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alexdok [17]
2 years ago
5

Patrick and Kathy bought a home for $250,000 three years ago and sold it this year for $225,000. What is the deduction they can

take for the loss on the sale?
$0
$2,500
20% of $25,000
60% of $25,000
Business
1 answer:
Diano4ka-milaya [45]2 years ago
6 0

The amount they can take as deduction for the loss on the sale of their home is; $0.

<h3>How much can they take as deduction for the loss on the sale?</h3>

It follows that deductions can only be taken on losses incurred on the sale of property used for business or investment purposes.

Hence, since the item sold is their personal home, it follows that they cannot take any deduction on the loss on the sale.

Read more on sale deduction;

brainly.com/question/22525377

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7 0
3 years ago
Phyllis invested $10,000, a portion earning a simple interest rate of 8 1 2 % per year and the rest earning a rate of 8% per yea
Vinil7 [7]
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3 0
3 years ago
The price elasticity of demand for beef is about 0.60. Other things equal, this means that a 20 percent increase in the price of
givi [52]

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Quantity of beef demanded will decrease by 12%

Explanation:

Data provided in the question:

Price elasticity of demand for beef, Ed = 0.60

Increase in the price of beef = 20%

Now,

Price elasticity of demand for beef,

Ed = [ Percentage change in Quantity ] ÷ [ Percentage change in price  ]

or

0.60 = [ Percentage change in Quantity ] ÷ 20%

or

Percentage change in Quantity = 0.60 × 20%

or

Percentage change in Quantity = 12%

Also,

Price and Quantity are inversely proportional

Hence,

With the increase in price, the quantity will decrease

Therefore,

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3 0
3 years ago
You have just won a contest where the prize is either a new motorcycle, with an MSRP of $30000, or $20000 in cash. You do not ha
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Based on the scenario in the question, we've been given three options which are a new motorcycle, with an MSRP of $30000, or $20000 in cash.

The manufacturer's suggested retail price (MSRP) is simply the price that the producer of a product recommends ifor the product to be sold in retail stores.

Based on the scenario, the best option will be to choose the motorcycle. This is because it can sold for an amount that is not than the cash prize option of $20,000 since the motorcycle is valued at $25000.

4 0
3 years ago
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