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makkiz [27]
1 year ago
5

in 2021, kiana's house boat was destroyed by a storm in a region that was declared a federal disaster area by the president. she

had purchased the boat in 2017 for $65,000. on what form(s) will kiana report this loss?
Business
1 answer:
luda_lava [24]1 year ago
5 0

Kiana will report under the head of natural disaster and its compensation amount is also exempt.

  • In income tax, there are a total of five heads of income viz
  1. income from salary
  2. Income from house property
  3. Income from profits and gain of business or profession
  4. Income from capital gains
  5. Income from other sources
  • Each head of income describes different features of income that are taxable.
  • Income tax is a tax levied on income or profits received by an individual or entity. Income tax is usually calculated as the product of tax rate and taxable income.
  • Tax rates vary depending on the type and characteristics of the taxpayer and the type of income.

Thus, Kiana's loss results from a natural disaster that is exempt under section 10(10BC).

To know more about income tax refer : brainly.com/question/26316390

#SPJ4

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The answer is A) target market.

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During the recent economic crisis, many financial managers and corporate officers have been criticized for (a) poor decisions, (
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David Grange is married and claims 4 withholding allowances. If he is paid biweekly and earns $1,846 per period, use the percent
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Read 2 more answers
1. Define business. Explain the functions of business.
kotegsom [21]

\large{ \tt{☄ \: ANSWER}} :

↦ Business is an economic activity that is directed towards acquiring and earning profit and wealth through customer's satisfaction. It plays an important role for the economic development of the country and uplift living standard of the people. Some of the functions of business are described below :

  • Creation of utilities : For the fulfillment of needs of customers , business creates various types of utilities. A business has many components and each component is involved in the creation of the certain utility. For instance : manufacturers create from utility , transportation system created place utility , warehousing time utility and insurance companies risk utility.

  • Generation of employment : Business is a source of employment. Various types of employees are required to a business. In industries , both skilled and unskilled manpower are required for production , distribution and auxiliaries functions. Hence , the development of industry and commerce helps to solve the unemployment problem of a nation.

  • Earning Foreign Currency : Business is the main source of earning Foreign Currency. Foreign currency can be earned by exporting surplus products and services to foreign countries. The development of export trade brings favourable balance in payment.

  • Provides investment opportunities : Business provides investment opportunities to the investors in production and distribution activities. Depending on the nature of investment ; investors receive dividend , interest or other financial benefits. The persons of organizations having sufficient capital can invest their money in production and commercial activities according to their interest , capability and knowledge.

\large{ \tt{✺ \: STUDY \: TIP}} :

  • FEED YOUR BRAIN : Foods like apples , walnuts and blueberries can improve your ability to focus , retain information and remain mentally alert. ♪

ツ Hope I helped! ♡

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3 0
3 years ago
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