Answer:
A.
Explanation:
Meals, lodging, and incidental expenditures are only deductible if the taxpayer is away from home overnight while traveling.
Answer:
Q's NIIT is $5,776
Explanation:
Net Investment Income Tax (NIIT) is imposed through the Section 1411 of the IRC (Internal Revenue Code). It is applied at the rate of 3.8% to the net investment income of individuals.
The threshold amount for Single amounts to $200,000.
In this case, the modified adjusted gross income was $352,000 which is more than the threshold income. So, at 3.8% rate it will applied.
Net investment income = Profit - fees
= $352,000 - 0
= $352,000
Therefore, the threshold limit will be excluded. So, the remaining balance will be $152,000
= $152,000 × 3.8%
= $5,776
Note: This is the correct answer.
Answer:
$1,125,000
Explanation:
The calculation of the Equity Investment balance is shown below:-
Net equity income = Income - Dividends
= $250,000 - $25,000
= $225,000
Amortization of unrecorded patents = $600,000 ÷ 6
= $100,000
Balance of investment = Initial investment + Net equity income - Amortization of unrecorded patents
= $1,000,000 + $225,000 - $100,000
= $1,125,000
Answer:
Option (b) is correct.
Explanation:
Amount of loan taken from uncle = $20,000
Uncle is used to earning Interest rate = 8%
The minimum lump-sum payment two years from now would make your uncle happy is as follows:
= Amount of Loan × (1 + Interest rate)^(Time period)
= $20,000 × (1 + 0.08)^(2)
= $20,000 × (1.08)^2
= $20,000 × 1.1664
= $23,328
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