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finlep [7]
3 years ago
7

In 2015 through 2018, Shana borrowed a total of $30,000 for higher education expenses on qualified education loans. In 2019, whi

le still living at home and being claimed by her parents as a dependent, she began making payments on the loan. The first year interest on the loan was reported as $1,750. The amount that Shana can claim on her tax return is _______.
Business
1 answer:
MissTica3 years ago
5 0

Answer:

$0

Explanation:

A student who lives in his parents’ home and being claimed as a dependent by his parent cannot claim any return on tax return for an amount borrowed for higher education expenses or for an interest paid on such loan. This is because, the parents have already claimed as a dependent to reduce their taxable income.

Therefore, Shana will claim $0 because he still lives at home and being claimed by his parents as a dependent to reduce their taxable income.

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According to a sustainability survey commissioned by the consulting firm KPMG, approximately ________ of large and mid-sized com
GREYUIT [131]

Answer: 62 percent

Explanation: A sustainability survey commissioned by the consulting firm KPMG, stated that approximately 62 percent of large and mid-sized companies worldwide have an active sustainability program in place, and that another 11 percent are developing one. Sustainable development is aimed at replacing economic development, thus encouraging better environmental

and sustainability performance.

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3 years ago
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Should the United States pass a balanced budget amendment? Explain your answer.
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Answer:

There is no balanced budget provision in the U.S. Constitution, so the federal government is not required to have a balanced budget and Congress usually does not pass one. Several proposed amendments to the U.S. Constitution would require a balanced budget, but none have been enacted.

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2 years ago
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Customer metrics assess how the organization manages its customer relationships by looking at what
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7 0
3 years ago
Chris can be paid in one of two ways. Plan A is a salary of ​$320 per​ month, plus a commission of 8​% of gross sales. Plan B is
Troyanec [42]

Answer:

The answer is: Chris should select Plan A if his total sales ≥ $7,900

Explanation:

Plan A = $320 + 8%s

Plan B = $715 + 3%s

where s = gross sales

To find at what point should Chris choose Plan A, we must solve the equations given that Plan A = Plan B

$320 + 8%s = $715 + 3%s

8%s - 3%s = $715 - $320

5%s = $395

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4 0
3 years ago
"Nanci purchases all of the assets of Michael's Security Service for $200,000. The assets are as follows: Asset Adjusted Basis F
maxonik [38]

Answer:

option (b) $35,556

Explanation:

Given:

Cost of purchase of assets = $200,000

Asset            Adjusted Basis        Fair Market Value

Inventory      $25,000                     $50,000

Equipment   $60,000                     $40,000

Supplies       $20,000                     $20,000

Building        $80,000                     $95,000

Land             $10,000                      $20,000

Total            $195,000                    $225,000

Now,

since, fair market value is greater than Basis,

Percentage FMV on Equipment =\frac{\textup{FMV for equipment}}{\textup{Total FMV}}\times100\%

⇒ Percentage FMV on Equipment = \frac{\$40,000}{\textup{225,000}}\times100\%

= 17.77%

thus,

Nanci's basis in the equipment = Percentage FMV × Assets

= 17.77% × $200,000

= $35,555.56  ≈ $35,556

Hence,

The correct answer is option (b) $35,556

6 0
2 years ago
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