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kodGreya [7K]
3 years ago
8

Luciana, a nonshareholder, purchases a condominium for her employer for $85,000. The fair market value of the condominium is $12

0,000. What is Luciana’s basis in the condominium and the amount of any income as a result of this purchase?
Business
1 answer:
krok68 [10]3 years ago
5 0

Answer:

Luciana’s basis in the condominium is $120000.

Explanation:

The transfer or sale of property by the employer to the employee at less than the fair market value then it is considered as the compensation income or dividend income. However, it should be included in the income. The difference in cost and fair market value ($120000 - $85000 = $35000) is considered as the gross income which is taxable for the year.

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A business may decide to pay employee salaries every week, every two weeks, twice a month, or once a month.
shtirl [24]

Answer:

True.

Explanation:

A business can choose to pay their employees a salary of 1. Weekly 2. Bi-weekly 3. Bi-monthly 4. Monthly. The longer the time for each paycheck, means that you will get payed more each paycheck but less frequently.

5 0
3 years ago
Solvency refers to: A. long-term ability to generate sufficient cash to satisfy plant capacity needs, fuel growth, and to repay
Papessa [141]

Answer:

A. long-term ability to generate sufficient cash to satisfy plant capacity needs, fuel growth, and to repay debt when due.

Explanation:

Solvency is defined as the long-term ability of a business the generate enough cash flow that will allow it to continue its operations and also to pay of its debt when due.

It is used as a measure of the financial health of the business.

A business with good solvency has a high probability of remaining in operation for the foreseeable future.

4 0
3 years ago
Failure of a VITA/TCE volunteer to comply with the Volunteer Standards of Conduct could result in which of the following?a.The v
N76 [4]

Answer:

D: All of the above

Explanation:

D. All of the above may be considered an appropriate action depending on the type of violation and the sponsoring partner’s corrective actions.

Failure to comply with these standards could result in, but is not limited to, the following:

• Your removal from all VITA/TCE Programs;

• Inclusion in the IRS Volunteer Registry to bar future VITA/TCE activity indefinitely;

• Deactivation of your sponsoring partner’s site VITA/TCE EFIN (electronic filing ID number);

• Removal of all IRS products, supplies, loaned equipment, and taxpayer information from your  site;

• Termination of your sponsoring organization’s partnership with the IRS;

• Termination of grant funds from the IRS to your sponsoring partner; and

• Referral of your conduct for potential TIGTA and criminal investigations

7 0
3 years ago
Gantner Company had the following department information about physical units and percentage of completion: Ch21_Q64 If material
Basile [38]

Answer:

200,000 units

Explanation:

The computation of the total no of equivalent units for material during may month is given below:

Units added during May is

= 150,000 + 50,000

= 200,000 units.

Hence, the total no of equivalent units for material during may month is 200,000 units

The same should be considered and relevant  

6 0
2 years ago
As the product manager for Whirlpools line of washing machines you are in charge of pricing new products. Your product team has
Alex17521 [72]

Answer:

The management should adopt skimming pricing strategy.

Explanation:

For the fact that this is a new technology and very difficult to be copied, the management should adopt skimming pricing strategy. This will allow them to charge high prices and make money in the market before their competitors starts making the same kind of washing machine. This product has benefits for the consumers as well as it consumes less water to clean the clothes so there is high probability of this machine is accepted even if the prices are exorbitantly higher and from this, its going to be demanded by many costomers.

7 0
3 years ago
Read 2 more answers
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