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Salsk061 [2.6K]
4 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]4 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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Jimmy rents a chainsaw from the department store to work on his yard. the total cast c(x) in dollars is given by c(x)=9.99+3.00x
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<span>The rental agreement includes a 9.99 fee and 3 dollars a day. For example one day will cost 9.99+3x1 OR 9.99 + 3 = 12.99. Two days will cost 9.99+3x2 = 15.99. Ten days will cost 9.99+10x3 = 39.99.</span>
3 0
3 years ago
XYZ Corporation has a 6 1/2% convertible bond outstanding that is convertible into 40 shares of common stock. The bond is curren
Arturiano [62]

Answer:

b) Reduce potential dilution

c) Have no effect on interest costs

Explanation:

Since in the question it is mentioned that the corporation is offering its existing bondholders for paying 6 1/2% this matured at the same time just like the convertible bond.

So here if the proposal is completed so the impact would be reduction in the potential dilution also it would not have impact on the effect on the interest rate and the same is to be considered

3 0
4 years ago
Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $30 per hour. In November the company
ZanzabumX [31]
Idk this one I’m look up
4 0
3 years ago
For a certain item, the cost-minimizing order quantity obtained with the basic EOQ model is 200 units, and the total annual inve
lilavasa [31]

Answer:

$2 per unit per year

Explanation:

The calculation of the inventory carrying cost per unit per year is shown below:

Inventory Carrying cost per unit per year is

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= $400 ÷ 200 units  

= $2 per unit per year

It is computed By dividing the total annual inventory cost from the economic order quantity, in order to get the inventory carrying cost

Therefore, the first option is correct

3 0
4 years ago
Before a three-for-one stock split, the shares outstanding were 5,000 shares at $12 par.
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After the three is to one split, for every one old share, there will be three new shares.

So number of new shares = 5000*3 = 15,000 shares

Since the number of shares increased three fold, the price per share will decrease by three fold.

So the price per share after split = 12/3 =$4

So, after the split, there will be 15,000 shares at $4 per share

6 0
3 years ago
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