, 2:21 am
    A disclaimer is not relevant because the auditor is aware of the material misstatement.
    0
    R
    Math
    R.B. - 05/29/2019, 9:41 pm
    What about the $70,000
    1
    U
    Not for profit Can you help?
    user-15173 - 05/28/2019, 12:41 am
    Where is the temporarily restict net asset on not for profit organization? It was eliminated?
    0
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