I think it’s D bc that’s actual evidence of there being mice
Answer:
The property will be depreciated using the remaining 3 years of its life after the tax-free incorporation transfer year. This is because Dan had already depreciated the property for 2 years before the transfer.
Explanation:
Sec. 351 allows a tax-free incorporation transfer if certain requirements are met, including that the property must be transferred to Fleck Corporation by Dan in exchange for stock in Fleck Corporation, and, immediately after the exchange, the Fleck Corporation is in control.
Answer:
1. Huprey can resonably estimate that a pending lawsuit will result in damages of $1,280,000, it is probable that Huprey will lose the case.
2. It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable.
3. Huprey is being sued for damages of $2,400,000. It is very unlikely (remote) that Huprey will lose the case.
Explanation:
Contingent liabilities must be recorded only when it is probable that the liability will happen and you can estimate the associated costs.
When contingent liabilities are only reasonably possible or you cannot estimate the amount, they must be included in the footnotes of the financial statements.
When contingent liabilities are not reasonably possible, nothing needs to be disclosed.
Answer:
Following is attached the solution to each part of the given question.
I hope it will help you a lot!
Explanation:
Answer:
The Earned Income credit
Explanation:
Many economists choose the earned income credit (EIC) over the increase in minimum wage because it avoids deadweight losses. Deadweight losses results when supply are demand are not in equilibrium (Market Inefficiency). Increases in minimum wages invariably leads to increase in prices of market goods which are overpriced. This leads to market Inefficiency.
So in trying to help low income earners, many economists choose the EIC over just increasing minimum wage.
The earned Income Credit helps certain tax payers with low incomes from work in a particular tax year. It reduces the amount of tax owed and may result in a refund to the tax payers if the amount of credit is greater than the amount of tax owed.
