Answer:
B) $9,500, 000
Explanation:
The tax basis for Ted's estate is $9,500,000, ans since it falls under the current federal estate tax exemption($11,400,000), his wife and children do not have to pay any estate taxes. If Ted's family sells the assets before the six month alternate valuation is effective, then their tax basis will be the same as Ted's estate ($9,500,000).
Answer:
$165,000
Explanation:
The first step is to calculate the work in process inventory
= 50,000/40/100
= 50,000/0.4
= 125,000
Therefore the total manufacturing cost can be calculated as follows
= 240,000-125,000+50,000
= 115,000+50,000
= 165,000
Hence the total manufacturing costs is $165,000
Answer: $5960
Explanation:
Based on the analysis and the information provided in the question, the amount of taxes that Tim can deduct as an itemized deduction will be the addition of the Tim's state income tax return for the previous year, the state tax that was held during the year and the estimated state tax payment. This will be:
= $740 + $4200 + $1020
= $5960
Therefore, the amount of taxes that Tim can deduct as an itemized deduction will be $5960.
When actual revenue <u>exceeds</u> what the revenue should have been, the variance is labelled favourable.
Hope that helps!
