The hindsight bias and overconfidence, plus our eagerness to perceive patterns in random events, can cause tendencies that may lead us to overestimate our intuition. Intuition and intellect are not always accurate, therefore these factors are not trustworthy compared to scientific facts or scientific inquiry which can help us overcome our intuition’s biases and shortcomings.
The answer is the third one down. The amendment doesn't want people overly fined or overly punished meaning nothing to harsh so the third one down is the answer.
Hope this helps.
Calculation of balance in the income summary account prior to closing net income or loss to the owner’s capital account:
It is given that Dogwood Company earned revenues of $19,000 and incurred expenses of $7,000. The owner made withdrawals of $3,500.
Hence the balance in the income summary account prior to closing net income or loss to the owner’s capital account shall be as follows:
= Revenues – Expenses
= 19000-7000
= $12,000
Hence the balance in the income summary account prior to closing net income or loss to the owner’s capital account shall be $12,000
Answer: See explanation
Explanation:
a. What is Laurel’s initial tax basis in her LLC interest?
This will be the addition of the $250,000 basis for the equipment, accounts payable of $15,000 and also the $15,000 (15% × $100,000). This will be:
= $250,000 + $15,000 + $15,000
= $280,000
b. True.
Laurel’s holding period in the partnership interest begins the day the LLC interest is acquired. This is due to the fact that the asset contributed isn't a section 1232 asset. The reason for this is due to the fact that the asset was used for a year or less.
c. Sand Creek’s initial basis in the contributed property is $250,000.
d. Ten months.
Sand Creek’s holding period in the contributed property will be 10 months.
answer: you need to know where your at
