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Zanzabum
3 years ago
12

QUIZLET Francisco owns a beach house condo that he rents. The following information is available: Personal use days 10 days Used

by relatives 90 days Rental days 200 days Rental income $40,000 Expenses: Association condo fees $24,000 Utilities: Taxes $12,000 Interest on acquisition loan: $600,000 at 3% interest only $18,000 (this is the only debt of the taxpayer) Management fee for rentals $15,000 Depreciation $4,000 What kind of activity is this for tax purposes? Question 39 options: Vacation home. Personal residence Rental property Mixed use property
Business
1 answer:
uranmaximum [27]3 years ago
5 0

Answer:

rental property

Explanation:

Basically if you rent a property for 15 days or more per year you must include any revenue generated as rental income, and the property is classified as rental property. In this case, Francisco rented this beach house for 200 days during the past year and received $40,000 in rental income. Since his personal use of the house was 14 days or less (only 10 days), he will be able to deduct related expenses.  

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The concept of ________ suggests that when a company has built significant value into its product offerings, trying to increase
Vinvika [58]

Answer:

diminishing returns

Explanation:

I'll provide you with a situation as an example.

Let's say that you are running a successful ice cream company. Typically, ice creams are made with dairy. This made a certain percentage of population couldn't consume it since they are lactose intolerant. (Basically eating dairy will give them diarrhea ).

There are not many people who have this condition. Let's say that you want to increase the value of your product and use the materials that makes your product become consumable to this specific population while maintaining the original taste.

This would resulted in a small amount  increase in customers base , but the investment that you need to make in order to make it happen will be substantial. You basically have to invest in researches to find the perfect ingredients, invest in additional marketing expense to educate the customers on the new product, change your current production flow, etc.

5 0
3 years ago
Sarah has been working full-time at Eve's Golf Inc. for three years. While at college, she worked as a part-time employee at Bur
Olin [163]

Answer:

The appropriate solution will be the "establishment" stage.

Explanation:

  • The establishment stage throughout professional advancement or career progress is the time where someone who starts to pursue jobs and receives one's first assignment.
  • Thus, during that point, the candidate goes through all the induction process, the acknowledgment of a position as well as the accommodation of the particular organization.

So that Sarah's profession has been at the level of the establishment.

3 0
3 years ago
Two gamblers bet $1 each on the successive tosses of acoin. Each has a bank of $6. What is the probability that:a They break eve
strojnjashka [21]

Answer:

Part a: The probability of breaking even in 6 tosses is 0.3125.

Part b: The probability that one payer wins all the money after the 10th toss is 0.0264.

Explanation:

Part a

P(success)=1/2=0.5

P(Failure)=1/2=0.5

Now for the break-even at the sixth toss

P(Break Even)=P(3 success out of 6)

P(3 success out of 6)

=^6C_3/(2^6)\\=5/16\\=0.3125

So the probability of breaking even in 6 tosses is 0.3125.

Part b:

So the probability that one of the player wins all the money after the 10th toss is given as the tenth toss is given as a win so

Wins in 9 tosses is given as 9!/7!=72

The probability that the other person wins

Wins in 8 out of 10 tosses is given as 10!/8!(10-8)!=10!/8!2!=45

So the probability of all the money is won by one of the gambler after the 10th toss is given as

P=number of wins in 9 tosses-Number of wins in 10 tosses/total number of tosses

P=(72-45)/2^16

P=0.0264

So the probability that one payer wins all the money after the 10th toss is 0.0264.

8 0
3 years ago
If the contribution margin is not sufficient to cover fixed expenses: a. total profit equals total expenses. b. a net operating
erik [133]

Answer:

Option b. a net operating loss occurs.

Explanation:

contribution margin is simply known to be that portion of sales revenue that is yet to be consumed by variable costs and so is an addition to covering the fixed costs. The higher the contribution margin ratio, the more smaller or fewer the units that will need to be manufactured to become profitable. In short, it is sales revenue minus fixed expenses.

3 0
3 years ago
Marc is 32 and married to Estella, who is 30. Estella is a stay-at-home mom to their two children, ages 1 and 4. They currently
astraxan [27]

Answer:

B. $1,015,500 on Marc ; $756,500 for Estella

Explanation:

Marc has current salary of $110,000 with which he runs the household expenses. If Marc dies then there should be more insurance coverage because he is the only person who earns in the house. Estella is a house wife and insurance coverage for her is lower than Marc because he will still be able to continue his earning.

6 0
2 years ago
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