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Salsk061 [2.6K]
3 years ago
15

Marvin received Form 1099-C reporting canceled credit debt of $7,000. His total liabilities immediately before the cancellation

were $43,000. The FMV of assets immediately before the cancellation were $38,000. What amount of canceled debt will Marvin report on his return?

Business
2 answers:
serg [7]3 years ago
6 0

Answer:

$2000 of canceled debt that Marvin must report on his return

Explanation:

Please see attachment

MariettaO [177]3 years ago
3 0

Answer:

$2.000

Explanation:

First we calculate the debt incurred as the result of the cancellation by deducting liabilities with asset value as follows:

43,000 - 38,000 = $5,000

Under the insolvency exception rule Marvin can exclude the $5,000 cancelled debt from income.

7,000 - 5,000 = $2,000

Hence, Marvin must report the addition of $2,000 aside from his income on his returns.

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if dan's baseball card collection is stolen after he entered in to an agreement to sell the cards, the contract must be because
Pie

If dan's baseball card collection is stolen after he entered into an agreement to sell the cards, the contract must be discharged, because of the impossibility of performance.

What is the agreement?

A contract between two or more people to do something is referred to as an agreement. Two or more parties must agree to the terms of the agreement in order to create a legally binding commitment.

The baseball card collection entered into an agreement to sell the cards, the contract must be discharged, and the performance is impossible. The credit card was taken. This is the primary reason for the performance's impossibility.

As a result, the agreement of the discharge of the contract.

Learn more about the agreement, here:

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5 0
1 year ago
Best buy stores would most likely be classified as
LekaFEV [45]
<span>Best Buy stores in most cases would be classified as a marketing intermediary. Wholly because they do not own the goods that they sell. Best buy is a retailer that buys its products from other market intermediaries. It is a part of a large chain store that sells its product mainly to the end-user.</span>
3 0
3 years ago
The independent variable in the Situational school of leadership is: a. Maturity of the followers b. Clarity of the task c. Time
zlopas [31]

Answer:

Maturity of the followers, clarity of the task, organizational support of the leader

Explanation:

Situational leadership takes into account the situational factors that are attached to the task of the leader. This type of leadership style does not take a one size fits all approach or a universal style of leadership, and therefore pays attention to factors such as relationship with members of the team, type of task etc. The above are factors that determine leadership style. Time horizon is not one of them. Another factor not included in the options is the relationship of the team or group members with the leader.

4 0
3 years ago
Which one of the following is NOT generally considered a key factor in assessing industry attractiveness? Select one: a. Buyer p
Tanya [424]

Answer:

c. Threat of regulation

Explanation:

Michael Porter's five forces model states factors for assessing an industry's attractiveness. Following are the five forces as per porter:

  1. Buyer power: Refers to negotiation power of buyers in a industry
  2. Supplier Power: Refers to supplier's power to charge a price for inputs.
  3. Threat of substitutes: Refers to competitors already making homogeneous or similar products.
  4. Degree of Rivalry i.e the intensity of competition in an industry
  5. Threat of new entrants: Threat of new firms entering the industry and gaining a market share.

Thus, Threat of regulation is not considered amongst 5 forces that are used to assess industry attractiveness.

6 0
3 years ago
Plz, help ASAP!!!!!!!
Ulleksa [173]

Answer:

The correct answer is letter "D": 2%.

Explanation:

In 2019, the highest Average Percentage Yield (<em>APY</em>) banks offered in a <em>traditional savings account</em> was 0,01%. The situation is unlikely to change exponentially for 2020. However, the best option is choosing an <em>online savings account </em>since they are offering an APY of up to 2% (<em>HSBC</em>).

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