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lozanna [386]
3 years ago
5

Anita, a cash basis taxpayer, sued her former employer for wage discrimination. Her attorney agreed to pursue the case on a cont

ingent fee basis—the attorney would receive one-third of any settlement or court award. The parties reached a settlement, and the attorney for Anita’s former employer wrote a check payable to Anita for $320,000 and a check payable to her attorney for $160,000. Anita reasons that she and the attorney were partners in the lawsuit who shared profits two-thirds and one-third, respectively. Therefore, she includes $320,000 in her gross income. Is Anita’s analysis correct? Explain.
Business
1 answer:
Mumz [18]3 years ago
8 0

Answer:

The answer is: Anita is not correct in her analysis.

Explanation:

Anita's gross income should include the total amount of the settlement ($480,000). Anita and her lawyer are not business partners. She can deduct the $160,000 that her attorney received as a deduction from her adjusted gross income (AGI).

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$1,200 is received at the beginning of year 1, $2,200 is received at the beginning of year 2, and $3,300 is received at the begi
mart [117]

Answer:

Their combined future value will be 8,141.59.

Explanation:

Each deposit is invested at 12%, but for a different amount of years. So, the best thing would be to separate the three, calculate their value at the end of the third year for separated, and then obtain the grand total by adding up the results.

  • First deposit = 1,200. It is invested for three years. The value at the end of year 3 is 1,200*(1.12)^3 = 1,685.91
  • Second deposit = 2,200. It is invested for two years. The value at the end of year 3 is 2,200*(1.12)^2 = 2,759.68
  • Third deposit = 3,300. It is invested for one years. The value at the end of year 3 is 3,300*(1.12) = 3,696.00
  • The sum of the three deposits is 8,141.59.
6 0
4 years ago
The Internet emerged as a new medium for visualization and brought all the following EXCEPT new forms of a. computation of busin
UkoKoshka [18]

Answer:

The correct answer is letter "A": computation of business logic.

Explanation:

Business Logic refers to a series of algorithms that are the basis of different business software. Business logic implements higher-level algorithms to process workflows and data of organizations to generate an accurate output. The Internet itself did not bring business logic to the surface but the implementation of Information Technology (IT) to business.

4 0
4 years ago
How does the U.S. Census Bureau define a family?
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two or more people related by birth, marriage, or adoption who live in the same housing unit

4 0
3 years ago
How you gain information about what is happening around the property
Neporo4naja [7]

Answer:

Security Cameras, Security Guards, Radios, Drones.

Explanation:

5 0
3 years ago
When both supply and demand decrease, the equilibrium price: a. increases and equilibrium quantity increases. b. is indeterminat
frosja888 [35]

Answer:

The answer is e.

Explanation:

First you draw a supply and demand graph. When you move to the left on the graph, you decrease and when you move to the right, you increase. Being that both supply and demand will decrease, you will end up in the left triangle of the original graph. In that area, you can't really decide the price because it's not clear if it increases or decreases. It is clear that the quantity decreases. So (e) is the answer.

5 0
4 years ago
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