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
Shtirlitz [24]
2 years ago
8

Jed is an electrician. Jed and his wife are accrual basis taxpayers and file a joint return. Jed wired a new house for Alison an

d billed her $15,000. Alison paid Jed $10,000 and refused to pay the remainder of the bill, claiming the fee to be exorbitant. Jed took Alison to Small Claims Court for the unpaid amount and was awarded a $2,000 judgement. Jed was able to collect the judgement but not the remainder of the bill from Alison. What amount of loss may Jed deduct in the current year?
a. $0
b. $3,000
c. $2,000
d. $5,000
e. None of these choices are correct.
Business
1 answer:
poizon [28]2 years ago
3 0

Answer:

b. $3,000

Explanation:

Jed was refused payment of $5000, the court awarded only $2000, rest $3000 is a loss for Jed. He can only deduct $3000 and not full $5000 as $2000 has been realized.

Therefore, The amount of loss may Jed deduct in the current year is $3,000.

You might be interested in
Jerilyn is in the early stages of an inoperable cancer. she has prepared a signed and witnessed written document directing her f
klemol [59]

Answer:

Living will.

Explanation:

Living will can be described as a legal document in which an individual clearly states the type of treatment he or she will prefer in a situation whereby they are unable to communicate their wishes.

A living will enables an individual to make the right decision on the form of life support treatment that he or she would prefer to help aviod any form of confusion.

6 0
2 years ago
Read 2 more answers
Which difference between your bank statement and your records is most likely to indicate fraud
qaws [65]

Answer:

A PURCHASE YOU DID NOT MAKE

Explanation:

I just took the quiz

5 0
2 years ago
High income countries with larger governments as a share of gdp have generally
Scorpion4ik [409]

Answer: High income countries with larger governments as a share of GDP have generally grown at a slower rate than the countries with smaller governments.

Explanation: Developing countries or countries with less money typically grow at a faster rate than higher income countries because returns related to capital are not as strong. In richer countries, they have higher capital and tend to grow at a slower rate.

5 0
3 years ago
Which of the following is NOT a necessary condition for oligopoly? differentiated products barriers to entry strategic dependenc
stepladder [879]

Answer:

differentiated products.

Explanation:

An oligopoly occurs when a few large firms dominate a market and they aim to maximise profit. The action of one firm has significant effect on the market, so the firm's are interdependent.

There are high barriers to entry including use of government liscences, patents, economies of scale, and actions taken by firms to discourage entry into the market.

However differentiation of products is not a necessary condition for oligopoly. Products can be homogenous or differentiated.

8 0
2 years ago
A system in which individuals or businesses may buy, sell, and set prices with little government control.
MatroZZZ [7]
I think it's C , Competition
8 0
2 years ago
Read 2 more answers
Other questions:
  • If an individual orders an alcoholic beverage In a private club and is determined not to be a current club member what should th
    8·2 answers
  • Rosewood Company made a loan of $16,000 to one of the company's employees on April 1, 2020. The one-year note carried a 6% rate
    8·2 answers
  • Adjust the separate financial statements of Parent Inc. to reflect the proposed acquisition. Adjust Parent's pro forma 2019 fina
    14·1 answer
  • suppose the fimrs hires each unit of labor for $700 per week, and each unit of output sells for $9. How many workers will the fi
    14·1 answer
  • Martha earned a gross pay of $1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the am
    8·1 answer
  • Pet World is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's IRR c
    10·1 answer
  • Paying attention to the trends that might impact your future career is called what?
    9·2 answers
  • One benefit of ______ is that employees are more likely to be committed to their goals and to the goals of the organization beca
    8·2 answers
  • Which of the following is a geographic factor
    6·1 answer
  • More treaties are entered into than executive agreements
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!