Answer:
Jackson can only deduct $0.
Explanation:
The treatment of this question falls under Section 1244 of the IRS and its treatment for Tax.
According to Section 1244 Stock, there are conditions before a stock loss can be deducted as an ordinary loss.
Two of the requirements are as follows:
- The shareholder must have purchased the stock and not received it as compensation.
- Only individual shareholders who purchase the stock directly from the company qualify for the special tax treatment.
In the case of Jackson, the stock was inherited from his parents and not purchased directly from Bean Corp disqualifying from the provision of the section.
Answer:
a. $425,000
Explanation:
<em>Calculation of compensated absences expense for the year</em>
Closing balance of compensated absences = $150,000
+ Payments made for compensated expenses = $400,000
- Opening balance of compensated absences =<u> - $125,000</u>
Compensated absences expense for the year = $425,000
Answer:
C. communicate results and deviations with management and employees involved.
Explanation:
The control process is a process in which the company collects and evaluates the information about a system or process to make decisions. This process involves: establishing performance standards, measuring the actual performance, evaluate the performance against the standards, analyze results and possible deviations and take the necessary actions. As Kyra already compared the results of the promotional campaign with the company's outcome expectations, the next step would be to analyze the results in which she would have to share the information with the employees involved and determine if there are deviations. According to this, the answer is that the next step in the control process is to communicate results and deviations with management and employees involved.
Answer: The total of $350,000 will be Maria and Javier's qualified business income.
Explanation:
The amount of guranteed payments, i.e., $500,000 will not be included in the qualified business income. Therefore, their qualified business income is $350,000. Since they are equal partners, we will divide the $350,000 by 2 which will give us $175,000 for each of them.
