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zhannawk [14.2K]
3 years ago
9

Gina loaned Tom $50,000. Tom signed a note the terms of which called for monthly payments of $2,000 plus 6% interest on the outs

tanding balance. In 2018, when the balance owing on the loan was $18,000, Tom defaulted on the note. As of the end of 2018, there appeared to be no reasonable prospect of Gina recovering the $18,000. As a consequence, Gina claimed the $18,000 as a nonbusiness bad debt. In 2018, Gina had AGI of $50,000, which included $16,000 of net long-term capital gains. Gina did not itemize her deductions. In 2019, Tom paid Gina $13,000 in final settlement of the loan. How should Gina account for the payment in 2019
Business
1 answer:
Liula [17]3 years ago
7 0

Answer:

Gina must report the $13,000 as income for the current year.

Explanation:

According to the tax benefit rule, any recovered expense ($13,000) must be included as income in the extent at which it resulted in a tax benefit.

Since Gina had a net $16,000 long term capital gains that were offset by her $18,000 loss, the $13,000 will partially replace most of the capital gains that were reduced the previous year.

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<h2>The company is expressing its key corporate value with a slogan. (Option A)</h2>

Explanation:

The slogan is self explanatory that ladies and gentlemen taking care of ladies and gentlemen.

About the slogan:

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  • Slogan is more of customer-friendly
  • The slogan is always the right aspect to express the motto, culture of the organization and hotel chain Ritz-Carlton has smartly framed it.

Justification about the other options:

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  • Even the last option stands invalid because, the focus of customer is lost, it feels like self-appraising the company itself.

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2 years ago
Gibson Guitar Corporation has chosen to build instruments one at a time, by hand. Gibson's century-old tradition of creating inv
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Answer:

product

Explanation:

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2 years ago
An express warranty is created when a seller: makes an affirmation of fact or promise concerning the goods that becomes part of
laiz [17]

Question:

An express warranty is created when a seller:

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B) uses descriptive terms as a part of the bargaining process, but the buyer does not take it into consideration when making the purchase.

C) sells goods meant for use for ordinary purposes.

D) avoids using a sample or model as the basis for the contract.

Answer:

The correct choice is A)

An express warranty is created in the contract when a supplier makes a promise concerning the goods that the buyer can hold on to as an incentive to purchase the product.

Explanation:

For example, if a consumer buys a Laptop online, but when it arrives the item is the wrong specifications, wrong color, or is dented or damaged in anyway, an <em>express warranty</em> might entitle the consumer to a refund or replacement.

This warranty usually is stated upfront prior to or during the execution of the sales transaction.

Cheers!

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3 years ago
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Option B

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The business cycle depicts the germination and bankruptcy in the making yield of assets and services in a marketplace. Business cycles are usually estimated relating to the boom and recession in the actual entire domestic goods or modified for inflation.

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2 years ago
Which agency is responsible for approving states' special education plans and releasing idea funds accordingly?
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The Office of Special Education and Rehabilitative Services is the agency responsible for approving a state's special education plan and releasing the IDEA funds accordingly.  These offices also help schools understand the services and responsibilities. These services help with those who have a learning disability or need specialized attention/help in school. 
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