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NARA [144]
3 years ago
11

During the current year, Sam received interest income from the following investments: $400 from State of Wyoming bonds, $200 fro

m Ford Motor Co., $50 from City of Laramie bonds, $100 from U.S. Treasury bonds. How much of the interest received will be included in gross income
Business
2 answers:
postnew [5]3 years ago
5 0

Answer:

$300

Explanation:

We know that The State of Wyoming and City of Laramie bonds are not taxable, so we just caculate the interest income that are taxible into the gross income:

$200 from Ford Motor Co. + $100 from U.S. Treasury bonds

= $300

So $300 of the interest received will be included in gross income

Tema [17]3 years ago
4 0

Answer:

$300

Explanation:

<u>According to the Internal Revenue Service (IRS), interest on a state or local government obligation may be tax-exempt even if the obligation is not a bond.</u>

Therefore the interest received that will be included in gross income will exclude interest income from the following investments: $400 from State of Wyoming bonds and  $50 from City of Laramie bonds.

$100 from U.S. Treasury bonds are taxable at federal level, hence will be included.

Therefore taxable amount = $100 from treasury bonds and $200 from Ford Motor Co.

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at the end of its 2021 fiscal year, a triggering event caused janero corporation to perform an impairment test for one of its ma
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An asset's value is "impaired" if its book value is higher than its fair value. Additionally, you are required to include the impairment loss in your income from continuing operations. The impaired asset's carrying value on your balance sheet is also affected by impairment losses.

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Resources are viewed as weakened when the book worth, or net conveying esteem, surpasses expected future incomes. The impairment must be reflected in the financial statements if it is permanent.

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1 year ago
erest rate parity holds. The U.S. interest rate is 13 percent and the British interest rate is 10 percent. The forward rate on B
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discount; 2.73

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An interest rate is the percentage of principal charged by the bank for the utilization of its cash. The chief is the measure of cash advanced. Since banks acquire cash from you (as stores), they additionally pay you a loan fee on your cash.

The nominal interest rate is the rate of interest with no alteration for inflation. For instance, assume somebody stores $100 with a bank for 1 year, and they get enthusiasm of $10 (before charge), so toward the year's end, their parity is $110 (before charge).

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5 0
2 years ago
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Answer with Explanation:

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