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ASHA 777 [7]
2 years ago
8

A customer has purchased 5,000 shares of ABC Corporation stock in lots of 100 shares over an extended period of time at varying

prices. The customer now sells 500 of the shares. Which statement is TRUE?
a. IRS rules require that First In First Out accounting to be used to identify the shares sold when computing any gain or loss
b. IRS rules require that LIFO accounting be used to identify the shares sold when computing any gain or loss
c. IRS rules allow the taxpayer to specify which shares being sold
d. IRS rules require that the method giving the largest capital gain be used
Business
1 answer:
ozzi2 years ago
8 0

Answer:

c. IRS rules allow the taxpayer to specify which shares being sold

Explanation:

As eahc method will make the capital gain or loss to differ the Internal Revenue Service leaves to the stockholder to decide the method

The default method is the FIFO method which states the first shares purchased are the first sale but, leaves choise to the stockhodler to use specific identification which, is what the statement correctly points out.

The method are not "required" but allowed as the stockholder see fit.

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Answer:

In the situation in question, there are various things that need to be settled until the license contract is signed into. The first problem is the clarification on the territorial features of the company when separate branches of the very same network run which that create friction.

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6 0
3 years ago
Business messages typically follow either a direct strategy or an indirect strategy. The direct strategy, or frontloading, place
UkoKoshka [18]

Answer:

The statement is: True.

Explanation:

In Business writing, there are two methods of composing a message. The direct strategy starts by providing the purpose of the message at the beginning and adds supporting details in the body. The indirect strategy starts by providing supporting details to attract the audience and ends giving the main idea of the speech.

6 0
3 years ago
Even after a foreclosed property is sold at public auction, the defaulting borrower may be able to recover the property for a ti
9966 [12]

This right is called the right of Redemption

The right of redemption enables borrowers who have fallen behind on their mortgage payments to regain their homes by paying the outstanding balance plus interest and penalties either before the foreclosure process gets underway or, in some areas, even after a foreclosure auction.

When a person takes out a mortgage to purchase a property, the house itself acts as security for the loan. In other words, if a homeowner misses a payment, they lose possession of the house. Many mortgage notes contain a clause referred to as the right of foreclosure that explains a lender's power to foreclose on a property and specifies the circumstances in which the lender may do so.

Learn more about the Redemption here brainly.com/question/13554337

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8 0
1 year ago
Record the entry to close the income summary assuming the partners agree to use plan c and net income is $460,500
slava [35]

The entry is record in book as

Date Particular                L.F.     Dr. Amt.        Cr. Amt.

Income summary a/c             $460,500  

To Mo a/c                                          $69,300

To Lu a/c                                          $269,500

To Barb a/c                                          $431,200

What is net income?

The total amount of firm profit after deducting all taxes, costs, and interest is referred to as "net income."

Particulars                 Mo           Lu                 Barb

Capital invested        $69,300    $269,500  $431,200

Profit sharing ratio 20/100   40/100         40/100

Profit ($460,500)         92100    184200 184200

As a result,  Mo is  92100;  Lu is 184200; Barb is 184200 as profit.

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4 0
1 year ago
Bob is a manager at a local toyota dealership who has lost five of his employees last year. now he has to make a decision about
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<span>She might jump to a solution before correctly diagnosing the problem. This might cause a continuation in the loss of employees, while still costing the business excess revenue. If she diagnoses the problem correctly, then she can work out a proper solution that may mitigate the turnover problem.</span>
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