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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.

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Gamma is a company that develops software to help businesses with data processing. Their software performs multiple business fun
Alexus [3.1K]

Cloud computing technology is being used by Gamma to perform the computing tasks for other businesses.

Explanation:

Cloud computing is the on-demand availability of computer system resources, data storage and computing power, without direct active management by the user. This term is used to determine data centers available to many users over the internet.

Cloud computing is a software performs multiple business functions like processing payrolls, generating tax information for employees, and managing performance evaluation reports. The software is hosted on a remote maintained by the Gamma, and client businesses can access it online.

The information and data is stored on physical or virtual servers, which are maintained and controlled by cloud computing provider such as Amazon and AWS product.

7 0
3 years ago
On July 15, 2021, the Nixon Car Company purchased 2,600 tires from the Harwell Company for $35 each. The terms of the sale were
mote1985 [20]

Answer:

Explanation:

The journal entries are shown below:

On July 15:

Purchase A/c Dr $89,180

       To Accounts payable $89,180

(Being purchase of goods are made on credit with discount)

The computation of the purchase of tires after applying the discount is shown below:

= Number of tires × price per tire - discount rate

= 2,600 tires × $35 - 2%

= $91,000 - $1,820

= $89,180

On July 23:

Account payable A/c Dr $89,180

     To Cash A/c                                  $89,180

(Being payment is made)

On August 15:

Account payable A/c Dr $89,180

Interest expense A/c Dr $1,820

     To Cash A/c                                  $91,000

(Being payment is made on late interval)

4 0
3 years ago
Suppose the economy is operating at an output of $4,000 billion. Assume furthermore that potential output is $5,000 billion and
motikmotik

Answer:

The correct answer is $250 billion.

Explanation:

An economy is operating at an output level of $4,000 billion.  

The potential output level is $5,000 billion.  

The marginal propensity to consume is 0.75.  

The recessionary gap is

= $5,000 billion - $4,000 billion

= $1,000 billion

ΔY = \frac{1}{1-MPC}\times \Delta G

$1,000 = \frac{1}{1-0.75}\times \Delta G

$1,000 = \frac{1}{0.25}\times \Delta G

$1,000 = 4 \times \Delta G

ΔG = \frac{1,000}{4}

The change in income required to correct this recessionary gap is $250 billion.

7 0
3 years ago
Johanna has been asked by the department manager to prepare a SWOT analysis on two of the company's products. In which step of t
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Answer:

The options for this question are the following:

A. current reality assessment

B. establish the mission

C. prepare values statement

D. maintain strategic control

The correct answer is A. current reality assessment .

Explanation:

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The traditional evaluation procedure responds to content-based education. It is based on forms of institutionalized obedience and tends to lead the educational process to the school routine and the use of coercive measures, thus impeding the search for critical and creative thinking.

3 0
3 years ago
Quizlet: Under autarky, consumer surplus is represented by the area
solong [7]

Answer:

The correct answer is option c.

Explanation:

Autarky can be defined as a situation where a nation is self-sufficient and does not trade internationally. Consumer surplus is the difference between the maximum price a consumer is willing to pay and the price he actually has to pay.  

In the case of autarky, the consumer surplus id the area below the demand curve and above the equilibrium price. The producer surplus is the area above the supply curve and below the equilibrium price.

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3 years ago
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