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lana66690 [7]
4 years ago
12

In the current year, a taxpayer reports the following items: Salary $50,000 Income from partnership A, in which the taxpayer mat

erially participates 20,000 Passive activity loss from partnership B (40,000) During the year, the taxpayer disposed of the interest in partnership B, which had a suspended loss carryover of $10,000 from prior years. What is the taxpayer's adjusted gross income for the current year
Business
2 answers:
ollegr [7]4 years ago
5 0

Answer:

Usually, passive loss cannot be taken without passive gain.

but when that passive activity interest has been sold in that year, the loss in that activity can be taken

Explanation:

Aloiza [94]4 years ago
5 0

Answer:

$20,000

Explanation:

taxpayer's adjusted gross income = salary ($50,000) + income from partnership ($20,000) - passive loss from partnership ($40,000) - previously suspended carryover loss ($10,000) = $20,000

The salary and partnership income increase taxable income. Since the passive losses were attributable to passive activities form the partnership, they will decrease the taxpayer's income (including the carryover loss).

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Valley Spa purchased $11,700 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 14% promissory note for $11,700.
Charra [1.4K]

Answer:

Given that,

Value of promissory note = $11,700

Time period = 60 days

Interest rate = 14%

Interest revenue:

= Note value × Interest rate × Time period

= $11,700 × 0.14 × (60/360)

= $273

Therefore, the journal entry is as follows:

Accounts receivable A/c Dr. $11,973

          To Interest revenue                  $273

          To Notes receivable                 $11,700

(To record the dishonored note)

6 0
3 years ago
If a c corporation is formed on January 1, 2013 what date can it be incorporated?
zhenek [66]

Answer:

The C Corporation was incorporated on January 1 of 2013.

Explanation:

A corporation is a legal entity that constitutes a body to the eyes of the law. it is formed to run a particular business and has as main characteristic the Limited Liability of their owners.  

Incorporation is the legal process needed to be followed in order to create a corporation. Thus. If C corporation was formed on January 1, 2013. The Incorporation day is the same January 1, 2013.

8 0
3 years ago
The value of an investment comes from its cash flows.​ Let's say you are intent on receiving​ $45,000 per​ year, starting at the
Licemer1 [7]

Answer:

Interest rate of 11.84% is required to earn desired amount of $45,000 per year from an Investment of $380,000.

Explanation:

Amount of Investment = P = $380,000

Desired Return per month = A = $45,000

Number of Years = n = 10 years

Interest rate = ?

Use following formula to calculate Interest rate:

A = P x Interest rate

$45,000 = $380,000 x r

r = $45,000 / $380,000

r = 0.1184 = 11.84%

6 0
4 years ago
Adam has $200 to spend and wants to buy either a new amplifier for his guitar or a new cell phone. Both the amplifier and the ce
nika2105 [10]

Answer:

people face trade offs

Explanation:

Because wants are unlimited and the resources used to satisfy those wants are limited, people have to face trade offs. these trades off are opportunity costs.

Opportunity cost or implicit is the cost of the option forgone when one alternative is chosen over other alternatives.

In this question, the wants are a cell phone or an amplifier. the resource is $200. If the amplifier is bought, the cell phone cannot be purchased. This is an example of a trade off

7 0
3 years ago
Typically, entrepreneurs are more successful in what field?
White raven [17]

the field that is most knowledgeable

7 0
3 years ago
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