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Pie
3 years ago
6

Brandon and Jane Forte file a joint tax return and decide to itemize their deductions. The Fortes' income for the year consists

of $119,000 in salary, $500 interest income, $1,000 nonqualifying dividends, and $500 long-term capital gains. The Fortes' expenses for the year consist of $2,500 in investment interest expense and $800 in tax preparation fees. Assuming that the Fortes' marginal tax rate is 32 percent and they make no special elections, what is the amount of investment interest expense deduction for the year
Business
1 answer:
miskamm [114]3 years ago
5 0

Answer:

$1,500

Explanation:

Calculation for the amount of investment interest expense deduction for the year

Using this formula

Investment interest expense deduction=Interest income+ Nonqualifying dividend

Let plug in the formula

Investment interest expense deduction=$500+$1,000

Investment interest expense deduction=$1,500

Therefore the amount of investment interest expense deduction for the year will be $1,500

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Answer:

Showme will increase net income by 15000.

Explanation:

The cash basis is a method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made. Thus, you record revenue only when a customer pays for a billed product or service, and you record a payable only when it is paid by the company

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4 0
3 years ago
Cheaters in cartels make ________ profit when the other cartel members ________ their promise
Mkey [24]

Cheaters in cartels make more profit when the other cartel members keep their promises. Thus, option D is correct.

<h3>What are Cartels? </h3>

A cartel is a group of separate companies or social groups that combine to fix prices on goods or services. Within the same sector, cartels compete and work to lessen that rivalry by setting prices in accordance with themselves.

A cartel is an entity with no ethics, which means it often includes cheaters who tend to earn more money than the ones who keep promises. Therefore, option A is the correct option.

Learn more about cartels, here:

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The question is incomplete, the options are:

A)more; break

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C)zero; break

D)more; keep

3 0
2 years ago
Using the ______ approach to expatriate compensation, the organization continues to pay the individual at a rate equivalent to t
vodomira [7]

Answer:

Balance sheet approach

Explanation:

As the name suggests, the balance sheet is the statement which followed the accounting equation i.e.

Total assets = Total liabilities + total stockholder equity

It is to be used for set the compensation for the people who live outside their native country that we called expatriate. Its motive to protect the purchasing power while on the duty

Also, in this the organization gives the rate that is equal to the salary given in the home country also the allowances are provided to balance their standard of living

3 0
4 years ago
What's 3 kinds of Apr's and their purpose .
Minchanka [31]

Answer:

first gate money next get money

5 0
3 years ago
Mackay gives a list of items (starting with "Two lasts of wheat, 448 florins") that were traded for one tulip root. He could hav
Oksana_A [137]

Answer:

For a better valuation of trade.

Explanation:

Mackay could have left out this list and simply said that the root cost 2500 florins. But he gave the list to have a better understanding of the valuation of trade. Now, the cost could have simply being layed out. But then this list helped helped to give a better perspective of the valuation of the bulb and also how it could be used to replace money

8 0
3 years ago
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