Answer:
LTCL = $0
Basis = $3,575
Explanation:
January 15, 2018, buy 1,000 shares at $5,100
December 31, 2020, sold 1,000 shares at $4,550
If Ms. Fresh hadn't repurchased the stock in January, she could have reported a long term capital loss of $550. But since she repurchased the 1,000 shares just after selling them, it is considered a wash sale.
So no long term capital loss will be recognized and the basis of the 1,000 stocks = $3,025 + $550 = $3,575
Answer:
Option B, Jamal is entitled to revoke acceptance because he took back the motorcycle after the seller's assurance that the nonconformity would be cured.
Explanation:
The primary purpose of purchasing goods is to obtain conforming goods of the desired quality. Occasionally, the seller delivers non-conforming goods, goods that fail to meet the contractual obligation (obligations include: seller's description, statements promises...). In situations like this the buyer may revoke his acceptance if already accepted or reject the delivery upon discovery.
If delivery is already accepted, acceptance may be revoked;
* On the reasonable grounds that its non-conformity would be cured and it has not be cured.
* Without discovery of such non-conformity if his acceptance was reasonably induced either by the difficulty of delivery before acceptance or by the seller's assurances.
Therefore, option B best suits the question. Under these circumstances, Jamal is entitled to revoke his acceptance because the he took back the motorcycle after the seller's assurance that the non-conformity would be cured which was not, even after several complaints.
Answer:
$3,875
Explanation:
Data given in the question
Selling value of the home = $155,000
Commission rate = 5%
Share basis = equally
So, by considering the above information, the Muller received amount is
= Selling value of the home × commission rate ÷ share basis
= $155,000 × 5% ÷ 2
= $7,750 ÷ 2
= $3,875
By considering the all the information given in the question we can easily find out the received amount by the Muller
Answer:
Sarah has invested in sole proprietorship while Jane has invested in corporations
Explanation:
Sole proprietorship is owned and run by a single owner who is legally obligated for all business assets and liabilities. Since Sarah has invested thousands of dollars in one company, it looks like she has invested in sole proprietorship in which she is the owner.
Corporation is run by group of people who are not legally obligated for the assets and liabilities of the corporation. People can invest in more than one corporation as they are open for public offer. These investors earn dividends based on the earnings earned by the corporations So, possibly Jane has invested hundreds of dollars in different large companies.
