1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Shkiper50 [21]
3 years ago
14

David purchases a yacht solely for the purpose of entertaining real estate clients. He wishes to position himself as a high-end

real estate salesperson specializing in very expensive residences and uses the yacht only for business entertainment. During 2018, his expenses for maintaining and operating the yacht, including depreciation, were $28,000. In addition, he incurred $9,000 of catering expenses for meals he provided to business clients on the yacht. What is David's tax deduction in 2018?Explain.
Business
1 answer:
inysia [295]3 years ago
6 0

Answer:

The tax deductions for the year are as follows:

Depreciation                             $28000

Catering expenses (50%)          $4500

Total deductions                        $32500

Explanation:

Depreciation is deductible in full as it is an operating expense for the year 2018.

Catering expenses deduction is limited to 50% maximum ,while the remaining 50% is not an allowable deduction for tax purposes.

You might be interested in
Parsley, a world-famous chef, signs a contract to give lessons in French cooking to Curry. Parsley wants to transfer his duties
Margarita [4]

Answer:

C. <u>not valid because performance depends on Parsley's personal skills</u>

Explanation:

A valid contract refers to an agreement entered into by parties which legally binds both parties and is enforceable under the law.

For a contract to be termed as valid, it must be performed by the parties to it.

Performance clause in a valid contract refers to doing or acting in a way as is required by the terms of the contract.

In the given case, Parsley signed a contract to provide services i.e provide French cooking lessons to Curry. Later, Parsley wants to transfer his duties to Relish.

The transfer will not be valid since the performance i.e service to be provided by Parsley are of personal nature and the consideration is based upon that. No two individuals can provide exact services.

8 0
3 years ago
The retail mall owner told a marketing researcher, "We have the option of staying open late twice a week or opening up an hour e
Alborosie

Answer:

develop your research plan

Explanation:

The five steps in the marketing research process are:

  1. Define the problem (or opportunity)
  2. Determine your research design
  3. Develop your research plan: during this step you design your research tool, e.g. questionnaires, focus groups, etc. You must also prepare a budget that covers the costs of carrying out your research plan.
  4. Collect relevant data.
  5. Analyze data.
  6. Visualize data and report findings.
4 0
3 years ago
Over the last 5 years, a client has bought 200 shares of XYZ Mutual Fund each year in a taxable account and has elected to have
Greeley [361]

Answer:

Is the question asking for the mean/average or no?

8 0
3 years ago
A company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 3
Monica [59]

The inventory indicates that the cost of goods sold will be $25000.

<h3>How to calculate the cost of goods sold</h3>

It should be noted that the cost of goods sold ic calculated through the formula:

= Opening inventory + Purchases - Closing inventory

= $10000 + $20000 - $5000

= $25000

Therefore, the cost of goods sold is $25000.

Learn more about inventory on:

brainly.com/question/24868116

7 0
2 years ago
A purchaser paid $403.10 for a TV that cost the seller $290. If the seller's markup was 39% of the $290 cost, then what would be
CaHeK987 [17]

Percent markup based on the selling price: 28.1%

Explanation:

The cost of the TV for the seller was

c=\$290

Of this, the markup of this price was 39%. Therefore, the value of the markup (in dollars) with respect to the cost for the seller was

m=0.39\cdot 290 =\$113.1

So, this was the markup relative to the cost for the seller.

The price paid by the purchaser instead is

p=\$403.1

Therefore, the percent markup based on the selling price (paid by the purchaser) is:

\frac{m}{p}\cdot 100 = \frac{113.1}{403.1}\cdot 100 =0.281\cdot 100 = 28.1\%

Learn more about percentages:

brainly.com/question/82877

brainly.com/question/1834017

#LearnwithBrainly

5 0
3 years ago
Other questions:
  • Steven is moving into his first apartment in a few weeks and has been busy packing. In addition to the things he has purchased w
    10·1 answer
  • In a period of rising prices, the inventory method that produces the lowest ending inventory is the:
    8·1 answer
  • People who have been at the same job for a long time are considered:A. Good credit risk B. Bad credit risk
    8·1 answer
  • When reviewing the balance sheet for Portable Pet Care, Inc., a mobile small animal care business, Ricky noted the following inf
    7·2 answers
  • An associate professor of physics gets a $200 a month raise. She figures that with her new monthly salary she can buy more goods
    13·1 answer
  • Which of the following is a disadvantage of a decentralized organizational structure? A. Increasing the size of the corporate bu
    13·1 answer
  • Parker &amp; Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company
    6·1 answer
  • Brenda, a self-employed taxpayer, travels from Chicago to Barcelona (Spain) on business. She is gone 10 days (including 2 days o
    15·1 answer
  • 1. Which of the following courses would be most helpful for a person wanting a career in
    7·2 answers
  • 47. Specialty stores use a wide variety of products in one product category as their key competitive tool.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!