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Eva8 [605]
3 years ago
8

Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a valu

e of $60,000. Peyton did not need the automobile, so he asked that the title be put in his parents' names. Peyton is required to include $ in gross income. b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for $1,400,000, Jacob said, "I do not need the money. Give it to the United Nations to use toward the goal of world peace." Jacob is required to include $ of the prizes received in his gross income. c. Linda won the Craig County Fair beauty pageant. She received a $10,000 scholarship that paid her $6,000 for tuition and $4,000 for meals and housing for the academic year. Linda is required to include $ of the scholarship in her gross income.
Business
1 answer:
abruzzese [7]3 years ago
5 0

Answer:

1. Python is required to include $60,000 in his gross income.

2. Jacob is not required to include the $1,400,00 in his gross income.

3. Linda is required to include $4,000 in her gross income.

Explanation:

Each of the questions is explained as follows:

1. Python

Being selected as the most valuable player in the Super Bowl is not a kind of achievement that is qualified to be excluded from gross income. Python's achievement would have qualified to be excluded from the gross income if he had donated it to a not for profit organization or qualified governmental agency, but he did not satisfy this condition.

Therefore, the total value of the automobile which $60,000 is required to be included in the gross income by Python.

2. Jacob

If the United Nations is a not-for-profit organization or qualified governmental agency, Jacob will not include the $1,400,000 Nobel Peace Prize he got and donated to the United Nations in his gross income.

If we therefore assumed that the United Nations is a not-for-profit organization or qualified governmental agency, Jacob is not required to include $1,400,000 Nobel Peace Prize amount donated to the United Nations in his gross income.

3. Linda

Winning Craig County Fair beauty pageant is not in itself a qualified achievement like scientific and artistic achievements. But the award of $6,000 tuition to Linda is a qualified scholarship that she can exclude from his gross income, while the award of $4,000 he got for meals and housing is not qualified to be excluded.

Therefore, Linda is required to include $4,000 in her gross income.

All the best.

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Answer:

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The computation of the company interest coverage ratio is shown below:-

Interest coverage ratio = Earning before interest and tax ÷ Interest

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In this management style, executives pay casual, unplanned visits to staff in their work areas to understand their work environment, experience first hand their status reports instead of waiting for them to be delivered to their office. Management by walking around fosters a better work environment through better communication, a hands-on experience of the conditions of the workplace by managers as well as quick and effective problem solving.

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