Answer:
B) False: since it is still a closely held C corporation, it cannot reduce its ordinary income through passive losses. If it hadn't been a closely held C corporation then it could have made the deductions.
Explanation:
Passive losses are losses resulting from financial activities, i.e. investments in other corporations where the investor doesn't participate in.
Passive losses cannot offset ordinary income, they must be matched against passive gains only. If passive losses exceed passive gains, they can be carried forward without limitation.
The only exception applies to C corporations that are not;
- closely held corporations or
- personal service corporations.
Qualifying C corporations can actually deduct passive losses from certain ordinary income.
Closely held C Corporations are corporations where during the last 6 months, 50% or more of its stock is owned by 5 or fewer investors.
The financial institution of the World Bank was tasked with helping in the reconstruction of Europe after World War II, but ended up helping third world countries with public sector projects.
The Second World War, also known as World War II and abbreviated as WWII or WW2, was a global conflict that lasted from 1939 to 1945. It involved the vast majority of the world's countries, including all the great powers, forming two opposing armies. alliance: Allies and Axis Powers.
World War II was a total war that directly involved over 100 million people from over 30 countries. The major participants in the war threw all their economic, industrial, and scientific capabilities into the war effort, blurring the distinction between civilian and military resources. The causes of World War II are debated, but contributing factors included the Second Italo-Ethiopian War and the Spanish Civil War.
Learn more about World War II here
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Well i don't know what the question is but i am guessing that you would want to keep the flowers growing and in good shape
Answer and Explanation:
The journal entries are shown below:
Cash A/c Dr $8,760
To Fees earned $4,370
To Accounts Receivable $4,370
(being wrong entry made now corrected)
Accounts Payable Dr $1,440
To Supplies Expense $1,440
Supplies a/c Dr 1760
To Cash 1760
(being wrong entry made now corrected)
The question is incomplete. Here is the complete question:
Jack Holmes is a middle-aged, lower-level employee at an automobile service center. Though he is not paid very well, he loves his job. His supervisor speaks to him with respect and he is the favored candidate for mentoring new employees because on the vast experience he holds in the job. Based on this information, which of the following is most likely to be the reason Jack likes his job?
A) recognition
B) prospects of growth
C) salary
D) flextime
E) job sharing
Answer:
A) Recognition
Explanation:
The fact that Jack Holmes is not overlooked, but rather recognized and respected for the vast experience he has on the job, even though he is a lower level employee, is most likely to be the reason why he likes his job.
Despite the low salary, <em>being chosen to mentor new employees</em> gives him job satisfaction.
