Answer:
$125,000
Explanation:
When records are made of a purchase we do not consider the original price the seller bought the item or the fair market value of the good.
We record the amount that was actually paid while purchasing the good.
In this scenario although the the fair market value of the building was $150,000 and the price the owner originally bought it was $50,000, the amount we will record for the purchase is what was paid. That is $125,000
Answer:
The premium payments of all the insured clients will cover the costs for the emergencies of the few who need it. The more people that pay premiums, the less likely each insured client will experience an emergency.
The amount of Doug's taxable income is <u>$27,700</u>.
<u>Explanation</u>:
<u><em>GIVEN</em></u>:
AGI = $35,000
State income taxes = $2300
Local property taxes = $3000
Medical expense = $800
Charitable contribution = $2000
Total deduction amount= State income taxes+Local property taxes+Charitable contribution
= 2300+3000+2000
= $ 7300
Total deduction amount= $7300
Taxable income= $35000- $7300
= $27,700
The amount of Doug's taxable income is <u>$27,700</u>.
Answer:
D. Both are able and willing to supply the good, and have already identified a buyer
D always cost effective for government owned firms to produce the product
