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
Elan Coil [88]
2 years ago
11

Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a par

tnership). Timothy is married, and Prada is single. Each contributes $400,000 of capital to begin the business, and both materially participate in the business. In 2018, TGPS reports a net loss of $580,000. What are the implications of this loss for Timothy and Prada? If an amount is zero, enter "0".
Timothy has an excess business loss of $ 0 . He may use $ 290,000 of his share of the $580,000 LLC business loss to offset nonbusiness income . Prada has an excess business loss of $___________ . She may use $_________ of her share of the $580,000 LLC business loss to offset nonbusiness income .

Any excess business loss is treated as part of the taxpayer's NOL carryforward .
Business
1 answer:
sasho [114]2 years ago
8 0

<u>Solution and Explanantion:</u>

Prada has an excess business loss of $ 40000 . She may use $ 250000 of her share of $580000 LLC business loss to offset non business income.

As per new limit for IRS excess business loss will be for a single in excess of  $250000. Any excess above this amount will be disallowed and treated as excess business loss which will be carried forward to next years .

Now here as Prada is single she has $290000 share in total loss of $580000 as per new IRS limits she is allowed up to $250000 to set off against current years non business income and $40000 she can carry forward future years this excess business loss of $40000 is treated as part of the taxpayer's NOL carry forward .

<u></u>

You might be interested in
A Perfectly competitive firm’s entire marginal cost curve is its short-run supply curve." Is this statement true or false?
Sphinxa [80]

Answer:

False.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Hence, a perfectly competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market

A Perfectly competitive firm’s entire marginal cost curve is not its short-run supply curve but only the portion of the marginal cost (MC) curve of the perfectly competitive firm that lies above its average variable cost (AVC) curve would be its short-run supply curve.

3 0
2 years ago
An organization that transforms resources into an intangible output that is available when and where customers want it is a
xxMikexx [17]

Answer:

Service

Explanation:

8 0
2 years ago
The records of the Dodge Corporation show the following results for the most recent year:
Licemer1 [7]

Answer:

unitary contribution margin= $6

Explanation:

Giving the following information:

Sales (16,000 units) $256,000

Variable expenses $160,000

<u>First, we need to calculate the unitary selling price and unitary variable cost:</u>

Selling price= 256,000 / 16,000= $16

Unitary variable cost= 160,000 / 16,000= $10

<u>Now, the unitary contribution margin:</u>

unitary contribution margin= selling price - unitary variable cost

unitary contribution margin= 16 - 10

unitary contribution margin= $6

5 0
3 years ago
"Sally is in charge of erecting billboards along highways. The billboards display the logos of newly launched brands in the mark
USPshnik [31]

Answer:

preattentive processing

Explanation:

Preattentive processing -

It refers to the unconscious information , which can be adapted by the environment  , is referred to as preattentive processing .

It refers to the information or the facts that are usually present or adapted by the minds .

The information or data need not be learned again or revised .

As it is a human behavior to connect the things with some predefined knowledge or thoughts .

Hence , from the given scenario of the question ,

The correct term is preattentive processing .

3 0
3 years ago
Theresa leased a one-bedroom apartment from Landlady for one year at $500 per month. After three months, she vacated the apartme
LenaWriter [7]

Answer:

She owes 4500 because she leased the apartment for 1 year and her yearly total would be 6,000 but since she left after three months the amount she paid was 1,500 and 6,000 - 1,500 is 4,500 that is how much she owes.

Explanation:

I hope this helped have a great day!

5 0
3 years ago
Other questions:
  • Joe's boss, Jessica, catches him taking money from the office coffee fund. Joe explains he was not stealing, but rather getting
    5·1 answer
  • Effects of containerisation,..... 10 points
    9·1 answer
  • Which of the following is true? AChecks and Debit Cards both withdraw money directly from a bank account. BDebit cards offer the
    7·2 answers
  • On December 31, Carmack Company received a $215 utility bill for December that it will not pay until January 15. The adjusting e
    6·1 answer
  • On October 1, Gala Corporation has 300 units of Product XYZ on hand. The company plans to sell 1,200 units of Product XYZ during
    8·1 answer
  • A rule that every imported product must be opened by hand and inspected with a magnifying glass, by one of just three government
    10·1 answer
  • Suppose purchasing power parity holds. If the price level in the United States is 100 dollars per good and the price level in Ja
    14·1 answer
  • Use context clues to explain the meaning of the word interdependence in your own words.
    14·1 answer
  • Which of the following would NOT increase demand for sushi, a normal good?
    10·1 answer
  • The slope of the PPF can also be expressed as the ratio of the marginal products of labor to the marginal product of capital. co
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!