Answer:
b. $400,000
Explanation:
According to the historical cost principle, the land or fixed assets should be reported in the financial statement with the purchase price or historical price.
In the given situation, the land receiving value is $400,000 and its fair market value or FMV is $500,000 and exchange value is $300,000
So, here the land should be recorded at $400,000. Hence, we ignored the fair market value and the exchanged value
What<span>approximately would be the total population of Illinois?
</span>
-12 million
A. I think that’s the answer, hope it works
Explanation:
GIVEN DATA:
Alpha reported = $200,000
withdrew = $30,000
corporate income tax rate = 30%
personal income tax rate = 15%
SOLUTION:
we get here total amount of tax collect as
total amount of tax collect = Alpha reported amount × personal income tax rate ...............1
put here value
total amount of tax collect = $200,000 × 15%
total amount of tax collect = $30,000
here no corporate tax required and partner is taxed on share of total partnership income regardless of amount withdrawn
so the correct answer is $30,000
Answer:
1. True. The tax rates are higher, the greater one's income
Explanation:
1. True. Progressive tax is defined as a tax whose rate increases as the payer's disposable income increases. The implication is that ,individuals who earn high incomes have a greater proportion of their incomes taken to pay tax.
A perfect example of progressive tax is income tax whose rate is tied directly to personal income income.
2. False. The rate increases as the disposable income of the tax payer increases under progressive tax
3.False. Entrepreneurial income will be taxed after adjusting for allowobale and non-allowable income and expenses and relevant loss relief.
4. False. The revenue realised from progressive taxes are utilized by the government as stipulated in the budget.
