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2 years ago

Who benefits from deducting the amount paid in state income tax from their income for purposes of computing federal income tax?

1 answer:

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The person that benefits from deducting the amount paid in state income tax from their income for purposes of computing federal income tax is option a: Everyone who must pay state income tax.

<h3 /><h3>What are Income tax in the United States?</h3>

Income taxes in the United States is known to be a kind of a tax that is often imposed by the federal government, as well as a lot of states.

Note that the income taxes are said to be set by applying a tax rate as income increases, and as such,

Therefore, The person that benefits from deducting the amount paid in state income tax from their income for purposes of computing federal income tax is option a: Everyone who must pay state income tax.

Learn more about federal income tax from

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Answer:

Explanation:

Given that

Sue contributed amount = $18,000

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Basis in land = $28,000

Andrew contributed amount = $20,000

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Basis in equipment = $16,000

Basis in building = $28,000

Based on the above information, the gain that would be recognized is $0 as Partnerships recognize no gain on receiving contributed valued property. At the disposal of the asset, the constructed-in benefit or constructed-in loss will be revealed. For this, the partnership basis property i.e being acquired should be based on a carryover basis.

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3 years ago

Should Japanese companies such as Nintendo and Toyota with business in Mexico have hedged against adverse changes in the peso/ye

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<u>Solution and Explanation:</u>

These companies with the businesses in Mexico are not affected due to the adverse exchange rates and have nullified it, because they have their operations in the neighboring nations such as Canada and USA. Here, These companies do not use Yen as a currency for the exchange and since Mexico has NAFTA agreement with the USA and Canada, then these companies take the benefits of the duty free trade. Hence, a superior quality, scale of production and savings in duty and tariff, will make them get better off and nullify the impact of the exchange rate.

So, these companies have done it with the help of use of local currency and the US dollar as exchange currencies, and benefit of free trade with the member nations of NAFTA. These companies can also export the goods to those nations such as Brazil, Argentina to cater the demand in these nations. Here also, Yen will not be used.

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3 years ago

Soar Incorporated is considering eliminating its mountain bike division, which reported an operating loss for the recent year of

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Answer:

A net income decrease of $130900 will occur by eliminating the mountain bike division.

Explanation:

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3 years ago

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Answer:

a) December 3, 202x, merchandise sold to Sheridan Co., terms 3/10, n/30

Dr Accounts receivable 513,500

Cr Sales revenue 513,500

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Dr Sales returns and allowances 24,700

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Dr Cash 474,136

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Cr Accounts receivable 488,800

b) January 2, invoice collected from Sheridan Co.

Dr Cash 488,800

Cr Accounts receivable 488,800

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