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larisa86 [58]
3 years ago
8

In 2020, Clark filed Form 1040 for the 2019 taxable year. Clark did not itemize his deductions. In 2020, Clark received a state

income tax refund of $900 plus interest of $10 for overpayment of 2019 state income tax.What amount of the state tax refund and interest is taxable in Clark's 2020 federal income tax return?
A. $0
B. $10
C. $900
D. $910
Business
1 answer:
ladessa [460]3 years ago
6 0

Answer:

correct option is  B. $10

Explanation:

given data

state income tax refund = $900

interest over payment  = $10

solution

we know that Federal and the state income tax refund is an excluded from  taxpayer taxable income to  extent

so that here refund will not reduces  amount of tax for given earlier year

so here amount of  state tax refund and the interest is taxable in Clark 2020 federal income tax return is $10

so here correct option is  B. $10

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Answer:

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3 0
2 years ago
is an input required for a multinational capital budgeting analysis, given that it is conducted from the parent's viewpoint. a.
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Answer:

e. All of the above are inputs required for capital budgeting analysis.

Explanation:

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3 0
3 years ago
An insured pays her Major Medical Insurance premium annually on March 1. Last March she forgot to mail her premium to the compan
zysi [14]

Answer:

Pay the claim and the accident occurred during the grace period

Explanation:

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3 0
3 years ago
Please answer i m confused
valentinak56 [21]

False heebejeebiesweebies

4 0
3 years ago
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Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a a.
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Answer:

D

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4 years ago
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