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LenKa [72]
2 years ago
10

A small office building is purchased for $1,200,000 with a balloon mortgage that is due at the end of year 10. Payments are base

d on a 25 year amortization period. If one point was charged at closing, what annual amount can be deducted for tax purposes?
Business
1 answer:
anygoal [31]2 years ago
7 0

Answer:

$12,000 during the first year or $1,200 per year during 10 years  

Explanation:

The IRS considers mortgage points as interest paid in advance, and generally individuals and small businesses will deduct them entirely during the current year. But the taxpayer can choose to deduct that amount ratably over the life of the loan (in this case 10 years). Of course most people chooses to deduct them completely during the first year because the IRS doesn't recognize any interest.

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Everything but the twizlers I don’t like them lol sorry -
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The belief that you have to come up with something no one has ever done before to build a successful business is
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A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 3-for-1 stock split, the number
Grace [21]

A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 3-for-1 stock split, the number of shares outstanding after the split will be 120,000 shares.

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Learn more about shares here brainly.com/question/25630152

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3 0
1 year ago
The Chief Information Officer (CIO) and the Managing Director (MD) of Illustrious Limited recently had the following conversatio
-Dominant- [34]

Answer:

Illustrious Limited

a) I sympathize with the MD.  He noted "We have been through these types of projects before, and what always ends up happening is that we do not get the new system we are promised. Instead, we get a modified version of the old system."  The implication of his assertion is that something is missing in the way the CIO and her team had been handling system development projects in the past.  Even the CIO acknowledged the MD's assertions by assuring "that this will not happen this time."  In the past, the system development team had neglected understanding "what is working well and what is not."  This should not be the case in any good system development.  Preliminary analysis or investigation should uncover users' requirements and then conduct a thorough system analysis before the design and other stages are carried out in an iterative process.

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Explanation:

a) System Development is a process that follows a system development life cycle (SDLC) methodology and involves these seven stages: requirement analysis, system analysis, system design, development or programming, testing, implementation and documentation, and evaluation and support.

b) SCRUM is a framework in SDLC which follows "a set of meetings, tools, and roles that work in concert to help teams structure and manage their work."  SCRUM has been described as "an agile way to manage a project," especially software development because of its "iterative and flexible approaches."

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More info can be found at https://www.usa.gov/join-military

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