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Elan Coil [88]
3 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]3 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>

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Purely competitive industry X has constant costs and its product is an inferior good. The industry is currently in long-run equi
jasenka [17]

Answer:

increase in output, but not in the equilibrium price of the product. 

Explanation:

The options weren't provided. The full question can be found here - https://www.chegg.com/homework-help/questions-and-answers/perfectly-competitive-industry-x-constant-costs-product-inferior-good-industry-currently-l-q39354625

An inferior good is a good whose demand increases when income falls and whose demand falls when income rises.

When average income falls, the demand for good X rises. The level of output increases as a result of the rise in demand but price doesn't change.

I hope my answer helps you.

5 0
2 years ago
12-month bank loan in the amount of $45,000 had been obtained by the country club on November 1. Interest is computed at an annu
Thepotemich [5.8K]

Answer:

Debit: $300

Credit: $300

Explanation:

See attached picture for explanation.

7 0
3 years ago
In an initial survey designed to estimate the percentage of time air-express cargo loaders are idle, an analyst found that loade
vlabodo [156]

Answer:

13.3%

Explanation:

The time in which the employee are free or not working due to halt in operation or a process. The employee are ready for work in this time and waiting for operation to start.

According to the given data

Total observations = 45 observations

Number of observation that found loader idle = 6 observations

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4 0
3 years ago
Angor, a manager at Primely Co., is asked by his manager to rate his subordinates' performances. He needs to rate 30 employees o
kvv77 [185]

Answer:

Leniency

Explanation:

In business, leniency refers to a of mistake that occurred when you do not take instruction from your superior or client too seriously.

Typically, this will resulted in a confrontation since the one who pay for your labors believed that you just take their money without wanting to provide good results.

In the example above, from 30 employees, Angor rate 25 of them with an exact same rating. (8 from possible 1-10). This will most likely occur because Angor did not really use a strong/proper requirements for the scoring.

8 0
3 years ago
Gary has an 80% LTV loan on his new $318,000 townhome with an annual interest rate of 4.125%. What’s his interest payment the fi
Mumz [18]

Answer:

interest amount = $874.50

Explanation:

given data

LTV loan = 80%

amount =  $318,000

interest rate = 4.125% = 0.04125

to find out

interest payment the first month

solution

first we get here loan amount  that is

loan amount = 80% of $318,000

loan amount = $254,400

now we get here interest amount for 1st month that is

interest amount = loan amount × interest rate  × time period

put here value

interest amount = $254,400  × 0.04125 × \frac{1}{12}

interest amount = $874.50

3 0
3 years ago
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