Answer:
Letter d is correct. A waiver of breach
Explanation:
In this situation Sadie filed a waiver of the violation. This occurs when the contractor waives his legal rights in respect of any breach of contract. As was the case with Sean, a contract to replace Sadie's carpeting, which consequently damaged some of its walls, resulting in poor contract performance.
Answer:
$318,000
Explanation:
The computation of the total assets is shown below:
= Current assets + property, plant, and equipment - difference in amount
= $85,000 + $235,000 - $2,000
= $318,000
The difference of amount is
= Account receivable - collected amount
= $50,000 - $48,000
= $2,000
Since the current asset is already given so we considered the difference in amount to find out the total asset.
Answer:
Malcolm is a professional writer. He has already published many best-sellers. One of his friends expressed interest in knowing more about his writing process, so Malcolm showed his friend a few of his first drafts. The friend observed that the drafts were nothing like the final book, and the writing seemed amateurish compared to Malcolm's published work. When asked about it, Malcolm said that it was the normal way of things. In this scenario, the following is the reason of this:
A) Malcolm would have revised his work many times before he was satisfied with it.
Explanation:
- The option A is best reason because generally a writer doesn't break his or her flow while writing and that is what Malcolm would have done. After, he would have revised his work many times until he was satisfied.
- The option B is not correct as it is not possible to change the book of a writer entirely by the publishing company.
- The option C is also incorrect as the drafts were not long and cohesive because his friend found the draft amateurish but not perfect.
- The option D is incorrect as it is not true that writers only create first draft and other people produce all other subsequent drafts.
Answer:
As in her worthless note,Sandy has a zero adjusted basis. Her bad debt deduction is Nil according to Section 166 (b).
Section 166(g)(1) states that her capital loss realized on the deemed sale of this stoke is also nil because of zero adjusted basis in her worthless stock.
According to Reg. Sec.1.1366-2(a)(5) if all of her stock is disposed by an S corporation shareholder and loss carryforward attributable to the Section 1366 (d) basis. Limitaitons are permanently disaalowed.
Hence, her $7,400 ordinary loss carryforward can never be deducted by Sandy.
Sandy has no 2012 tax consequences from worthlessness of her Lindlee investments
