Answer:
A. $6,400
B. $240
C. $1,000,000
D. $30,000
Explanation:
Requirement A, C, and D:
Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.
The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.
Requirement B:
There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.
Answer:
The correct answer is (3)
Explanation:
A Limited Liability Company, or LLC, is a kind of legitimate business structure that makes a body separate from the entrepreneur. The essential advantage in framing a LLC in your venture is that you, and any partner from your business, are protected from individual obligation. That implies if your business is sued, offended parties can just pursue your business resources and not your own ones, for example, your home.
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Answer:
5.6%
Explanation:
A lot of information is missing, so I looked for similar questions to fill in the blanks:
"Outstanding debt of Home Depot trades with a yield to maturity of 8%.
The tax rate of Home Depot is 30%.
What is the effective cost of debt of Home Depot?"
the effective cost of debt or after tax cost of debt = debt's yield to maturity x (1 - tax rate) = 8% x (1 - 30%) = 8% x 0.7 = 5.6%
Interest is tax deductible, therefore, it creates a tax shield that lowers net interest expense.
Answer:FALSE
Explanation:Sydney can not sell them to another person as he does not have the legal authority to sell copies of the book.
Copyright laws prohibits persons or Organisations who are not the rightful owner of the publishing or marketing of Art works,in certain societies trade marks are given to certain Organisation or agents. Violating this right might lead to legal prosecution either by the Government or the owner of the right.
