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kondaur [170]
4 years ago
10

White Corporation, a closely held personal service corporation, has $150,000 of passive activity losses, $120,000 of active busi

ness income, and $30,000 of portfolio income. How much of the passive activity loss can White Corporation deduct? a.$0 b.$30,000 c.$120,000 d.$150,000 e.None of these choices are correct.
Business
1 answer:
LenKa [72]4 years ago
3 0

Answer:

correct option is a.$0

Explanation:

given data

passive activity losses = $150,000

active business income = $120,000

portfolio income = $30,000  

to find out  

how much passive activity loss can White Corporation deduct

solution

as per given we know that here white corporation is a Personal Service Corporation

so that it is not deduct the passive loss against the portfolio income

so correct option is a.$0

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Benjamin and Amelia Hopkins have been married since 2016.
Neporo4naja [7]

Answer:

1. c. Both a and b

2. a. Yes, because Benjamin has a Social Security number.

Explanation:

According to tax laws, you can claim a child tax credit for an American dependant below the age of 17 which qualifies Harper for it. Evelyn however qualifies for a Credit for other dependents as she is a resident alien and has an Individual Taxpayer Identification Number (ITIN).

Because Benjamin has a Social Security Number, the Hopkins are indeed eligible to claim an earned income credit. Married couples filling jointly can claim the credit if either of them are U.S. citizens with a valid Social Security number.

3 0
3 years ago
George's Equipment is planning on merging with Nelson Machinery. George's will pay Nelson's shareholders the current value of th
zalisa [80]

Answer:

31 per share

Explanation:

The computation of value per share is shown below:-

Share exchange ratio = MPS of Nelson ÷ MPS of George

= $38 ÷ $31

= 1.2258

MPS a + b = MVa + MVb ÷ Number of shares a + Number of shares b × SER

= (1600 × $38) + (4,600 × $31) ÷ 4,600 + (1,600 × 1.2258)

= $60,800 + $142,600 ÷ 4600 + 1,961

= $203,400 ÷ 6,561

= 31 per share

Therefore for computing the value per share we simply applied the above formula.

4 0
3 years ago
Case Study: Melanie’s Breakeven Analysis Melanie is considering opening a not-for-profit child care and education center and wan
aliina [53]

Answer:

$800

Explanation:

Calculation for how much would she need to charge per month for tuition in order to break even

Using this formula

Amount to charge to break even=[(Monthly Fixed Costs+Salary and Benefits Costs+Estimated Food Costs)÷Number of Children Served]

Let plug in the formula

Amount to charge to break even=[($4,000+$7,000+$1,000)÷15]

Amount to charge to break even=$12,000/15

Amount to charge to break even=$800 per month

Therefore the amount she would need to charge per month for tuition in order to break even will be $800

6 0
3 years ago
​Kentucky, Inc. purchases and sells widgets. The following information summarizes the​company's operating activities for the​yea
igomit [66]

Answer:

$16.9 per widget

Explanation:

Given that,

Beginning inventory = $2,500

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Ending inventory = $38,200

Sales Revenue = $783,000

Selling and Administrative Expenses = $5,400

Total cost of the 7,100 widgets:

= Beginning inventory + Purchases - Ending inventory

= $2,500 + $156,000 - $38,200

= $120,300

Therefore,

Cost of one widget = Total cost of the 7,100 widgets ÷ Number of widgets

                                = $120,300 ÷ 7,100

                                = $16.9 per widget

5 0
4 years ago
Today, sandra will present a report to her class on the top ten income-producing countries in the world. most of the countries t
Radda [10]

<span>The world’s richest countries are mostly found in Europe. Therefore Sandra will be presenting most of the countries located in <u>“Europe”</u>.</span>

<span>One possible factor why Europe is so rich is because of the numerous wars it encountered.  Aside from the wealth obtained in the conquest, wars also lead to advancement in technology. </span>

3 0
3 years ago
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