1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gala2k [10]
3 years ago
12

Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a par

tnership). Timothy is married, and Prada is single. Each contributes $400,000 of capital to begin the business, and both materially participate in the business. In 2018, TGPS reports a net loss of $580,000.
What are the implications of this loss for Timothy and Prada?


Timothy has an excess business loss of $ 0. He may use $ 290,000 of his share of the $580,000 LLC business loss to offset ____________.

Prada has an excess business loss of $___________ . She may use $_________ of her share of the $580,000 LLC business loss to offset ____________.

Any excess business loss is treated as part of the ____________.
Business
1 answer:
Sliva [168]3 years ago
8 0

Answer:

Timothy has an excess business loss of $ 0. He may use $ 290,000 of his share of the $580,000 LLC business loss to offset non-business income .

Prada has an excess business loss of $40,000. She may use $250,000  of her share of the $580,000 LLC business loss to offset non-business income .

Any excess business loss is treated as part of the treated as part of the taxpayer's net operating loss (NOL) carry-forward.

Explanation:

1. Nonincome loss is claimed when there is no income and therefore no tax will be deducted. The is conditional on the provision of the details of income on which non-income loss is claimed.

2. Taxpayer's net operating loss (NOL) carry-forward is relevant here because it is often used to offset the tax payments in other tax period through the tax authority when allowable deductions is higher than taxable income.

You might be interested in
What is the future value of $450 at an interest rate of 15 percent one year from today?
gladu [14]

Answer:

$517.50

Explanation:

we have to use the future value formula:

future value = present value x (1 + interest rate)ⁿ

  • present value = $450
  • interest rate = 15%
  • n = 1 year

future value = $450 x (1 + 15%) = $450 x 1.15 = $517.50

The basic premise of finances is that the value of money changes over time, i.e. one dollar today is worth more than one dollar tomorrow. That is because the money yo have today can be invested and it can interest, therefore, it will be worth more in the future.

3 0
3 years ago
An agreement to settle a debt for less than the sum claimed is referred to as?
fomenos
<span>An agreement to settle a debt for less than is owed is called an Accord and Satisfaction. this is because the accord is the original debt, and the term for the re-structured settlement. The satisfaction is the actual payment of that debt. Therefore, accord and satisfaction could be re-written as new agreement and payment.</span>
7 0
3 years ago
Why do parties get into argument ?
raketka [301]

Answer:

Attached are causes of arguments between or among parties

Mark my answer brainliest

8 0
3 years ago
Souza Inc, which produces and sells a single product, has provided its contribution format income statement for October.
Dafna1 [17]

Answer:

d. $300

Explanation:

Calculation for what its net operating income should be closest to

Using this formula

First step is to calculate the contribution margin per unit using this formula

Contribution margin per unit= Contribution margin ÷ Number of units

Let plug in the formula

Contribution margin per unit= $48,000 ÷ 4,000 units

Contribution margin per unit= $12

Second step is to calculate the contribution margin

Contribution margin = 3,500 units × $12

Contribution margin = $42,000

Now let calculate the net operating income using this formula

Net operating income = Sales - Variable cost - Fixed expenses

Let plug in the formula

Net operating income= $42,000 - $41,700

Net operating income= $300

Therefore its net operating income should be closest to $300

8 0
2 years ago
A written agreement setting forth issues between labor and management is called a?
marishachu [46]

Labor contract.

A labor contract sets for the rights and responsibilities of labor and management for unions and other labor groups.

3 0
3 years ago
Other questions:
  • The demand for seats in 10
    9·1 answer
  • Laurel loves his job. It offers him the opportunity to meet lots of people, to work outdoors, and to do things his own way. Laur
    13·1 answer
  • At the headquarters of Meltdown Inc.,a temporary team consisting of members from its technical department and marketing departme
    10·1 answer
  • You are negotiating to make a 7-year loan of $37,500 to Breck Inc. To repay you, Breck will pay $2,500 at the end of Year 1, $5,
    13·1 answer
  • Which of these items is not considered to be a want?
    14·1 answer
  • The American Civil Liberties Union was heavily funded by the Republican Party and Wall Street businessmen in the hopes of promot
    10·1 answer
  • An import quota or tariff on French wine that raises the prices for wine will probably: Select one: a. hurt domestic wine drinke
    6·1 answer
  • Which best describes why investing can be such a challenge?
    11·2 answers
  • A product's target market is part of which of the 4 P's of marketing?​
    5·1 answer
  • many of the most important factors that shape a negotiation result do not occur during the negotiation, but occur after the part
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!