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-Dominant- [34]
3 years ago
9

Jeanie acquires an apartment building in 2008 for $280,000 and sells it for $480,000 in 2019. At the time of sale there is $60,0

00 of accumulated straight-line depreciation on the apartment building. Assuming Jeanie is in the highest tax bracket for ordinary income and the Medicare tax on net investment income applies, how much of her gain is taxed at 28.8 percent?
Business
1 answer:
Evgen [1.6K]3 years ago
8 0

Answer:

$60,000

Explanation:

According to section 1250 of the Internal Revenue Service, the depreciation previously allowed as a deduction would now be taxed in the case of ordinary income at the highest tax level.

And,  For this, the asset should be depreciated real property.

In the question, there is depreciation charged for apartment building so the same is eligible

The eligibility is allowed up to $60,000 and the same is to be considered

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The accountants at Gamone Phones, a cell phone manufacturing company, discover that the firm has performed poorly over the last
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Answer:

ethics in accounting

Explanation:

Ethics in accounting is a matter of both guidelines and principles. Specific standards are set by governing bodies and trade organizations who craft the rules of accounting, but personal values and professional ethics must guide accountants.

7 0
3 years ago
Which term best completes the statement below? Governments can levy ­­­­­­­­­­­­­­­­­­­ _____ and tariffs on imports. A. import
nadezda [96]
D. The correct answer is custom duties.
5 0
3 years ago
Gilbert City had the following transactions involving resource inflows into its general fund for the year ended June 30, 20X8:
Advocard [28]

Answer:

$2,289,500

Explanation:

Preparation of the schedule to show the amount of revenue that should be reported by Gilbert’s general fund on the statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 20X8

Gilbert City

REVENUE REPORTED by the General Fund

For the Year Ended June 30, 20X8

Property tax revenue $1,862,000

[$2,000,000-$100,000-($2,000,000-$100,000)*2%)]

Interest revenue on advance $1,500

Grant revenue used to acquire computer equipment $235,000

Sales tax revenue $125,000

Liquor license revenue $66,000

Total revenue reported $2,289,500

Therefore the amount of revenue that should be reported by Gilbert’s general fund on the statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 20X8 is $2,289,500

3 0
2 years ago
A local business woman borrows $14,000.00 at $299.70 per month for 62 months, how much total
eduard
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4 0
3 years ago
On April 1, 20X4, Kew Co. purchased new machinery for $300,000. The machinery has an estimated useful life of five years, and de
Afina-wow [57]

Answer:

The answer is B. $180,000

Explanation:

The sum of years' digits method is an accelerated depreciation that is based on the assumption that the productivity of the asset decreases with time.

Here, the sum of the digits are found. In this question, useful life is 5 years. So the sum of the digit is:

5+4+3+2+1 = 15.

April 1 20X4 through March 31 20X6 is 2 years.

First year depreciation is:

5/15 x $300,000

=$100,000

2nd year depreciation is:

4/15 x $300,000

=$80,000

Therefore, accumulated depreciation is

$100,000 + $80,000

$180,000

7 0
3 years ago
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