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Otrada [13]
3 years ago
6

Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes:_

________Home mortgage interest on a loan to acquire a principal residence $11,000Miscellaneous itemized deductions above the threshold limitation 2,000What are Farr's total allowable itemized deductions for computing alternative minimum taxable income?a. $2,000b. $13,000c. $11,000d. $0
Business
1 answer:
Karolina [17]3 years ago
5 0

Answer:

C. $11,000

Explanation:

For computational purposes, both the Mortgage interest as well as the miscellaneous itemized deducted qualify as deductions based on the Schedule A which is the regular tax purposes.

However, only Mortgage interest will be allowable itemized deduction because miscellaneous itemized deductions fall under the category of adjustments and as such do not qualify for deductions under the AMT which is the Alternative Minimum Taxable Income.

Based on the explanation, only $11,000 of mortgage interest qualifies.

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Suppose that the bankruptcy law firm had previously loaned $20,000 to Henry Anderson. The law firm filed a financing statement s
pantera1 [17]

Answer: This loan would would have priority over the other unsecured claims in this bankruptcy case.

Explanation:

Since the trucks are secured collateral the loan is a secure loan. It will be the priority in the bankruptcy case since the other claims were unsecured. The law firm would have a right to the trucks since he owed them 20,000$ and put them up as collateral.

Everything that was an unsecured loan does not have anything to take from and will be a loss for the other companies who filed against Henry Anderson.

8 0
3 years ago
Increased professionalism in police forces has been made possible by two-way radios, telephones, and automobiles. in what way ha
anzhelika [568]
Answer:  
One way in which society has not benefited from the increasing police professionalism is because of the increase, community relations between civilians and police suffered despite the removal of political involvement.
8 0
3 years ago
Jacob needed money for some unexpected expenses, so he borrowed $5,890.25 from a friend and agreed to repay the loan in seven eq
Anna11 [10]

Answer:

OPTION C i.e 11%

Option A i.e 30.55 year

Explanation:

we know that capital can be calculated as

Capital = EMI \times PVIFA

capital = EMI \times \frac{(1+r))^n -1}{r (1+r)^n}

from the data given in question we can calculate the value of r

so

5890.2 = 1250 \times \frac{(1+r))^7 -1}{r (1+r)^7}

4.7122 = \frac{(1+r))^7 -1}{r (1+r)^7}

solving for r we get

r = 11%

option C

we know that

Total\ saving  =  cash flow \times FVIFA

                      = Cash\ flow \times \frac{(1+r)^n -1}{r}

from the data given we can evealueate the value of n

8,452,622 = 40,000 \times \frac{(1.11)^n -1}{0.11}

\frac{8452622}{40000}\times 0.11 = (1.11)^n -1

solving for n we get

n = 30.55 year.

Option A

4 0
3 years ago
You work for a fabric company that sources unique materials from around the world. In the past, you have focused solely on the b
Kay [80]

Answer:

b. From a commercial market into a reseller market.

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It is a commercial marketing following the fact that the marketing organization defines success primarily in terms of financial gain.

This financial gain is the same reason for expansion.

Supplying to other stores who will in turn sell to others makes it a reseller market.

5 0
3 years ago
The McColls have made an offer on a new home. The home is new construction and scheduled to be completed by the end of the year.
padilas [110]

Answer: Yes, Suzette deposited the earnest money in the broker's trust fund account as directed. She also deposited the check within three business days of receipt. Unless there were written instructions to hold the check until acceptance of the offer, the check may be cashed

7 0
2 years ago
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