From the information given, the amount of the projected 2022 loss, if any that Ron May deduct on his income tax return for 2022 is "$14,000" (Option D) See explanation below.
<h3>What is the explanation for the above answer?</h3>
In general, Section 704(d) of the Code states that a partner's distributive share of a partnership loss (including capital loss) is limited to the adjusted basis of such partner's interest in the partnership (outside basis) at the end of the partnership year in which such loss occurred.
If a partner's share of partnership losses exceeds its outside basis in a given taxable year, the losses are permitted to the extent of basis, and any excess amount is carried over to the following taxable year in which the partner has outside basis available.
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Full Question:
Ron's investment in his XYZ partnership interest on December 31, 2021, was $12,000. As the result of a serious downturn in business, the partnership calculates Ron's share of the partnership's losses in 2022 will be $14,500. How much of this projected 2020 loss, if any, may Ron deduct on his income tax return for 2022?
A) $12,000
B) $2,500
C) $0
D) $14,000
The answer is A. Increased family income.
In order that a person could afford to spend on a home, first things first is they must have a bigger family income so that they can sustain paying all their bills plus the price of the home that they wanted to buy.
When you engage in this action as a project manager, this is known as <u>reforecasting</u>.
<h3>What is reforecasting?</h3>
- It refers to changing the amounts ascribed to budgetary items.
- It is usually done due to a change in projected spending or income.
The vendor in question is costing more than anticipated which means that there is an increase in spending. By shifting funds and recalibrating the budget, you are reforecasting.
In conclusion, option D is correct.
Find out more on budgeting at brainly.com/question/6663636.
Answer:
$399,950
Explanation:
The computation of cash provided (used) in operating activities using the indirect method is shown below:-
Cash flow from operating activities
Net income reported $260,000
Add: depreciation expenses $100,700
Less: gain on sale of equipment -$6,500
Add: decrease in accounts receivables $41,500
Add: increase in accounts payable $18,750
Less: decrease in wages payable -$14,500
Cash flow from operating activities $399,950
We simply added the cash inflows and deduct the cash outflows to reach out the operating activities
