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vanja83
I have a BA in Accounting and an MBA in Finance. I own my own bookkekeping/tax preparation business. I've also worked as an auditor for one of the national public accounting firms. I'm currently working on my CPA licence. I passed two exams and have two more to go. www.directacct.com
Texas mixed beverage gross receipts tax & sales tax?
When a restaurant sells mixed beverages at their location and they pay 14% on those sales as a liquor tax in Texas. Does this include sales tax, or does sales tax of 8.25% need to be paid in addition to the 14%?
3 AnswersUnited States1 decade agoInstallment sale - tax treatment?
Mr Smith sold one of his residential properties to a related party back in 1996. This was an installment sale. In June 2008, Mr Smith bought back the property for $6,000 and assumed $8,186 that was owed to Mr Smith. The original sale price is not available at this time but can be obtained from Mr Smith if required. Before the buyback occurred, Mr Smith received a total of $12,979 in principal payments over the years. My question is how do I treat this for tax purposes?
Mr Smith has another property that he sold on an installment basis to a related party as well. The buyer foreclosed and Mr Smith repossessed the property in August 2008. How do I treat this for tax purposes?
2 AnswersUnited States1 decade ago