Answer:
a. Lockheed Martin is a government contractor
b. Amtrak is a government corporation
Explanation:
a. Lock heed Martin as a Government Contractor
A government contractor is a company that does contracts predominantly supplied by the government. The contracts are financed by the government mostly from tax collection. These contracts vary in type whether it is defense or any other type of contract for that matter.
In the case of Lockheed Martin, this is a defense contractor that has been listed as one of the biggest government contractors over the years. It also has worldwide interest in aerospace and advanced technologies. This company was formed as a result of a merger between Lockheed Corporation and Martin Marietta on the March of 1995.
b. Amtrak as a government corporation
From these information it can be concluded that a government contractor is in most cases is a private company that bids for tenders from the government. The bidding process is usually open to all qualified companies. After thorough assessment of these bids, the government awards the contract to the most qualified company. In the case of Lockheed Martin, the government usually requires a specialized skills in aerospace, and defense.
A government corporation on the other hand is a huge company that is there majorly for the interest of the public. It is usually partly owned by the government therefor receives a combination of state and federal subsidies. It is also usually for non-profit purposes since it is formed for the benefit of the public. The National Railroad Passenger Corporation which does it's business with the name Amtrak is a railway corporation formed in 1971 and is partly owned by the government. It provides railway services of transporting people and goods connecting many states. It therefor serves as a government corporation.
Answer:
(B) Mark has a $3,000 capital loss deduction.
Explanation:
Based on the tax bracket proposed, we deteminate the 7,000 is a short-term gain
and the second a long term gain.
First we must offset short capital losses against short capital gains:
7,000 - 18,000 = 11,000 short-term loss
now we offset against long term, if it is gain it will be long term gain if loss short term loss:
6,000 - 11,000 = 5,000 short-term loss
Okay we end up with a total loss of 5,000 but; <u>we have a cap at 3,000 </u> . So that is all Mark can claim as a deduction in other categories against wages and salaries or to carry foward over next period
Answer:
C. Subject to 30% withholding tax under the Branch Interest Withholding tax rules.
Explanation:
Options are <em>"A. No interest withholding as the interest is deemed paid by the foreign corporation, since the U.S. branch is not a U.S. corporation. B. No interest withholding tax since the recipient of the interest is a foreign corporation. C. Subject to 30% withholding tax under the Branch Interest Withholding tax rules. D. Subject to 15% withholding tax under the Branch Profits tax rules. Reset Selection"</em>
The interest payment will be subject to 30% withholding tax under the Branch Interest Withholding tax rules. Interest paid by a branch's U.S. trade or business, is considered U.S. source income and is subject to U.S. withholding tax at a rate of 30%, unless the tax is reduced or eliminated by a specific treaty or Code provision.
The market-sharing pact or agreement negotiated by trading partners that give rise to voluntary quotas of exports aimed at protecting the importing country's domestic firms is called a <u>voluntary export restraint (VER)</u>.
<h3>What is voluntary export restraint (VER)?</h3>
Voluntary export restraints (VER) are export arrangements between exporting and importing countries so that the exporter agrees to limit the number of some exports.
VER allows the importing country's domestic firms to survive export dumping. It is the opposite of voluntary import expansions (VIE). VIE, which is a part of international trade agreements, allows for more imports by lowering tariffs or dropping quotas.
Thus, the market-sharing pact negotiated by trading partners allowing for voluntary quotas on exports is called <u>voluntary export restraint (VER)</u>.
Learn more about international trade agreements at brainly.com/question/1465144
