Answer:
The amount that qualifies as a deduction from AGI for Sonia is B) $7382
Explanation:
From March 1 to August 31, total number of days are 184
Sonia sold her residence on June 30 , so the total number of days between March 1 to June 30 is 121 .
Therefore the tax on residence would be =
121 / 184 x $ 5250
= .657608 X $5250
= $3452.445
Now adding this amount with state motor vehicle tax and state and local sales taxes,
= $3452.445 + $430 + $3500
= $ 7382.445
= $7382 ( approximate )
Since this amount of $7382 is higher than the state income tax , then this amount will qualify as a deduction from AGI for Sonia.
Answer:
Schedule E of Form 706
Explanation:
Form 706 is filed by the executor to compute the estate of the deceases and to compute generation skipping taxes. Schedule E of form 706 is filled to estimate taxes due on jointly held property by the deceased and the survivor. The survivor could be spouse or any other family member who have joined tenancy. If property is held in joint tenancy with spouse, then full amount of fair market value of asset is reported.
If property is held in joint tenancy with some other family member, then decedent's share of fair market value of the property is reported and proportion of the amount the member has contributed against the right to hold joint tenancy.
Here, decedent and her brother jointly owned 300 shares. So, this should be reported in Schedule E of form 706
Answer:
A.$200,000
B.Dr Loss on impairment $30,000
Cr Goodwill $30,000
Explanation:
(a) Computation of the amount of goodwill acquired by Vinson
Purchase price$900,000
Fair value of net assets $700,000
(Fair value of assets $950,000-
Fair value of liabilities $250,000)
Value assigned to goodwill $200,000
($900,000-$700,000)
(b) Preparation of Vinson’s journal entry to record impairment of goodwill.
Based on the information given we were told
the fair value of Carley is the amount of $720,000 while the implied fair value of goodwill is the amount of $170,000 and we were also told that carrying value of Carley’s net assets as well include the goodwill which is the amount of $750,000 which means that their is loss on impairment because the fair value amount is lower than carrying value which means that the journal entry to record impairment of goodwil will be ;
Dr Loss on impairment $30,000
($200,000 − $170,000)
Cr Goodwill $30,000
B. 5
To compute stock turnover divide Sales/Average inventory
350/70= 5
Stock turnover is the amount of times inventory is sold in a given time period.
A rent control is the appropriate response to the given issue, which is greater than the maximum amount a landlord may demand from a tenant. The basic definition of rent control is when the government establishes the maximum amount that a landlord may charge a renter.
<h3>What is Rent control?</h3>
- In some cities and jurisdictions, rental costs are regulated through the use of rent control. Additionally, it defends renters' rights against unfair eviction.
- The initial set of rent laws essentially served as a ceiling on rental rates, preventing landlords from rising rent.
- The phrase now in usage is more closely related to rent stabilization (excluding NYC).
- Depending on where the rental home is located, these rules change.
- The policy maintains rental housing affordability and works best in places with intense competition in the housing market.
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