1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Aliun [14]
3 years ago
8

This year Randy paid $28,000 of interest. (Randy borrowed $450,000 to buy his residence, which is currently worth $500,000.) Ran

dy also paid $2,500 of interest on his car loan and $4,200 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?
a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.
Interest Deductible $.......

b. Randy had no investment income this year, and his AGI is $75,000.
Interest Deducttible $.......
Business
1 answer:
KATRIN_1 [288]3 years ago
3 0

Answer:

A.- Randy can deduct $30,200  The interest on the loan of the car is nondeductible personal interest, but he can deduct all $28,000 on the home loan as an itemized deduction.   The $4,200 of margin interests is likely investment interest, and this itemized deduction is limited oto net investment income. $2,200 of interest income qualifies as investment income and he apparently has no other invesstment expenses, the investment interest expense would be limited to Randy´s $2,200 in net investment.

B. He may deduct all %28,000 of his interest on the home loan

You might be interested in
When you drive above 5,000 feet, there is substantially less oxygen available and you can become _________ very quickly?
julsineya [31]
............ you can become TIRED very quickly. As one ascends towards the sky, the quantity of oxygen available continues to reduce significantly and this have a lot of negative effects on humans. For instance, there will be less oxygen available for breathing and one can become tired quickly. The lack of oxygen can cause shortness of breath, nosebleed, headaches and increased heart rate. Also, the air becomes drier and this makes one to become unusually thirst.
8 0
3 years ago
ABC Corporation uses the weighted-average method in its process costing system.
Troyanec [42]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
7 0
3 years ago
Alex and J.J. Both apply for two job openings in the same department at a law firm in Chicago. They both interview very well and
denis23 [38]

Solution :

In the context, it is given Alex and J.J. both are applying for a job openings in a law firm at Chicago. Both of them got the job offer but J.J. got lower salary than Alex. The salaries are different for both J.J and Alex. Some of the possible explanations for the difference in salaries that may be related to some scenarios are :

  • Alex went to higher tier law school  ----  difference in education
  • J.J. is reentering the workforce after two years away  ---  difference in experiences.
  • Alex will be working with a notoriously difficult boss  ---  compensating differentials.
  • Alex is a man and J.J. Is a woman  ---  economic discrimination.

                         

8 0
3 years ago
Quiz - Motivational Theory
lozanna [386]

Answer:

Self-Actualization and Esteem

Explanation:

According to Herzberg's theory, motivators result in personal satisfaction. Motivators come from the intrinsic conditions of the job an employee performs, e.g. recognition (employee of the month), personal growth (a promotion).

Herzberg's motivators relate to the higher levels of Maslow's pyramid, which basically deal with developing the full potential of individuals.

On the other hand, Herzberg's hygiene are related to the lower levels of Maslow's pyramid.

7 0
3 years ago
what are the documents required by department of trade and industry when registering for a private company
meriva

Social security for employee profiling, insurances, and other employee and company benefits

Business permit, so that your business is legal and has passed through the scrutiny of safety and reliability

<span>Tax identification  to ensure that in every profit you gain, you will be giving a part of it to the country to improve its services</span>
6 0
3 years ago
Other questions:
  • Can someone type a paper for me
    9·2 answers
  • Online booksellers that seem to be following the same business activities are said to be using a B2B business model. True False
    5·2 answers
  • Actual sales volume for a period is 5,000 units. Budgeted sales volume is 4,500. Actual selling price per unit is $15 an budgete
    14·1 answer
  • In your opinion how have human rights changed from the industrial revolution till the modern economy of today
    9·1 answer
  • In each of the following cases, calculate the accounting break-even and the cash break-even points. Ignore any tax effects in ca
    5·1 answer
  • Jim and Sue were going to be married and were very much in love. Before the wedding date, they went out for coffee and orally ag
    8·1 answer
  • At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $760. During the year, previously wr
    13·1 answer
  • Your company uses social media for marketing purposes. How does your company benefit by communicating with customers through soc
    15·2 answers
  • How do you calculate the profit on a product?:​
    11·1 answer
  • Ritz​ Products's materials​ manager, Tej​ Dhakar, must determine whether to make or buy a new semiconductor for the wrist TV tha
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!