Archie runs a small mineral exploration business (as a sole proprietorship). In 2016, he purchased land (for $68,000) where he suspected a magnesium deposit was located. He incurred $18,000 of exploration costs related to the development of the magnesium mine in 2016 and an additional $22,000 of exploration costs in 2017. Archie elected to deduct these expenditures for regular tax purposes in both 2016 and 2017. In 2018, given a decline in magnesium prices, Archie chose to sell the property for $66,000, rather than bring the mine to production. What AMT adjustments are required in 2018 related to mine exploration expenditures and the sale of the land

From anderson and dahlin, ch1 question 1: suppose a computer system and all of its applications are completely bug free. suppose further that everyone in the world is completely honest and trustworthy. in other words, we do not need to consider fault isolation.

Minneapolis federal reserve bank economist edward prescott estimates the elasticity of the u. s. labor supply to be 3. given this elasticity, what would be the impact of funding the social security program with tax increases on the number of hours worked and on the amount of taxes collected to fund social security?

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u. s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u. s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u. s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u. s. gaap balances to ifrs.