Answer:
C) report $5,000 of hobby income and deduct nothing from AGI since Juanita does not itemize deductions.
Explanation:
After the passage of the Tax Cuts and Jobs Act (HR 1, “TCJA”) from the period 2018 to 2025 the hobbies deduction is no longer valid.
Thus Juanita cannot declare any deduction. As hobbies aren't businesses. They aim for fun and entertainment not profit is not entitled to the tax deduction businesses are.
The answer to this question is C, $5,790. Jeff will need $5,790.
Answer:
the Cash Received from Customers is $548,400
Explanation:
The computation of the cash amount received by the customers is as follows:
Cash Received from Customers is
= Sales + Decrease in Accounts Receivables
= $516,400 + $32,000
= $548,400
hence, the Cash Received from Customers is $548,400
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Answer:
-$11
Explanation:
Covered Call involves Buy stocks and Sell call options
Earning $2.89 by selling call. So, at stock price of $27, the payoff from options is $2.89 per option
Options Profits = $2.89 * 100
Options Profits = $289
Profit of stock = ($27 - $30) * 100
Profit of stock = -$300
Investor Net Profit = Profit of stock + Options Profits
Investor Net Profit = -$300 + $289
Investor Net Profit = -$11
