Answer:
Consider the following explanation
Explanation:
Foreign tax credit allowable is the minimum of Federal Income Tax and Income tax paid in foreign country. Here, Jimenez had paid 40% (2,000,000/5,000,000) income tax in foreign country. So. Jimenez will only be eligible to take foreign tax credit of 1,050,000 i.e. 5,000,000 * 21% and there will be carryover of $950,000 (2,000,000 - 1,050,000) foreign taxes.
There is carryover tax when we cannot use the whole amount of foreign tax credit in the current year and the balance foreign tax is carried over to future years.
Answer:
A significant difference between a trial and an administrative hearing is thtat a hearsay con be introduced as evidence, in an administrative hearing.
What fact or facts support a situation where trade is advantageous?
B. II only
Answer:
c. 1.6 percent.
Explanation:
GDP Deflator = Nominal GDP / Real GDP * 100
year 1
Real GDP = $2250 billion/72*100
= $ 3125.
year 2
Real GDP = $2508 billion/79*100
= $3175
Real GDP rose by = Real GDP (2nd year) - Real GDP (1st year)
= $3175 - $3125
= $ 50
% increase = $50/$2,250*100
= 1.6%
Therefore, The Real GDP rose by 1.6%.
Answer:
The amount to be reported as the cost of the land is $ 114,200
Explanation:
Cash paid for the land = $ 98,000
Net cost of demolishing old ware house = $ 11,000 - $ 3,100 = $ 7,900
Attorney's fee = $2,000
Real estate broker's fee = $ 6,300
Total cost of the land = Cash paid for the land + Net cost of demolishing old ware house + Attorney's fee + Real estate broker's fee
= $98,000 + $ 7,900 + $2,000 + $ 6,300
= $ 114,200
