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Salsk061 [2.6K]
3 years ago
11

Lloyd is chronically-ill and received tax-qualified long-term care insurance benefits in 2018 amounting to $8,000 to cover a 30-

day nursing home stay. What amount, if any, must he include in income if actual nursing home costs for the 30 days amounted to $7,500 and the applicable per dier limitation was $360?
A) $0
B) $500
C) $7,500
D) $8,000
Business
1 answer:
Pepsi [2]3 years ago
4 0

Answer:

A) $0

Explanation:

as per IRC section 101g, if the payment exceeds the greater of per actual cost then the excess payment amount will be taxable.

total tax free payment = 360*30

                                      = $10,800

Therefore, The taxable amount is $0

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Businesses can legally employ only those workers who a. Were born in the United States b. Have immigrated to the United States b
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<h3>Who can be legally employed?</h3>

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However, if you have a Visa, <u><em>you can </em></u>work in the United States without being a US citizen.

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4 0
2 years ago
A new customer wants to open an account at your firm. When you ask him for a street address, he tells you that he will be moving
Rasek [7]

Answer: B. . The business address can be used for Customer Identification purposes and the account can be opened

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From the question, we are told that a new customer wants to open an account at a firm and that when he was asked for his street address, he said that he will be moving soon to a different apartment complex and wants to use his business address.

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3 years ago
The value of an asset is determined by discounting the future cash flows generated by the asset using the:
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The value of an asset is determined by discounting the future cash flows generated by the assets using the DISCOUNTED CASH FLOW ANALYSIS. Dis counted cash flow analysis is used to value projects, assets or companies using the concept of the time value of money. This method is used to determine the attractiveness of an investment.
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At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for Doubtful Accounts has a debit bal
disa [49]

Answer:

a. Allowance for doubtful accounts = Unadjusted balance + Adjusted balance

= $10,500 + $110,000

= $120,500

b. i)The adjusted balance of accounts receivable shall be $2,150,000(adjusted debit balance)

ii) Adjusted balance = Bad debt expense - Unadjusted balance

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iii) Adjusted bad debt expense = Unadjusted balance of allowance for doubtful accounts + Adjusted balance allowance for doubtful accounts

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