Answer:
1. As this is a personal loss, the claim for casualty loss is:
= Loss Amount - $100 - 10% of Adjusted Gross Income (AGI)
= (142,500 loss - 79,750 insurance payout) - 100 - (10% * 362,500)
= $26,400
2. As a corporation:
Corporations do not get the $100 and AGI adjustment. Deductible casualty loss is:
= 142,500 loss - 79,750 insurance payout
= $62,750
Answer:
The answer is: D) A 529 Education Savings Plan
Explanation:
A 529 Education Savings Plan is designed specifically to cover educational expenses and most important, its tax free.
Coverdell Education Accounts don't allow contributions after age 18.
If the client prepays her college tuition plan, she will only cover educational unit expenses, but not all her expenses.
A five year savings bond shouldn't even be considered for this example.
Answer:
Cost Of Goods Sold= $1,930,000
Explanation:
Giving the following information:
Beginning Finished goods inventory 190000
Ending Finished goods inventory 150000
Cost of goods manufactured for 2020 amounted to $1890000
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 190,000 + 1,890,000 - 150,000= $1,930,000
Answer:
a)$367,500 b)$91,875 c)Nova will report a loss of $25* and Oscar's gain will be $91850.
Explanation:
a
)
Land will be recorded for section 704(b) book capital purposes = Fair market value = $367,500
Padgett also record the land at $367,500
b)Padgett's tax basis will will bwe same as that of Nova, i.e., $91,875
c)If Padgett sells the land several years later the built in basis of $91,875 will be taxed to Nova only.
so the gain of (551,200-367,500) 183700 divided in two equal parts of 91850 each.
but Nova will report a loss of $25* and Oscar's gain will be $91850.
* The built in tax inherent in contributed property will eventually be taxed to the contributor.
Answer:
Jeffrey Preston Bezos
Explanation:
Jeffrey Preston Bezos is an American investor, business tycoon, media proprietor, and he is founder and executive chairman of Amazon. Although, he had served as the chief executive officer (CEO), president and chairman of Amazon before becoming its executive chairman.
He was born on the 12th of January, 1964 in Albuquerque, New Mexico, United States of America.
According to Forbes magazine, Jeff currently has an estimated net worth of two hundred and five (205) billion dollars, making him the richest man in the world and on Earth.
In conclusion, Jeffrey Preston Bezos is the richest person in the world.
