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qaws [65]
3 years ago
9

James received a 2018 Form 1099-G with $600 in box 2 and 2017 in box 3. Which of the following is not true about this income?

Business
1 answer:
Simora [160]3 years ago
5 0

None of it is taxable if he did not itemize in 2017

Explanation:

Whether you subtract the tax on state and local taxes in lieu of the state income tax in Schedule A in the intervening year or have taken the prescribed deduction, you do not have to record the amounts in Box 2, which did not increase the federal tax for that year.

The 1099 G is most commonly used to report unemployment benefit and any tax refunds received by the state or local authorities in the same year.

You may need to report some of the information you have in their tax return if you received a 1099-G form this year from a government agency.

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Only the United States has embassies.<br> True or False
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False most countries have embassies


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3 years ago
Which of the following statements best defines the term credit according to the text?
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<span>B. A loan which is repaid with interest in monthly payments

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5 0
3 years ago
Glen wants to take a holiday that costs $8,850, but currently he only has $2,750 saved. if he invested his money at 8 percent in
Katarina [22]
<span> <span>Solution:

A = P(1+r)^n

where,
A = amount
P = principal
r = rate of interest
n = number of years

Putting values in the formula,

8850 = 2750(1+0.08)^n

8850/2750 = (1+0.08)^n
log will be used to solve "n" as it is in the exponent form, which gives,

log(8850/2750) = n log(1+0.08)

By solving, we get n = log(8850/2750) / log(1+0.08)

Using financial calculator, value comes as 15.187 rounded to 15.19.

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4 0
4 years ago
What does cc and bcc mean in business studies​
WARRIOR [948]

Answer:

Using cc means that you send the email to another person — or other people — in addition to the primary recipient or recipients. When you use cc, everyone who receives the email can see who else received it. Bcc (“blind carbon copy) also sends a copy of the email to one or more people beyond the primary recipient(s).

Explanation:

4 0
3 years ago
Brooke and John formed a partnership. Brooke received a 40% interest in partnership capital and profits in exchange for contribu
spin [16.1K]

Answer:

$102,000

Explanation:

According to 26 US code Section 704(c) - Partner's distributive share :

Taxable gain to be recognized from sale = Sale value - ( Partner's share * Fair market value )

Brooke contributed the land, the gain realized before the land was contributed = $120,000 - $90,000 will be allocated entirely to her. She will also be allocated 40% of the gain after the contribution was made = ($150,000 - $120,000) x 40% = $30,000 x 40% = $12,000.

So the total gain recognized by Brooke will be $90,000 + $12,000 = $102,000.

Partnerships are pass through entities, the partners are taxed, not the partnership itself.

3 0
3 years ago
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