ACCT 401 DB 3 2023 Business Finance

2023 There will be 4 Group Discussion Board Forums throughout the course Groups will

There will be 4 Group Discussion Board Forums throughout the course.  Groups will be assigned alphabetically based on last name. The purpose  of Group Discussion Board Forums is to generate interaction among  students in regard to relevant current course topics. You are required  to post 1 thread of at least 500 words and 2 replies of at least 250  words each in response to 2 classmates’ threads. For each thread, you  must support your assertions with at least 2 citations other than the  textbook. The Bible must be one of those sources. Everything must be in  current APA format, and citations for the replies are not required but  encouraged.

Question 2: Wes has been an orthopedic surgeon in Atlanta for 15 years.  He would like to devote less time to his medical practice, spend more  time with his family, and pay less income tax. His net income from his  medical practice has been about $500,000 per year for the past five  years.

Wes grew up on a dairy farm in southeastern Georgia. He  has many fond memories of his childhood and believes a farm would be an  excellent environment for his three children. Consequently, he  purchases a dairy farm about 30 miles from Atlanta.

He hires  two full-time employees to handle the milking operations and other  part-time employees as needed. In addition, Wes and his family  participate in performing various activities on the farm.

Wes  commutes to Atlanta four days a week to continue his medical practice.  Because he is devoting less time to the practice, his net income  decreases to $400,000. Wes has a loss of $75,000 for the dairy farm that  he attributes to depressed milk prices and his inexperience at running  the farm. He considers the medical practice and the dairy farm to be  separate trades or businesses. Therefore, on the Federal income tax  return, the $75,000 net loss is offset against the $400,000 net income.  Assume that the net income and net loss from the medical practice and  the dairy farm, respectively, remain approximately the same for the next  four years. Is the position adopted by Wes defensible? Discuss.

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