Which government official is responsible for determining the amount of property tax a homeowner must pay?

On November 4, 2018, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business.

sleet_krkn [62]

Answer:

A. $191,818

B. $303

C. Loss; $11,515

Explanation:

A. Calculation to determine what The adjusted basis of the asset at the end of 2019 is

Cost of asset $200,000

Less Greater of allowed and allowable cost recovery:

2018 $910

2019 $7,272 ($8,182)

($910+$7,272=$81,82)

Adjusted basis of the asset at the end of 2019 $191,818

($200,000-$8,182)

Therefore the Adjusted basis of the asset at the end of 2019 will be $191,818

B. Calculation to determine what The cost recovery deduction for 2020 is

Cost recovery deduction for 2020= ($200,000 x .03636 x 0.5 / 12)

Cost recovery deduction for 2020=$303

Therefore The Cost recovery deduction for 2020 is $303

C. Calculation to determine what The____on the sale of the asset in 2020 is

Based on the information given we would be using 0.3636 as the percentage for 27.5-year assets.

Cost of asset $200,000

Less Greater of allowed and allowable cost recovery:

2018 $910

2019 $7,272 ($8,182)

($910+$7,272=$81,82)

Adjusted basis of the asset at the end of 2019 $191,818

($200,000-$8,182)

Less Cost recovery for 2020 $303

($200,000 * .03636 * 0.5 / 12)

Basis on date of sale $191,515

($191,818-$303)

Loss on sale of asset ($11,515)

($180,000 – $191,515)

Therefore The LOSS on the sale of the asset in 2020 is $11,515

6 0

3 years ago

Martinez Company uses flexible budgets to control its selling expenses. Monthly sales are expected to range from $166,900 to $19

kolezko [41]

Answer:

<u>monthly flexible budget for each $11,100 increment </u>

Sales $11,100

Less Sales Commissions ( $11,100 × 6%) ($666)

Net Sales $10,434

advertising ( $11,100 × 5%) ($555)

traveling ( $11,100 × 4%) ($444)

delivery ( $11,100 × 2%) ($222)

Net Income $9,213

Explanation:

Consider Only the incremental costs and revenues.Fixed costs are not relevant for the $11,100 increment

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4 0

4 years ago

An agent is discussing an equity index annuity purchase with a client. The agent explains that there are several which she feels

Vesna [10]

Answer:

B) should pack her bags for the trip; she earned it

Explanation:

In this scenario, it can be said that if the client purchases that annuity, the agent should pack her bags for the trip; she earned it. Since the annuity that has been recommended by the agent is offering her an incentive, and the agent fully disclosed that fact to the client, then she did her duty correctly. In the case that the client decides to purchase the annuity, they do so with full knowledge of the potential conflict of interest.

4 0

3 years ago

A low P/E for a stock indicates that:

pishuonlain [190]

Answer:

(A). People may expect earnings to fall in the future, perhaps because the firm will be faced with increased competition.

Explanation:

Price Earnings ratio of a company represents market price per share of a company's stock in relation to it's earnings per share.

Price Earnings ratio(PER) is given by the following formula:

PER = $\frac{Market\ Price\ Per\ Share}{Earnings\ Per\ Share}$

A lower P/E Ratio indicates that a company's market price of a share is lower relative to it's earnings. This means the company's stock is undervalued.

It can also mean that the company's earnings have increased which in turn has increased it's earnings per share.

Investors in general expect lower earnings in future for the stock of a company with low P/E Ratio.

6 0

4 years ago

The original price of a television is $500 you have a coupon for 25% off excluding tax what is the cost of the tv

ch4aika [34]

Original price = $500

Assume that the tax rate is 8%
Cost of the TV plus tax = 500*1.08 = $540
Worth of the 25% coupon = 0.25*540 = $135
Reduced price = 540 - 135 = $405

The cost of the TV with a coupon for 25% off excluding tax is $405.

Answer: $405

6 0

3 years ago