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2 years ago

Suppose that people in your community voted to eliminate all local taxes

Business

1 answer:

Amanda [17]2 years ago

8 0

Neighborhood trash pickups would most likely disappear.

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Mr. and Mrs. Jones sold their principal residence for $750,000. They had lived in their residence for 20 years, and it had an ad

IceJOKER [234]

Answer:

D) $40,000

Explanation:

The Joneses qualify for a Section 121 exemption since they lived at their house for 20 years. They are exempted from paying capital gains taxes on the first $500,000 ($250,000 if single) in realized gains from selling their home.

Joneses taxable gain = $750,000 (sales price) - $210,000 (basis) - $500,000 (section 121) = $40,000

They will have to recognize only $40,000 in gains.

7 0

3 years ago

During 2017, Bolton Corporation acquired a mineral mine for $1,500,000 of which $200,000 was determined to be the salvage value

MAVERICK [17]

Answer:

$162,500

Explanation:

Depletion is used to expense the cost of extracting natural resources.

Depletion expense = (unit extracted in 2017 / total units that could be extracted) x (Cost- salvage value)

(1,500,000 / 12,000,000) x ( $1,500,000 - $200,000) = 0.125 × 1,300,000 = $162,500

I hope my answer helps you

8 0

3 years ago

Read 2 more answers

Indicate whether the following events might cause stocks in general to change price, and whether they might cause Big Widget Cor

-BARSIC- [3]

Answer:

Check the explanation below

Explanation:

Inflation is systematic (Market) risk, it impacts all stocks

Results of company is unsystematic (Specific) risk, as they are as expected stock price wont have much impact

Economic growth is systematic (Market) risk, as it is inline with forecasts stock prices will be constant

Directors death is unsystematic (Specific) risk, stock price will go down

Taxation is systematic (Market) risk, as it is discussed from 6 month, stock price wont have much impact currently

8 0

3 years ago

An investor bought a one-acre lot on the outskirts of a city for $12,700 cash. Each year she paid $175 of property taxes. At the

german

Answer:

79.5%.

Explanation:

Rate of return = $\frac{final value - initial value}{initial value}$ x 100

The cost of the acre = $12700.

Total property taxes paid for 7 years = $175 x 7

= $1225

Net value of cost = $12700 + $1225

= $13925

Net value of the land when sold = $25000

∴ Rate of return = $\frac{25000 - 13925}{13925}$ x 100

= 0.7953 x 100

= 79.53%

The rate of return of the acre of land is 79.5%.

7 0

2 years ago

During 2018, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 from a savings account established fo

Ann [662]

Answer:

The correct answer is option (C) $ 1,750

Explanation:

Given data:

Amount received from corporate bond = $ 2,200

Amount received from a savings account = $ 600

Thus, the total income = $ 2,200 + $ 600

The total income = $ 2800

Now,

the standard deduction for the person claimed as dependent's on another's tax return = $ 1,050

Hence, the total taxable income = Total income - standard deduction

the total taxable income = $ 2,800 - $ 1,050 = $ 1,750

Hence, the correct answer is option (C) $ 1,750

3 0

3 years ago