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Belinda Brown, winner of the 1999 contest, took the house and tried to rent it out to cover the taxes, but she couldn't make enough money. She ended up owing close to $300,000 to the IRS and had ...
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Information returns are reports used to transmit information about income, receipts or other matters that may affect tax liabilities. For example, Form W-2 and Form 1099 are used to report on the amount of income that an employer, independent contractor, broker, or other payer pays to a taxpayer. A company, employer, or party which has paid ...
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
1.2 Cash receipts journal. ... Sales Tax Payable Credit April 1 900 ... Rent Expense $1,200 $1,200 July 2 1255 BCD Corp. $1,200 $1,200
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