1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
scoundrel [369]
3 years ago
10

Sam and Ann Hoyt filed a joint federal income tax return for the calendar year 2019. Among the Hoyts’ cash receipts during 2019

was the following: $6,000 first installment on a $75,000 life insurance policy payable to Ann in annual installments of $6,000 each over a 15-year period, as beneficiary of the policy on her uncle, who died in 2018. What portion of the $6,000 installment on the life insurance policy is excludable from 2019 gross income in arriving at the Hoyts’ adjusted gross income?
A. $6,000
B. $1,000
C. $0
D. $5,000
Business
1 answer:
Kamila [148]3 years ago
4 0

Answer:

The correct option is (A)

Explanation:

In case of life insurance proceeds, the entire amount is excluded from gross income. Any interest earned on such proceeds are taxable though.

In this case, Hoyt's cash receipts for 2019 included $6000 as first installment of life insurance proceeds as she is the beneficiary of her uncle's policy who died in 2018. The entire installment of $6,000 is excluded from Hoyte's gross income in arriving at her AGI (adjusted gross income). This amount is included in the estate of the deceased.

You might be interested in
At Onyx incorporated, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Ot
PIT_PIT [208]

Answer:

A $660,030

Explanation:

Total cost of units completed and transferred out = Units Completed and Transferred x Cost per Equivalent Unit

Therefore,

Total cost of units completed and transferred out = 117,000

5 0
3 years ago
One autumn, the weather is perfect for growing pumpkins, and the pumpkin crop is much larger than usual. Meanwhile, when hallowe
valentina_108 [34]

Answer: Price of pumpkins will fall compared to last year.

Explanation: Favorable weather leading to a larger crop than usual means that there is more supply of pumpkins this year than before.  Shifting the supply curve down to the right. At the same time, when people switch away from jack-o'-lanterns towards buying more costumes, it leads to a decline in the demand for pumpkins shifting the demand curve to the left.

The net result will be a decline in the demand for fall in the price of pumpkin. However, the effect on the quantity cannot be determined as it depends on the magnitude of shift in the two curves.

5 0
3 years ago
__________-has four components, including _________-, which is the ability to connect to others, build positive relationships, r
34kurt

Answer:

The correct words for the blank spaces are: Emotional Intelligence; Relationship Management.

Explanation:

Emotional Intelligence refers to the ability individuals have to control their emotions in reference to the interactions they have with others. Emotional Intelligence has four (4) factors: <em>Self-Awareness, Self-Management, Social Awareness, </em>and <em>Relationship Management</em>.  

Relationship management involves getting along with others, handling conflict effectively, and using sensitivity to manage interactions successfully.

8 0
3 years ago
A tragic flaw in a character is cause by
suter [353]
Tragic flaw is a literary device that can be defined as a trait in a character leading to his downfall, and the character is often the hero of the literary piece. This trait could be the lack of self-knowledge, lack of judgment, and often it is hubris (pride).
3 0
3 years ago
Suppose we have a 2-person world, with only Stephen and his friend LeBron. Suppose that Stephen can move 70 boxes or bake 28 coo
PIT_PIT [208]

Answer:

Option (c) is correct.

Explanation:

Stephen can move 70 boxes or bake 28 cookies:

Opportunity cost of moving a box = (28 ÷ 70)

                                                         = 0.4 cookies

Opportunity cost of baking a cookie = (70 ÷ 28)

                                                         = 2.5 boxes

LeBron could move 24 boxes or bake 6 cookies:

Opportunity cost of moving a box = (6 ÷ 24)

                                                         = 0.25 cookies

Opportunity cost of baking a cookie = (24 ÷ 6)

                                                             = 4 boxes

Yes, trade is possible.

Stephen has a comparative advantage in baking cookies because of the lower opportunity cost than LeBron, so he is specialized in baking cookies.

On the other hand, LeBron has a comparative advantage in moving boxes because of the lower opportunity cost than Stephen, so he is specialized in moving boxes.

3 0
3 years ago
Other questions:
  • Barbara needs to add more staff in order to complete her project on time. Which pathway would best aid Barbara in finding qualif
    5·2 answers
  • An improvement made to a machine increased its fair value and its production ca capacity by 25% without extending the machine's
    8·1 answer
  • In a(n) ________ economy, the vast majority of people engages in simple agriculture and consumes most of their output.
    6·1 answer
  • ofia files a suit against turista airlines, inc. turista responds that it appears from the pleadings that the parties do not dis
    9·1 answer
  • When people are injured in a car accident, they need an auto insurance representative to help them
    12·2 answers
  • Jones Corporation purchased merchandise inventory with a 10%, 120-day note payable for $10,000. The company uses the perpetual i
    14·1 answer
  • Buying power of dollar through the years
    5·1 answer
  • A translation adjustment (or translation gain) that is a consequence of translation of a functional currency that is different f
    7·1 answer
  • How much money should typically be put into your emergency fund?
    9·1 answer
  • For a plaintiff to establish that he or she has standing to sue, the plaintiff must allege ________.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!