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Nesterboy [21]
3 years ago
8

Lee qualified as head of a household for 2019 tax purposes. Lee’s 2019 taxable income was $100,000, exclusive of capital gains

and losses. Lee had a net long-term capital loss of $8,000 in 2019. What amount of this capital loss can Lee offset against 2019 ordinary income?
Business
1 answer:
Vlada [557]3 years ago
3 0

Answer:

$3,000

Explanation:

The IRS allows a head of household or joint filers to deduct from their gross income up to $3,000 as net capital losses in one year. If there exists any remaining amount it should be treated as long-term capital loss carryover for next year's taxes.

In this case Lee will be able to deduct $3,000 this year and the remaining $5,000 will remain as long-term capital loss carryover for 2020.

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Soft drink manufacturers face (a) ________.
Ilya [14]

Answer:

The correct answer is (A)

Explanation:

Soft drink manufacturing industry faces a high threat of substitutes. Not many soft drink brand exit the market but many new companies and brand enter. Similarly, that is the reason why prices of soft drink do not fluctuate as compare to other food items. The competitive environment in the soft drink industry creates a high threat of substitutes.

6 0
3 years ago
Hall, a divorced person and custodian of her 12-year-old child, filed her 2021 federal income tax return as head of a household.
Alekssandra [29.7K]

The $2000  contribution to an IRA should be treated as an An adjustment to income in arriving at adjusted gross income.

<h3>The reason Hall has to go with this option</h3>

The individuals that are not in a retirement plan of a company have the option of deducting their cash contributions to their own retirement accounts.

They are able to do this given that the money is 6000 dollars or a hundred percent of their gross income.

Taxes are not paid on interest in this type of account till the earnings from the retirement plan is distributed.

Read more on deductibles here: brainly.com/question/5306277

8 0
2 years ago
Your brother, who is prone to bearing substantial risk, suggests that you buy a security for $10,000 that promises to pay you $1
astraxan [27]

Answer:

16.59%

Explanation:

First we look at the formula which to determine the future value of the security and then work back to determine the annual return in terms of percentage

Future Value = Present Value x (1 +i)∧n

where i = the annual rate of return

n= number of years or period

We then plug the given figures into the equation as follows

we already know Present value to be $10,000 and the future value to be $100,000 and the number of years to be 15

Therefore, the implied annual return or yield on the investment is

100,000 = 10,000 x (1+i)∧15

(1+i)∧15 = 100,000/10,000 = 10

1 + i = (10∧(1/15))=1.165914

i= 1.165914-1

= 0.1659

= 16.59%

5 0
3 years ago
Which of the following is a common sense safety procedure that can help prevent electrical accidents
evablogger [386]
Putting the wrong wires together and not knowing what goes to what
7 0
3 years ago
Read 2 more answers
A corporation uses the indirect method for preparing the statement of cash flows. A fixed asset has been sold for $23,649 repres
Alexus [3.1K]

Answer:

a. $(3,881)

Explanation:

Gain on sale of fixed assets is an income. To be included in the operating section of the cash flow statement, we need to deduct the gain. The disposal of the fixed assets will go to the investing section. As the gain of the sale of assets is already added to the net income in the income statement, it will be deducted to make the accounting procedure transparent. Therefore, <em>option A</em> is correct.

6 0
3 years ago
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