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MariettaO [177]
3 years ago
15

6. Taxpayer ("T") a 59 year-old calendar year individual taxpayer purchased an annuity from an insurance company for $100,000 in

2019. The terms of the annuity were that the company would pay T $5,000 a year to T for the rest of T’s life. How much income will T include in T’s personal income tax return as a result of receiving the $5,000 payment
Business
1 answer:
pochemuha3 years ago
5 0

Answer:

In the year 2020 --- Not taxable Hence -Nil

In the year 2050----Taxable. Hence $5000

Explanation:

Assumed that the tax payer purchased the annuity from Tax paid Income'.

In this case the tax payers income of $5000 is partly taxable . That is the percentage of the payment that's considered a return on your initial investment will not be taxable. the rest, which is your gain on the investment, will be taxed. In this case for the first twenty years($100000/$5000) =20 years will not be taxable. Hence

In the year 2020 --- Not taxable Hence -Nil

In the year 2050----Taxable. Hence $5000

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Vsevolod [243]

Answer:

$6000

Explanation:

Accordingly, the costs associated with throwing a party for employees and their families (spouses and significant others) are fully deductible (100%) as long as the party is hosted primarily for the employees. In this case, the party is for the employees as it is seen to benefits them, thus, total cost Donald can deduct equals cost of beverages and food plus cost of band,

That is,

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5 0
3 years ago
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2 years ago
Carroll Inc., a cell phone manufacturer, has its assembly operations performed by Mortimer Corp., a firm that deals exclusively
Alex_Xolod [135]

Answer:

A.

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