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baherus [9]
3 years ago
15

Riley operates a plumbing business, and this year the three-year-old van he used in the business was destroyed in a traffic acci

dent. The van was originally purchased for $20,000 and the adjusted basis was $5,800 at the time of the accident. Although the van was worth $6,000 at the time of accident, insurance only paid Riley $1,200 for the loss. What is the amount of Riley's casualty loss deduction?
Business
1 answer:
Mnenie [13.5K]3 years ago
3 0

Answer:

$4,600

Explanation:

Data provided in the question:

Purchasing cost of the van = $20,000

Adjusted basis = $5,800

Worth of the van at the time of accident = $6,000

Insurance reimbursement = $1,200

Now,

The amount of Riley's casualty loss deduction will be

= Adjusted basis - insurance reimbursement

or

Amount of Riley's casualty loss deduction = $5,800 - $1,200

or

Amount of Riley's casualty loss deduction = $4,600

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The Taffy Trust is a simple trust. Sean is its sole beneficiary. In the current year, the trust earns $12,000 in taxable interes
algol [13]

<u>Solution and Explanation:</u>

a. <u>Accounting income is computed below: </u>

Taxable interest 12,000.00

Rental income 30,000.00

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Less: depreciation -2,800.00

Trust accounting income 39,200.00

<u>b.</u> One half of fiducary's fee = 6500 divided by 2 = 3250. This amount will be allocated to accounting income of the trust.

Taxable interest 12,000.00

Rental income 30,000.00

Long term capital gain 4,000.00

Long term capital loss -1,100.00

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Trust accounting income 38,850.00

3 0
3 years ago
What do neoclassical economics and behavioral economics believe about giving people options?
UNO [17]

Neoclassical economics focuses on providing more options while Behavioral economics focuses on helping people make better decisions with the options available.

A psychological approach to business, behavioral economics looks at how well people's expectations of utility and profit maximization match their actions and if they actually maximize predicted utility.

Contrarily, neoclassical economics views manufacturing costs as a key determinant of pricing a product. Thus, neoclassical economists contend that customers' primary determinant of choice is price.

Hence, the two have different beliefs about giving people options. While behavioral economics focuses on assisting people in making better decisions with the options at hand, neoclassical economics places greater emphasis on offering more options.

Want to know how would keynesian and neoclassical economics propose dealing with cyclical unemployment? Read here: brainly.com/question/28213854

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4 0
1 year ago
You are the leader of a country that has fallen on hard times. Jobs have disappeared, citizens are struggling to get by, and som
Artemon [7]

Answer:

I could display the qualities of a visionary leader by offering a coherent vision for the future, and a good economic plan.

Explanation:

A visionary leader in such a dire situation would first of all show a guide to the people, would tell them that there is hope, and would explain to them why such hope still exists.

Such leader would also lay out an economic plan that can resolve, at least, some of the economic issues of the country, because it is true that no plan is perfect, and no government policy solves all problems by itself.

5 0
3 years ago
Refer to Table 16-2. What is the concentration ratio for Industry M? a. about 52% b. about 22% c. about 96% d. about 40%
Harlamova29_29 [7]

The concentration ratio for Industry M is 52%.

The concentration ratio of industry M can be determined by adding the the ratio of the output to the total output of  each of the six firms together.

  • Ratio of firm 1's output to total output = 22,987 / 198,400 = 0.11586 = 11.59%
  • Ratio of firm 2's output to total output = 21,444 / 198,400 =  0.1081 = 10.81%
  • Ratio of firm 3's output to total output = 18,787 / 198,400 = 0.0947 = 9.47%
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  • Ratio of firm 5's output to total output = 12,890 / 198,400 = 0.065 = 6.5%
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Sum of the percentages = 51.72%

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3 0
2 years ago
Profit-maximizing firms enter a competitive market when existing firms in that market have.
alexdok [17]

Answer:Profit-maximizing firms enter a competitive market when, for existing firms in that market, total revenue exceeds fixed costs.

Explanation:

that is what i think sorry if im not right

6 0
1 year ago
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