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adoni [48]
3 years ago
6

Jody borrowed $25,000 from her controlled corporation for six months. She used the funds to pay her daughter's college tuition.

The corporation charged Jody 3% interest. The Federal rate was 4%. Jody earned $3,500 of investment income for the year.
The imputed amount is $: __________.
Business
1 answer:
Thepotemich [5.8K]3 years ago
8 0

Answer: $25,000

Explanation:

Amount borrowed = $25,000

Corporation interest = 3%($25,000)

= 3/100 × $25,000

= $750

Federal rate = 4%($25,000)

= 4/100 × $25,000

= $1,000

Total debt = $(25,000+750+1,000)

= $26,750

Jody earned $3,500 for the year. In six months, Jody'd earn 1/2 of $3,500 = $1,750

This means that $1,750 of Jody's income will go to Jody's controlled corporation account in six month.

The total inputed amount to be paid by Jody = Jody's total debt - Jody's income in six month

= $26,750 - $1,750

=$25,000

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Answer:

$10,800

Explanation:

What Jonathan took home was after paying the commission which means that the amount is 94% because 6% is the commission paid. This means that 6% of the amount can be found by:

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3 years ago
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3 years ago
Suppose you have won a free ticket to see a Bruce Springsteen concert. This ticket has no resale value. Also suppose that U2 has
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Answer:

$480,000

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