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IceJOKER [234]
3 years ago
9

Under IRS rules, if a customer selling shares of stock wishes to use specific identification instead of FIFO for cost basis repo

rting, the broker-dealer effecting the trade must be notified of this no later than:
Business
1 answer:
Eddi Din [679]3 years ago
7 0

Answer:

Settlement Date

Explanation:

The broker is expected to be notified on the date which the cash or assets has been transferred has been completed. The settlement date simply refers to the date that the trade or sales of shares of stock settles, and thus when using specific identification rather than FIFO, the broker dealer must be notified no later than the settlement date for cost basis reporting.

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Shaun is a student who has received an academic scholarship to State University. The scholarship paid $14,000 for tuition, $2,50
Soloha48 [4]

Answer:

$ 8500 paid by the university

Explanation:

The dormitory fees are recorded as part of his gross income because it is a payments given to his services rendered which was counseling freshman on campus living. The dormitory fees gotten can be taxed for this reason unlike the scholarships received for tuition, fees, books can be excluded from gross income as they are required for the student courses.

8 0
2 years ago
The following items were among those reported on Lee Co.'s Income Statement for the year ended December 31, 20x5:
coldgirl [10]

Answer:

C.  $410,000

Explanation:

Administrative and general expenses in Lee's multiple - step income statement is $410,000

i.e  the Legal and audit fees $170,000 and Rent for office space $240,000 which will amount to $410,000

Note:   General and Administrative expenses are incurred in the day-to-day operations of a business and are not  tied to a specific function or department within the  organisation.

4 0
3 years ago
Assume that Firm ABC has revenues of $120,000 for both 2017 and 2018. It also has operating expenses of $40,000 for each of thes
ivolga24 [154]

Answer:

1) deferred tax asset = 4000

2) deffered tax Liability  = 4000

Explanation:

1) Journalizing entry at 12/31/2017

deferred tax asset = tax ( per income tax) - tax ( per book tax )

                              = 32000 - 28000 = 4000

 J<u>ournal Entry made for Income tax and deferred tax asset) </u>

       Account                           Debit Credit

Income Tax Expense                28000  

Deffered Tax Asset                4000  

Income Tax Payable                                     32000

2) Journalizing entry at 12/31/2018

Deffered tax Liability = Tax (per book)  - Tax ( Income tax  )

deffered tax Liability = 32000 - 28000  = 4000

    <u>Journal Entry made for Income tax and deffered tax liability</u>

          Account                        Debit Credit

Income Tax Expense              32000  

To Deffered Tax Liability                    4000

To Income Tax Payable                                    28000

3 0
3 years ago
On November 1, 2024, Rockwood Co. signed a one-year contract to provide handyman services on an as-needed basis to King Associat
Virty [35]

Answer: 4,800

Explanation:

i dont really know but i think it might be 4,800

7 0
2 years ago
During a certain six-year period, the consumer price index (CPI) increased by 50%, but during the next sis-year period, it incre
liberstina [14]

Answer:

D. Deflation

Explanation:

"Consumer Price Index" <em>(CPI)</em> measures the changes in the weighted average of prices of a market basket (consisting of consumer goods and services). It tells the<u> cost of living for every consumer. </u>

"Inflation" refers to the sustained increase of prices of goods and services while "deflation" refers to the sustained decrease of prices of goods and services.

In the situation above, the CPI is considered lower than before, thus <u>deflation</u> must have occurred during the second six-year period. It shows a <u>negative inflation rate.</u>

So, this explains the answer.

7 0
3 years ago
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