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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.

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Cost accounting​ ________. A. measures the costs of acquiring or using resources in an organization B. communicates information
beks73 [17]

Answer:

A. measures the costs of acquiring or using resources in an organization.

Explanation:

Cost accounting is the procedure by which and organisation records, examines, and summarises any cost on processes or service.

Items that are considered include variable cost, fixed cost, and other expenses related to business operation.

7 0
3 years ago
Use the following scenario to answer the following questions: Suppose that Canada, an industrialized nation, and Mexico, a devel
Delicious77 [7]

Answer:

A society could achieve a higher level of productivity if:________

b. it takes advantage of each individual's comparative advantage.

Explanation:

In the same way that nations can achieve higher levels of productivity if each nation takes advantage of its comparative advantage in production, individuals in the society can help it to achieve a higher level of productivity if each individual takes advantage of her or his comparative advantage.  This economic concept calls for specialization in the fields where one has comparative skills that are better than others'.  This implies that one can deploy resources and skills to achieve more in a specialized field than being a jack-of-all-trades.

8 0
3 years ago
Expenses include all of the following except: Multiple Choice making a payment on account. using supplies. paying for electricit
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Answer:

using supplies

Explanation:

An expense can be described as cost incurred by a company in a bid to earn revenue.

When supplies are used no explicit cost is incurred in the process so it doesn't qualify as an expense.

I hope my answer helps you

6 0
3 years ago
Philo T. Farmsworth is a corn farmer with a 40-acre tract of land. Each acre can produce 100 bushels of corn. The cost of planti
k0ka [10]

Answer:Philo should sell.

Explanation:

If price falls $2, the final price would be $8. So Philo's income will be:

40 acre x 100 bushel x $8 = $32.000

And costs will be:

Planting cost = $20.000

Harvesting cost = $10.000

Total cost = $30.000

$32.000 - $30.000 = $2.000

So Philo's earning will be $2.000

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Which of the following entities would most likely agree with Adam Smith's statement?
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D. Stockholders for a pharmaceuticals company that has a new cancer drug

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4 years ago
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