Sally and Joe did not live in the home for the required two of the last five years to qualify for the deduction.
Explanation:
In fact, you must satisfy both the possession requirement and the use test in order to qualify for the waiver from Section 121. Unless you owned and then used your house as your primary place of residence is minimum period two years from the five years preceding the date of sale, you are liable for exclusion. During different 2 years, you can fulfil your ownership and use tests. However, during most of the 5-year period that ends on the date of purchase, you must fulfil both tests.
You do not have to declare your rental income to the IRS if you visit to work in the house for 14 days or less in the year. There is something to that for visitors who might reap the benefits of short-term activities such as major sports, concerts and natural occurrences in their city.
Answer:
First let us define the nature of each of the following as per Balance sheet of a company:
Payroll payable- Liability
FICA taxes withheld- Liability
Federal taxes- Liability
410(k)- Liability
Explanation:
Effect of Transaction on assets and liabilities:
- Payroll expense Debit will have no impact
- Payroll payable, Federal taxes, FICA and 401(k) will increase the current liability.
- And when they are subsequently paid, cash will be credited hence decreasing the current assets and all these current liabilities shall be debited, hence decreasing the current liability portion.
Each is eligible to make a catch-up contribution
Answer:
Option (a) is correct.
Explanation:
The burden of a tax is entirely borne by the suppliers if the supply curve is perfectly inelastic. The burden of a tax falls more on a person which is having relatively inelastic curve.
For example: A government imposes a tax in a market of beachfront hotels with an inelastic supply curve. There is no other option available for the sellers than to accept the lower price for the hotels, here the taxes are not affecting the equilibrium quantity. Therefore, the entire burden of tax falls on the suppliers.
Suppose that if the demand curve is more inelastic than the supply curve then most of the tax burden falls on the consumers and if the supply curve is more inelastic than the demand curve then most of tax burden falls on the sellers.
The Roll up project budget method is used to cover cost changes for a project,
The roll up budget method is used to measure and identify the money inflow and outflow of the particular project. The roll-up budget is a technique that uses expertise to determine cost and productivity throughout the full life-cycle of projects.
The roll up budget method is also called continuous budgets. Based on the project, it is updated monthly or quarterly or annually. These budgets enlarge incrementally as time passes,
Rolling up the budget helps to achieve flexibility in their planning process plus decision-making,
This impact on changing market conditions, business disruptions, and unforeseen opportunities with greater liveliness.
Perform more effective performance management by re-aligning, spending and resource allocation at regular intervals to compete in the business environment and improve viable benefits.
To learn more about Project Budgeting
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