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Alex_Xolod [135]
3 years ago
7

Sean and Jenny own a home in Boulder City, Nevada, near Lake Mead. During the year, they rented the house for 40 days for $3,000

and used it for personal use for 18 days. The house remained vacant for the remainder of the year. The expenses for the house included $14,000 in mortgage interest, $3,500 in property taxes, $1,100 in utilities, $1,300 in maintenance, and $10,900 in depreciation. What is the deductible net loss for the rental of their home (without considering the passive loss limitation)? Use the Tax Court method for allocation of expenses.
Business
2 answers:
SOVA2 [1]3 years ago
8 0

Answer: 0

Explanation: Personal or rental properties aren't subjected to net loss deduction. Sean and Jenny could have chosen to rent out the property for more than 40 days or stayed in the building more than they did. The property being personal is not subject to net loss deduction resulting from mortgage payment, utility and property tax and depreciation. In other to reduce or prevent the net loss incurred in subsequent years, Sean and Jenny could probably lease or put the property up for rent for a substantial portion of the year.

kipiarov [429]3 years ago
4 0

Answer:

Answer is a i.e. 0.

Explanation:

No net loss is allowed for personal/rental properties.

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During the month of March 2017, Weimar World, a tax-preparation service, had the following transactions. * Billed $496,000 in re
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Answer:

A. $302,000

Explanation:

The computation of the net income under accrual basis accounting is shown below:

= Billed in revenues on credit - incurred expenses

= $496,000 - $194,000

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Only revenues on credit and incurred expenses are considered in the computation part. No other item values would be  taken.

8 0
3 years ago
A court-ordered ______________ was imposed on fairlawn city employees who worked on the city's streets and bridges. although the
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A court-ordered injunction was imposed on Fairlawn city employees who worked on the city's streets and bridges.

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8 0
3 years ago
Maki plans to sell 10,000 units of a particular product during July, and expects sales to increase at the rate of 10% per month
Delvig [45]

Answer:

32,950 units

Explanation:

The computation of the number of units purchased is shown below:

Purchase units =  Total Sale units + ending inventory units - beginning inventory units

where,

Sale units = July sales units + August sales units + September sales units

The July sales units = 10,000 units

August sales units = 10,000 units + 10,000 units × 10%

                               = 10,000 units + 1,000 units

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September sales units = 11,000 units + 11,000 units × 10%

                                      = 11,000 units + 1,100 units

                                      = 12,100 units

So, the total sales units are

= 10,000 units + 11,000 units + 12,100 units

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= 33,100 units + 950 units - 1,100 units

= 32,950 units

5 0
3 years ago
Sigma corporation applies overhead cost to jobs on the basis of direct labor cost. job v, which was started and completed during
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3 years ago
The invisible hand is Select one: a. Government direction. b. The profit motive. c. Perfect competition. d. The mixed economy.
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4 0
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