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RideAnS [48]
3 years ago
7

Which tax form is submitted by an individual with no dependents and minimal claims to determine whether they owe the government

taxes or will receive a refund?
Business
1 answer:
Gennadij [26K]3 years ago
8 0
The 1040 or 1040EZ is the tax form that is traditionally submitted by an individual without dependents and minimal claims to determine what they owe the government in taxes or if they will receive a refund. 
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In 2017, John opened an investment account with Randy Hansen, who held himself out to the public as an investment adviser and se
yulyashka [42]

Answer:

The relevant tax issues are as follows:

- Is the loss a theft loss or an investment loss?

- Is the loss subject to either the personal loss limits or the limits on itemized deductions?

- How is the amount of the loss determined?

- In which year can the loss be taken?

- Is there a way to receive a tax benefit for the full amount of income recognized in prior years?

The irrelevant tax issue is:

- Did John have other casualty or theft losses within the last five years?

Explanation:

In this scenario John invested and provided Randy with a power of attorney to use $200,000 to purchase and sell securities on his behalf.

The earnings were to be reinvested, but John realised in 2020 that Randy was running a Ponzi scheme and his account was zero.

As John will most likely not be possible a casualty loss may be allowed.

Since the loss happened in 2017 when he invested the theft loss will be deducted in that year.

He will be able to deduct his losses under 165.

Deductions are allowed for losses in a tax year that is not covered by insurance.

Losses that can be claimed are limited to:

- Losses in business or trade

- Losses in transactions for profit

- Losses as a result of theft, fire, storm, or shipwreck.

5 0
3 years ago
Cabell Products is a division of a major corporation. Last year the division had total sales of $25,320,000, net operating incom
Pie

Answer:

ROI = Net operating income        x 100

         Average operating assets

ROI = $1,924,320   x 100

         $6,000,000

ROI = 32.1%

The correct answer is C

Explanation:

ROI is the ratio of net operating income to average operating assets multiplied by 100.

7 0
3 years ago
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the deman
Snowcat [4.5K]

Answer:

switch away from growing soy beans and growing corn

Explanation:

if the price of corn increases,it would be an incentive for farmers to increase their production of corn so as to increase their profits.

7 0
3 years ago
Which crime is BEST represented by the following situation?
Shtirlitz [24]

Answer:

The answer is C. Money Laundering

Explanation:

Solution

From the question stated it can be described as a crime of money laundering.

Money laundering involves the use of illegally obtained money for legitimate purposes.

In this scenario, Jeff uses $15,000 from his illegal sales of drug paraphernalia for setting up a toy store. The origin of the money, which was obtained through illegal method was hidden.

Robbery and larceny are examples of theft that involves stealing items of value from another person. Embezzlement is also a kind of theft. It involves withholding of items with the intention of theft .

4 0
3 years ago
Identify the kind of motivation at play based on the consumer’s behavior in the given scenario. Lila is going to purchase a couc
Contact [7]

The kind of motivation at play based on the consumer’s behavior in the given scenario is <u>irrational motive</u>

There are two kinds of motives in consumer behavior which includes:

  • Rational motives: This has to do with making a purchasing decision based on the best decision available that would give maximum satisfaction.
  • Irrational (emotional) motive has to do with those decisions that a consumer makes based on how he <em>feels </em>about a particular product, without considering utility (satisfaction)

Based on the given scenario, we are told that Lila is going to purchase a couch and she goes to the store to get one. When she gets there, she notes a comfortable cushion, but makes the decision to get a less comfortable for "reasons she cannot explain". This is an example of Irrational (emotional) motive

Read more here:

brainly.com/question/14765486

8 0
2 years ago
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