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balu736 [363]
3 years ago
5

Jimmy establishes a Roth IRA at age 47 and contributes a total of $89,600 over 18 years. The account is now worth $112,000. Assu

me that Jimmy meets the income limitation at the time of the contributions.How much of these funds may Jimmy withdraw tax-free?
Business
1 answer:
ValentinkaMS [17]3 years ago
4 0

Answer: $112,000

Explanation:

Jimmy is able to withdraw the entire $112,000 tax-free.

This is because to be able to Withdraw tax-free, one must have deposited money in the IRA for a minimum of 5 years and the person must be at least 59.5 years of age.

Those 2 criteria are met by Jimmy who deposited for 18 years and is now aged 65.

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2 years ago
Macy is a very creative person. Often, when trying to generate a novel or useful idea, she spends several days "mulling over" th
meriva

Answer:

Correct answer is (E) incubation

Explanation:

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3 years ago
Problem 4-4 Calculation of Gain or Loss (LO 4.3) Jocasta owns an apartment complex that she purchased 6 years ago for $750,000.
NemiM [27]

Answer:

$671,300

Explanation:

The calculation of adjusted basis in the building is shown below:-

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Therefore for computing the adjusted basis we simply add original cost of the property with cost of capital improvements and deduct depreciation claimed.

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3 years ago
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Mars2501 [29]

Answer:

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In this case, the store owner had already bought advertising tools before, but not this type.

6 0
3 years ago
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