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Sonbull [250]
3 years ago
13

Ryan, age 57, is single with no dependents. In 2019, Ryan's principal residence was sold for the net amount of $400,000 after al

l selling expenses. Ryan bought the house in 2002 and occupied it until it was sold. On the date of sale, the house had a basis of $180,000. Ryan does not intend to buy another residence. What is the maximum exclusion of gain on sale of the residence that may be claimed on Ryan's 2019 income tax return
Business
1 answer:
Svetlanka [38]3 years ago
4 0

Answer:

$220,000

Explanation:

The maximum exclusion of the gain on sale of the residence which may be claimed on Ryan's 2019 income tax return will be $220,000($400,000-$180,000) because the principal residence was been sold for the net amount of $400,000 after all selling expenses in which the house was bought in 2002 and on the date of sale, the house had a basis of $180,000 given us the amount of the $220,000 as the maximum exclusion of gain on sale of the residence which may be claimed on Ryan's 2019 income tax return.

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On January 1, 2016, Ott Company sold goods to Fox Company. Fox signed a noninterest-bearing note requiring payment of $60,000 an
inessss [21]

Answer:

D. 321,600.

Explanation:

Present value is the current value of a future amount that is to be received or paid out.

Given:

Present value, P = $60000

Present value of ordinary annuity for the remaining 6 years = 4.36

The Present value, PV of the note is equal to the first payment + the Present value of ordinary annuity (all at 10%) of the remaining six payments

Sales revenue = $60000 + (60,000 × 4.36)

= $60000 + $261,600

= $321,600

Thus, sales revenue of $321,600.

3 0
3 years ago
Name the non-partisan organization that has set the rules for U.S. presidential and
Oksi-84 [34.3K]

Answer:

The non-partisan organization that has set the rules for U.S. presidential and  vice presidential debates since 1987 is discussed below in details.

Explanation:

A non-partisan system is an arrangement of administration or organizations such that general and intermittent elections take place without relating to political parties. there are two types of Non-partisan organizations: De facto and De jure.

The commission of presidential debates was organized in the year 1987 to assure that the debates, as a constant part of every general election. The commission of presidential debate advocate and present debates for the United States presidential and vice-presidential candidate.

6 0
3 years ago
You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months a
dusya [7]

Answer: $450

Explanation:

Total tickets purchased = 2

The cost of one ticket three months ago = $100

Current price of one ticket = $225

Total cost of two tickets = $225 × 2

                                        = $450

The opportunity cost is the benefit that is foregone by selecting some other alternative. So, here two options are available that either attend the concert or resell the ticket at $450. Therefore, the opportunity cost of attending the concert is $450.

4 0
3 years ago
If you borrow $1500 with a compounding interest rate of 8% for 2 years, that compounds semi-annually. How much will you pay back
mestny [16]

Answer:

1740

Explanation:

1500(1+\frac{8}{100})^2

1500*(\frac{27}{25})^2

= 1749.6

4 0
2 years ago
What is 1040A also known as?
Dmitrij [34]

Explanation:

The IRS Form 1040A is one of three forms you can use to file your federal income tax return. The 1040A Form was a simplified version of the 1040 form for individual income tax.

Hope this helped : )

7 0
3 years ago
Read 2 more answers
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