Answer:
If Tom is single, he can claim THE $250,000 CAPITAL GAINS EXEMPTION.
Explanation:
Capital gain taxes are taxes on any profit you make from the sale of something, such as a house. These taxes apply unless you upgraded to a home with a more expensive purchase price.
With the passage of the taxpayer relief act, individuals can exclude up to $250,000 of capital gains from taxation and married couples can exclude up to $500,000.
To qualify for the home sale capital gains tax exemption, one must pass the use test (looking at whether one used/lived in one's home). One must have owned and lived in the residence for at least two out of the last five years before the sale.
Therefore, since Tom is single and has lived in his home for the past four years and wants to sell, he qualifies for the exemption and can claim THE $250,000 CAPITAL GAINS EXEMPTION.
Solution:
Sum Present value of 60 payments
Rent 2000
Periods 60
Rate 12%
Present value of 60 payments $94,405 (Excel = PV( 1% , 60 , 2000))
Future value of these payments at t=9
Future value $1,03,249.99(Excel=FV(1%,9,94,405)
Periods 51
Rate 12%
Answer:
1,000 long term capital gain
Explanation:
Answer:
Weighted average cost per unit = $10.10
Explanation:
We know,
Under weighted average unit cost, the cost for purchased inventory = Total inventory costs ÷ total inventory in units
Given,
Total inventory in units = 205 + 310 = 515 units
Total inventory costs = (205 units × $9.50) + (310 units × $10.50)
= $1,947.50 + $3,255 = $5,202.50
Therefore,
Weighted average cost per unit = $5,202.50 ÷ 515 units
Weighted average cost per unit = $10.10
Therefore, the company will use this cost per unit to determine cost of goods sold and ending inventory.
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