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
Tanya [424]
3 years ago
7

Gene is a self-employed taxpayer working from his home. His net business profit is $7,000 before home office expenses. His alloc

able home office expenses are $8,000 in total. How are the home office expenses treated on his current year tax return?
a. Only $7,000 of the office expenses can be deducted, the remaining $1,000 cannot be carried forward or deducted.b. All home office expenses can be deducted and will result in a $1,000 business loss.c. None of the home office expenses can be deducted because Gene's income is too high.d. Only $7,000 of the office expenses can be deducted; the remaining $1,000 can be carried forward to future tax years.
Business
1 answer:
anyanavicka [17]3 years ago
3 0

Answer:

D) Only $7,000 of the office expenses can be deducted; the remaining $1,000 can be carried forward to future tax years.

Explanation:

Since Gene's profit before home expenses is only $7,000, he can only deduct up to $7,000 for this year. That way his net profit will be $0. The remaining $1,000 must be carried forward so that he can use them in the future, probably next year he will add them to his deductions. If a business losses money, the government pay you anything, taxes only work one way, you have to pay.

You might be interested in
Is it possible for a country to have a comparative advantage in producing a good without also having an absolute​ advantage? A c
arlik [135]

A country would have a comparative advantage to produce a good if the cost of producing this good, even if it produces efficiently, is higher than that of other countries.

Explanation:

The Competitive Vantage Principle explains how an individual produces more commodities and uses fewer goods with a comparative advantage under freer trade.

For example, the comparative advantage of oil-producing countries in chemical products. Compared to countries that are not there, the local manufactured oil is a cheap source of chemicals.

It can produce products with fewer resources, which offers countries a comparative advantage at lower incentive costs. The PPF's gradient reflects the cost of output capacity. Improving one good's production means producing less of one.

8 0
3 years ago
The mass exodus of more affluent caucasians from urban to suburban areas is sometimes referred to as
Andreyy89
Answer:  "white flight" .
___________________________________________
3 0
3 years ago
While there have always been "gig" workers, what has recently changed about this kind of labor?
Alisiya [41]

Answer:

Explanation:

With the invention of apps like Uber, technology facilitates connections between workers and clients and also modulates pricing. This is called the gig economy.

3 0
3 years ago
In an inert organizational culture, poor working relationships frequently develop between the organization and its employees. th
NikAS [45]

Answer:

<em>The correct answer is:</em>  the organization emphasizes long-term employment.

Explanation:

An inert organizational culture is one that does not seek to adapt to new work processes and trends whose objective is to innovate and facilitate work and processes.

They are usually organizations whose culture is focused on more inflexible and rigid internal policies, whose focus is on the establishment of processes and does not focus on the relationships and integration of workers.

This type of organization focuses on long-term employment, which can culminate in the lack of innovation in personnel, ideas, processes and the improvement of total quality.

3 0
3 years ago
Two siblings each pay 30% of their parents support so they can decide who will claim the parents with a multiple support agreemo
MrRa [10]
B: false
Hope this helps you
4 0
3 years ago
Other questions:
  • Gains are: a) Inflows from selling a product or service to a customer b) Increases in equity resulting from transfers of assets
    14·1 answer
  • Handy Hiking produces backpacks. In 2018, its highest and lowest production levels occurred in July and January, respectively. I
    9·1 answer
  • Kit Company borrows $5 million at 12% on January 1, 2016, specifically for the purpose of financing the construction of a buildi
    6·1 answer
  • Which of the following would indicate an improvement in a company's financial position, holding other things constant? The curre
    8·1 answer
  • Consider a $1000 bond that pays an annual interest rate of 8% and matures in two years. The prevailing interest rate has dropped
    12·1 answer
  • You contract to purchase 100 widgets at $100 each. The supplier backs out of the contract. If you are able to purchase, on the o
    10·1 answer
  • Which loan type requires you to make loan payments while you’re attending school?
    7·1 answer
  • Would a firm with low degree of operating leverage need to sell more units of products to reach break-even point or less? Why?
    5·1 answer
  • You work for a pharmaceutical company that has developed a new drug. The patent on the drug will last for 17 years. You expect t
    5·1 answer
  • An individual wishes to deposit an amount of money now and $100 every year so that at the end of 10 years $1,500 will have been
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!