It is created when <span>contingency funds are applied for.
Contingency funs is a type of monetary fund that set aside for unforseen circumtances that the company may experience in the future. The usage of this fund indicates that the company could no longer follow the budget line that created for normal operation.</span>
To become a self made person, this is because sometimes you want to prove people that even if your family is successful, you can be successful on your own too. I hope this makes sense.
Answer: an offset against ordinary income of $3,000 and a NSTCL carryforward of $2,400
Explanation:
Feom the question, we are told that in the current year, Norris, an individual, has $59,000 of ordinary income, a net short-term Capital loss (NSTCL) of $9,100 and a net long-term capital gain (NLTCG) of $3,700.
From his capital gains and losses, Norris reports an an offset against ordinary income of $3,000 and the a net short-term Capital loss (NSTCL) balance carryforward will be the difference between the net short-term Capital loss (NSTCL) of $9,100 and a net long-term capital gain (NLTCG) of $3,700 and the offset against ordinary income. This will be:
= ($9100 - $3700) - $3000
= $5400 - $3000
= $2400
If demand is inelastic, this means that the amount demanded doesn't change with the increase of price. In this case, if John were to raise prices, we assume that quantity demanded would stay the same and John would make more revenue.
Answer: $8,400
Explanation:
Tax liability for a year is computed on the nominal capital gain as of that year not the inflation-adjusted gain. As such, should the asset be sold today, the capital gains tax of 28% will be computed on the capital gain of $30,000 in the following manner;
= 28% * 30,000
= $8,400
