That statement is False
If we change units in one of the variables the value increase, decrease, or stay the same
The value of the correlation is the result of the interractions of all the units in that variable, so changing onle one of the variables does not necessarily change the end result of the value.
Answer:
c. $550
Explanation:
Property has transfered by Carlos, and at the time of Transfer Carlos basis on the Property is $500.
So, from "Carryover basis" rule:
Corporation Tax basis on Property is = Basis of Carlos + Gain recognised.
= $500 + $50
= $550.
Therefore, The corporation's tax basis in the property received in the exchange is $550
Answer:
12 months
Explanation:
The fiscal or financial period of a business lasts for 12 months or one year. It means that at the end of that 12 months, the business prepares its financial statement to determine its profitability. The business assesses its growth, success, and failure for the period.
After evaluating performance, planning for the next period of 12 months begins. The entrepreneur prepares a budget for the year, including their compensation. Compensation for the entrepreneur should be budgeted and reviewed every year together with the other budget items.
Answer: d. Taxpayers may claim the carryback using Form 1045 at any time within three years of the due date of the return for the NOL year.
Explanation:
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, was signed into law in the wake of the effects of the Coronavirus pandemic that swept the nation in 2020.
Under this Act, all NOLs may be carried back five years and taxpayrs were allowed to waive their carryback period by attaching a statement to their 2020 return.
The Act however, did not allow for taxpayers to claim their carryback using Form 1045 at any time within three years of the due date of the return for the NOL year as this Act was only passed to cushion the effects of the pandemic in 2020.
Federal income tax withheld = x
Percent held as state income tax = 0.23x
So, if $154 was held as federal income tax on the last paycheck, then the state income tax will be: 0.23 (154) = $35.42
Total income tax withheld = 154 + 35.42
$189.42
