Answer:
the total maximum amount that excluded is $500,000
Explanation:
The computation of the maximum amount that could be excluded is as follows:
In the case of the gain on sale of personal residence of taxpayer the amount of $250,000 would be considered as an exclusion other than married filing
But in the case of married filling the above amount should be doubled
Therefore the total maximum amount that excluded is $500,000
Based on the commission on the property that Rick sold and the commission split, the amount that Rick is paid for the transaction will be $16,879.50
<h3>How much is the commission?</h3>
The commission on the transaction is:
= Property selling price x total commission percentage
= 341,000 x 5.5%
= $18,755
Rick is to get 90% of this as he split it 90/10 so Rick's commission would be:
= Total commission amount x Rick's share
= 18,755 x 90%
= $16,879.50
In conclusion, out of there entire sales price of the property, Rick will get a commission of $16,879.50
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Answer:
Cognitive dissonance
Explanation:
The cognitive dissonance is composed by the believes, concepts, emotions and values of a person. The individual will try always to act to have a perfect equilibrium between actions, values, believes and any religious concept. As an example if you think that steal is bad you won't steal
Answer:
The Estimated variable cost per machine hour for utilities is $2.50
Explanation:
High low method segregates the variable cost and fixed from the total cost using highest activity data and lowest activity data.
According to given data
Month Machine hours Utility cost
January 900 $5,450
February 1,800 $6,900
March 2,400 $8,100
April 600 $3,600
Using formula of High Low method
Variable cost = ( Cost of Highest activity - Cost of lowest activity ) / ( Highest activity - Lowest activity )
Variable cost = ( $8,100 - $3,600 ) / ( 2,400 - 600 )
Variable cost = $4,500 / 1800
Variable cost = $2.5
Fixed Cost = $8,100 - ( 2,400 x 2.5 ) = $8,100 - $6,000 = $2,100
Answer:
Rita's basis in her partnership interest is $35000
Explanation:
given data
cash = $10,000
fair market value = $150,000
adjusted basis = $55,000
liability = $60,000
to find out
Rita's basis in her partnership interest
solution
we know both Rita and Gerry half of total liability
we get here 50% share on debt that is
50% share on debt = 50% × liability
50% share on debt = 0.50 × $60,000
50% share on debt = $30000
so basis on interest is here as
basis on interest = cash + adjusted basis - 50% share on debt
basis on interest = $10000 + $55000 - $30000
basis on interest = $35000
