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Helga [31]
3 years ago
15

Mike and Jane Lewis, a married couple filing a joint return, paid funeral expenses of $10,000 for their dependent child in the c

urrent year. Select the appropriate tax treatment of the funeral expenses.
Business
1 answer:
ser-zykov [4K]3 years ago
4 0

Answer:

Funeral expenses are not tax deductible for any type of individual.

According to IRS, funeral and burial expenses can be deducted only if they are paid by the dead person's estate. In other words, no living person can deduct funeral expenses. Only in case you die, the executor of your estate can deduct funeral expenses form your estate taxes.

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This is what it said when I tried to put a lenny face as a question: Don't use such phrases here, not cool! It hurts our feeling
denis23 [38]

Answer:

yea we dont care ab brainly feelings here (◔_◔)

Explanation:

3 0
3 years ago
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If you work your entire life, then you will be adequately prepared for retirement, even without a retirement plan in place.
bija089 [108]

Answer:

  all are False

Explanation:

1. Working in the US does nothing to ensure you will have an adequate retirement benefit. Social security may provide a little income, but usually won't pay the rent.

2. 403(b) plans may be offered by some tax-exempt organizations--not by corporations. Corporations may offer a 401(k) plan.

3. IRA stands for "Individual Retirement Account."

4. It is a good idea to invest in a retirement account at a young age so you can take advantage of interest compounding. Using the money for anything other than retirement is not recommended.

6 0
3 years ago
For the past five years, the RS Company has produced and sold electronic magnets to chemistry labs throughout the United States.
mezya [45]

Answer:

Explanation:

For a cost to be relevant it has to be futuristic and not past

A relevant cost can be said to be a cost or costs that will be incurred as a result of a particular make or buy decision, and which will change in the future as a result of that decision.

A) The machinery used to produce the magnet was purchased five-years ago for $500,000.

<em>IRRELEVANT</em>

<em>A relevant cost is a cost or costs that will be incurred as a result of the decision, and which will change in the future as a result of that decision. In this case, the machine has already been bought.</em>

B) Four of the employees who produce magnets would be reassigned to the magnifying glass division.

<em>RELEVANT</em>

<em>A relevant cost is a cost or costs that will be incurred as a result of the decision, and which will change in the future as a result of that decision. In this case, the employees will be reassigned which implies that the cost of their salaries will be a cost to be borne when they employ new hands.</em>

<em />

C) The space now used to produce the magnets would be used to eliminate the need to rent warehouse space.

<em>RELEVANT</em>

<em>A relevant cost is a cost or costs that will be incurred as a result of the decision, and which will change in the future as a result of that decision. In this case, the space will be reassigned which implies that the cost of their rent will be a cost not to be saved.</em>

<em />

D) Sales volume (units) is estimated to drop by 50% once the competitor becomes fully operational.

<em>RELEVANT</em>

<em>A relevant cost is a cost or costs that will be incurred as a result of the decision, and which will change in the future as a result of that decision. In this case, the revenue will be reduced by 50% which implies that the inflow of sales will be half the original amount going forward. This is futuristic and hence relevant</em>

6 0
3 years ago
Two types of costs that each combine fixed cost and variable cost behaviors are: a. capacity and incremental costs. b. semi-fixe
tensa zangetsu [6.8K]

Answer: Option B

Explanation: Semi variable cost or semi fixed cost are the expenses which are composed of both fixed and variable cost. In such type of costs, the nature of the cost remains fixed till a certain level of production or consumption  and becomes variable when the production level exceeds that stage.

For example :- A state charge its residents a fixed amount of electricity bill till 300 units of consumption and after 300 units the residents must pay $1 for every additional unit consumed.

7 0
3 years ago
In 2010, us nominal gdp was estimated to be $14.657 trillion dollars while the real gdp was estimated to be $13.245 trillion. wh
Tcecarenko [31]

Answer:

Nominal gross domestic product (GDP) measures the market value of all the new and legal goods and services produced in a country within a year. While real GDP adjusts nominal GDP to inflation. Since inflation is generally positive, real GDP decreases as inflation increases. The higher the inflation rate, the larger the difference between nominal and real GDP. Depending on which year is used as base year (year 0), the difference that existed in 2010 can be either significant or not.

The difference = ($14,657 / $13,245) - 1 = 10.66%, which means that nominal GDP was 10.66% higher than real GDP. If the base year is 2000 or even 2005/6, the difference is very small since the accumulated inflation would only be 10.66% for all these years. But if the base year was 2008 or even 2009, then the inflation rate is high.

8 0
3 years ago
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