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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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Red Raider Company uses a plantwide overhead rate with direct labor hours as the allocation base. Next year, 560,000 units are e
andrew11 [14]

Answer:

d. $11.11 per unit

Explanation:

Plant wide overhead rate = Total manufacturing cotsts / Total direct labor hours

Plant wide overhead rate = ($2,530,000 + $900,000) / (168,000+110,000)

Plant wide overhead rate = $3,430,000 / 278,000

Plant wide overhead rate = $12.34 per DLH

Overhead cost per unit = Plant wide overhead rate * Direct hours per unit

Overhead cost per unit = $12.34 * 0.90

Overhead cost per unit = $11.11 per unit

7 0
3 years ago
Had the government taken over the assets of Global Trading without compensation, and not taken over the assets of any other comp
AlladinOne [14]

Answer: Expropriation

Explanation:

Expropriation means to take possession of a private property for public use.

Expropriation can be defined as the process by which government takes over private owned properties against the wishes of the owners.

Government takes over those properties with the aim of using them to benefit the public. The property owners might be compensated.

The government expropriate private properties sometimes, for infrastructural purpose such as airport, highway and railway.

Expropriated properties are usually taken against the wish of the private owners.

3 0
3 years ago
How would you characterize Semler's early leadership Style according to the article Leadership That GetsResults? Explain?
horrorfan [7]

Answer:

Semler's early leadership Style was the coercive one. He expected a lot from his employees believe in micromanaging his team. He always do overtime and expects the same from his employees/team as well.

Explanation:

Semler's early leadership Style showed that he wanted immediate success and be bossy in terms of selecting and firing the employees.

3 0
3 years ago
What are the three basic tools used to implement U.S. monetary policy? Describe in detail how each tool can be used to both expa
Luba_88 [7]

Answer:

The three basic monetary policy tools used by the U.S are; The discount rate, open market operations and reserve requirement.

Explanation:

The discount rate – This is the rate charged by Reserve Banks when lending short term loans to Commercial Banks. If there is a wish to expand the economy, the discount rate is lowered. This, in a domino effect, causes other interest rates such as consumer lending by commercial banks to lower. This encourages lending and spending by consumers and businesses through an increase in the money supply. When there is a wish to implement a contractionary policy, the discount rate is lowered thus causing other lending and borrowing rates to increase. This discourages borrowing and lending, eventually reducing the money supply in the economy.

Open market operations – This policy is achieved through the buying and selling of U.S Government securities. To achieve expansionary effects on the economy, the Fed buys government securities from members of the public, increasing the economy’s money supply. If, on the other hand, contractionary effects are desired, the Fed sells government securities to members of the public, and thus reducing the money supply.

Reserve requirements – These are portions of deposits that banks must hold in cash, either with the Reserve Bank or in their vaults. When there is a desire to practice expansionary policies, the Reserve bank lowers the requirement level thus increasing the amount of money that is available for lending in the commercial banks. This increases the money supply. If the Fed wishes to contract the economy, then the reserve requirement level is decreased thus reducing the money available for lending and in a ripple effect, the general level of money supply reduces.

4 0
2 years ago
Nirav, Samantha, and Nev want to incorporate their small skateboard business. To do so, they must file legal documents with the
Sophie [7]

Based on the fact that the legal documents in question are to be used to incorporate the skateboard business, these are<u> Articles of Incorporation. </u>

<h3>What are Articles of Incorporation?</h3>

When a company needs to be created and registered with the government, it will need to supply certain documents that lead to its creation.

These are the Articles of Incorporation which serve as proof that a company has been registered / incorporated in a certain state.

Find out more on Articles of Incorporation at brainly.com/question/1198900.

5 0
1 year ago
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