Answer:
$8,000
Explanation:
Base on the scenario been described in the question, we are to use simple interest to calculate the given problem
We are given
Time = 2years
rate = 8%
Principal = $50,000
Simple interest formula is given below
I = PRT/100
Substituting the values into the question, we have
I = $50,000×8×2/100
I = $800,000/100
I = $8,000
From the information given, the amount of the projected 2022 loss, if any that Ron May deduct on his income tax return for 2022 is "$14,000" (Option D) See explanation below.
<h3>What is the explanation for the above answer?</h3>
In general, Section 704(d) of the Code states that a partner's distributive share of a partnership loss (including capital loss) is limited to the adjusted basis of such partner's interest in the partnership (outside basis) at the end of the partnership year in which such loss occurred.
If a partner's share of partnership losses exceeds its outside basis in a given taxable year, the losses are permitted to the extent of basis, and any excess amount is carried over to the following taxable year in which the partner has outside basis available.
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Full Question:
Ron's investment in his XYZ partnership interest on December 31, 2021, was $12,000. As the result of a serious downturn in business, the partnership calculates Ron's share of the partnership's losses in 2022 will be $14,500. How much of this projected 2020 loss, if any, may Ron deduct on his income tax return for 2022?
A) $12,000
B) $2,500
C) $0
D) $14,000
Answer:
The amount that the company would record for building would be $1,200,000.
Explanation:
We can allocate the fair values as follows:
Particulars Fair value Allocated amount
(a) (b) = (a)/Total*$2.4m
Building $1,300,000 $1,200,000
Land $780,000 720,000
Equipment $520,000 480,000
Total $2,600,000 $2,400,000
The amount that the company would record for building would be $1,200,000.
Answer:
E) an ethical dilemma.
Explanation:
An ethical dilemma is a situation where a person must face a decision where both alternatives are really bad choices. No option will provide a positive resolution to the current situation, but the person must decide between one of them.
In this case, if Bob goes to the police, his friend will be arrested but that will generate bad publicity for his business. If Bob decides not to go to the police, Ruth will continue to steal money form him. It's like being between a rock and a hard place, whatever your decision, you are still going to be hurt.
The Government agency and the organizations are the groups that are facilitated for the working by the government, privately or with government support.
<h3>What is Government agency?</h3>
The Government agency and the organizations are the groups that are operated either privately or by the government for the operation of the task.
The Government agency is defined as a public organization with the task to complete the work for the government.
The Government Contractor is a private business that works for the completion of the government work.
The Government Corporation is given as the establishment for the independent operation of the goods and services supported by the government.
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